Most expensive locations for expatriates in 2023

According to Fortune, Hong Kong ranked first as 2022's most expensive city for international employees. 

For 2023, New York claims the prize, jumping from second to first place in ECA International’s Cost of Living Rankings for 2023. Soaring inflation and rising accommodation costs were cited as reasons for New York topping the list this year, while Geneva and London remained in third and fourth places after Hong Kong. Singapore climbed from 13th to 5th breaking into the top 5 for the first time primarily due to rent costs.

Some additional interesting take-aways from the data shared by The Economic Times (India) were:

• Dubai rents rose by almost one third on an influx of Russian expatriates, pushing the city up to 12th place
• While most European cities rose in rankings, Norwegian and Swedish cities fell on weak currencies and French cities slipped on lower inflation rates compared to EU peers
• Chinese cities fell in the rankings due to the impact of a weaker currency and lower inflation rates relative to other countries
• Rankings for all US cities surged on the strong dollar and high inflation, with San Francisco breaking into the top 10. 

Ultimately, ECA International's cost of living rankings combine ECA’s cost of living and accommodation research to enable a comparison of costs faced by expatriates around the world in 207 cities in 120 countries and territories. It includes expenses related to:

• Food: groceries; dairy produce; meat and fish; fresh fruit and vegetables 
• Basic: household goods; recreational goods; general services; leisure services
• General: clothing; electrical goods; motoring; meals out; alcohol and tobacco
• Utilities costs
• Public transport
• Rents

Here is the full top 20:

1. New York, USA (2022 ranking: 2)
2. Hong Kong, China (1)
3. Geneva, Switzerland (3)
4. London, UK (4)
5. Singapore (13)
6. Zurich, Switzerland (7)
7. San Francisco, USA (11)
8. Tel Aviv, Israel (6)
9. Seoul, South Korea (10)
10. Tokyo, Japan (5)
11. Bern, Switzerland (16)
12. Dubai, UAE (23)
13. Shanghai, China (8)
14. Guangzhou, China (9)
15. Los Angeles, USA (21)
16. Shenzhen, China (12)
17. Beijing, China (14)
18. Copenhagen, Denmark (18)
19. Abu Dhabi, UAE (22)

20. Chicago, USA (25)

Those are the most expensive, but did you catch where the most "livable" cities are according to the EIU?