Sofia Among the Top Risers in Cost of Living for Foreigners

Business » TOURISM | June 23, 2024, Sunday // 10:00
Bulgaria: Sofia Among the Top Risers in Cost of Living for Foreigners Photo: Stella Ivanova

Sofia has climbed six places to occupy the 162nd position in the 2024 cost of living ranking by the management consulting company Mercer, which lists the most expensive cities for foreigners. This index includes 226 cities worldwide, measuring the relative price of over 200 items in each location, such as transportation, food, clothing, household goods, and entertainment.

London entered the top 10 of the world's most expensive cities for foreigners, according to DPA, climbing nine places from last year to reach the eighth position in Mercer's 2024 cost of living ranking. Just below New York, the cost of living and rent prices are driving up expenses for expats in London.

Hong Kong retained its top spot in this year's ranking, followed by Singapore. The Swiss cities of Zurich, Geneva, and Basel complete the top five. Paris is ranked 29th, and Dublin 41st. Other expensive European cities include Copenhagen (11th), Vienna (24th), and Amsterdam (30th).

In the ranking, Sofia has risen six places to the 162nd position, while Bucharest, the Romanian capital, is slightly ahead at 155th place. The index includes 226 cities worldwide, measuring the relative price of over 200 items in each location, such as transportation, food, clothing, household goods, and entertainment.

Montevideo in Uruguay ranks as the most expensive location for international employees in South America at number 42, followed by Buenos Aires (77th, down 32 places) and Sao Paulo (124th). Santiago in Chile fell 73 places to 160th on the list. Abuja in Nigeria ranked last as the cheapest capital city at number 226.

Mercer's research aims to help multinational employers plan workers' compensation packages. Rising housing costs and volatile inflation trends are challenging employers regarding workers' compensation, making it difficult to attract and retain employees and increasing operating costs.

Yvonne Traber, Global Head of Mobility at Mercer, emphasized the significant impact of cost of living challenges on multinational organizations and their employees. She highlighted the importance of organizations being informed about cost of living trends and inflation rates, and considering employee input to manage processes effectively. High living costs can force workers to change lifestyles, reduce expenses, or even struggle to meet basic needs. Some employers may need to offer compensation packages with housing allowances or subsidies and provide support services.

The ten most expensive cities in the 2024 ranking are:

  1. Hong Kong
  2. Singapore
  3. Zurich, Switzerland
  4. Geneva, Switzerland
  5. Basel, Switzerland
  6. Bern, Switzerland
  7. New York, USA
  8. London, Great Britain
  9. Nassau, Bahamas
  10. Los Angeles, USA

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