Top Cities Ranked as Most Costly for Expatriates in Recent Analysis
Top 10 Most Expensive Cities for Expats in 2023
A new report by ECA International has revealed the most expensive cities for expats to live in 2023. The list, which takes into account the cost of living, housing, and other expenses, has seen some significant changes compared to previous years.
Taking the top spot is New York, USA. The city has overtaken Hong Kong, which previously held the title, due to the strength of the US dollar and high inflation. Singapore enters the top 5 most expensive cities for the first time, pushing other global financial and luxury cities like Zurich, Paris, Tokyo, and Osaka down the rankings.
The second spot goes to Hong Kong, followed by Geneva, Switzerland, and London, UK in fourth place. Singapore takes the fifth spot, though the exact rankings of the cities beyond fifth are not explicitly detailed in the report.
Interestingly, some cities have seen a decrease in their rankings. Cities in Norway and Sweden, for example, have fallen due to lower inflation rates compared to their EU counterparts. On the other hand, Chinese cities have dropped in the rankings due to a weaker currency and lower inflation compared to other countries.
Istanbul, Turkey, has seen a significant rise in the cost of living rankings by 95 places. This increase is attributed to economic policies of President Recep Tayyip Erdogan. Other affordable alternatives to expensive expat cities include Lisbon, Portugal, Budapest, Hungary, and Buenos Aires, Argentina.
San Francisco, USA, is among the top 10 most expensive cities for expats, along with Los Angeles, USA, and cities like Zurich, Switzerland; Tel Aviv, Israel; Seoul, South Korea; Tokyo, Japan; Dubai, United Arab Emirates; Shanghai, China; Guangzhou, China; and Copenhagen, Denmark. Abu Dhabi, United Arab Emirates, and Chicago, USA, also feature in the list.
Expats planning to move to these expensive cities should budget between $3,000 and $5,000+ monthly to cover their expenses. It's essential to research the cost of living in the city before making the move to ensure a smooth transition.
[1] ECA International. (2025). The Most Expensive Cities for Expats in 2023. [online] Available at: https://www.eca-international.com/news/most-expensive-cities-for-expats-in-2023 [Accessed 10 May 2023].
[3] ECA International. (2023). The Most Expensive Cities for Expats in 2023. [online] Available at: https://www.eca-international.com/news/most-expensive-cities-for-expats-in-2023 [Accessed 10 May 2023].
- Expat lifestyles in fashion-and-beauty, food-and-drink, and home-and-garden may require significant budgeting, as the top 10 most expensive cities for expats in 2023 have been announced.
- The new report by ECA International reveals that business-centric cities like New York, USA, and Zurich, Switzerland, are among the most expensive cities for expats.
- Personal finance management and investing become even more crucial in these expensive cities, as the cost of living can surpass $5,000 per month in some cases.
- Technology-driven cities like Singapore, San Francisco, Tokyo, Tel Aviv, Seoul, and Dubai also made the list of most expensive cities for expats, highlighting the role of technology in modern lifestyles and finance.
- For those seeking an affordable alternative, cities like Lisbon, Budapest, and Buenos Aires have been suggested as more budget-friendly destinations for expats, offering lower costs in lifestyle and finance.
- General news and education-and-self-development resources are valuable tools for expats planning to move to expensive cities, allowing them to make informed decisions and ensure a smooth transition into their new lifestyle.
- Despite economic policies that have increased the cost of living in Istanbul, Turkey, there still exists a diverse range of cities around the world catering to various lifestyles, as shown through the variation in the ECA International's list of most expensive cities for expats in 2023.
