Top 10 cities with the highest cost of living in 2024

While economic growth can create new possibilities, a high cost of living poses substantial issues for both citizens and the community.

This phenomenon has substantial implications for urban living, ranging from housing affordability to social inequities.

First off, high living expenses exacerbate economic disparities.

Wealthier individuals may afford rising prices, while low-income households must choose between basic needs such as shelter, food, healthcare, and education.

Furthermore, as residents spend more on basics such as housing, utilities, and food, their discretionary income diminishes, reducing their ability to participate in leisure activities, travel, and save.

This financial hardship causes increased stress, poor mental health, and a decrease in one’s general level of satisfaction.

A high cost of living might also deter talent. Skilled professionals may choose to migrate to cities or countries with lower living costs to improve their work-life balance.

This “brain drain” reduces a city’s competitiveness because it struggles to maintain and recruit the talent required to power industries and innovation.

These are but a few effects of a high cost of living.

However, a city with a high living cost is often indicative of a large concentration of economic activities, thereby making it an attractive destination despite the financial burden it may impose.

With that said, here are the 10 cities in the world with the highest cost of living according to Numbeo, one of the world’s foremost data and research platforms.