Top 10 most expensive cities for expats in 2025
Summary
A Lee Kuan Yew School of Public Policy Asia Competitiveness Institute study forecasts the cost-of-living rankings for 2025 and finds the priciest cities for expatriates are mostly in North America and Western Europe, with Singapore and Hong Kong as notable Asian exceptions. The top 10 for expats (descending) are: New York; Zurich; Los Angeles; Singapore; Geneva; London; Seattle; San Francisco; Chicago; Hong Kong. The bottom 10 include Shenzhen, Bangkok, Osaka/Kobe, Ho Chi Minh, Taipei, Hanoi, Manila, Jakarta, Kuala Lumpur and Mumbai.
Rankings are largely stable from 2024 to 2025, with only minor movement (notably Seattle rising, and small swaps among other cities). Key drivers of high costs are housing, transportation and international school fees. Expatriates feel these pressures more acutely because they typically rely on private rental markets and private car ownership. Currency strength (eg. Singapore dollar, euro) also pushes up costs for internationally paid employees, while currency appreciation can ease import-driven inflation for local residents.
Article: published 05 September 2025 by Sarah Gideon. Findings based on the study ‘Forecasting 2025 Cost of Living Indices for Expatriates and Ordinary Residents Using Time-Series Approaches’.
Key Points
- Top expat cities in 2025: New York (1), Zurich (2), Los Angeles (3), Singapore (4), Geneva (5), London (6), Seattle (7), San Francisco (8), Chicago (9), Hong Kong (10).
- Bottom expat cities (most affordable): Shenzhen, Bangkok, Osaka/Kobe, Ho Chi Minh, Taipei, Hanoi, Manila, Jakarta, Kuala Lumpur, Mumbai.
- Overall rankings remain stable between 2024 and 2025; nine of the top ten expat cities are unchanged.
- Housing is the single biggest cost pressure in most of the top-ten expensive cities.
- For expats specifically, transport and international education fees are major additional cost drivers (notably in Singapore and Hong Kong).
- Currency strength affects expatriates’ effective pay and savings, boosting rankings in strong-currency cities.
- Developed-region cities dominate the high-cost tier; Southeast Asian cities tend to be the more affordable options.
- Policy and market factors raising costs include limited land supply, rising construction costs and high land prices.
Why should I read this?
Quick and useful: if you’re moving abroad, managing international hires or setting expat packages, this cuts to the chase — where you’ll pay the most and why. Saves you time by spelling out the real cost drivers (housing, schools, cars and currency swings) so you can plan compensation and relocations smarter.
Author style
Punchy — the study’s findings matter if you work in mobility, HR or compensation. It confirms stability at the top-end costs but flags the usual suspects (housing, transport, education) that blow up expatriate budgets. Read the full report if you manage pay packages or relocation policies; skim if you just need a quick cost snapshot.
Source
Source: https://www.humanresourcesonline.net/top-10-most-expensive-cities-for-expats-in-2025
