New York overtakes Hong Kong as world’s most expensive city for expatriates

New York has been named the world’s most expensive city for expatriates in ECA International’s latest cost-of-living ranking, overtaking Hong Kong and putting Geneva and London in third and fourth place respectively. According to ECA, the annual survey covers 208 locations and shows that exchange rates, inflation and housing costs continue to reshape the relative burden of overseas assignments for multinational employers.

London remains stubbornly high in the table despite the broader easing of sterling-linked pressures for some visitors, while Geneva has consolidated its position as the priciest city in Europe. ECA said the strongest moves were often driven less by local inflation alone than by currency swings, which can make a location more or less costly once expenses are converted into the home currency of an international employer.

Elsewhere, the rankings shifted sharply. Tokyo fell 19 places to 35th even though prices there still rose in local-currency terms, as weakness in the yen made the Japanese capital cheaper for overseas companies funding packages in foreign currency. Australian cities moved the other way: Sydney climbed 14 places, while Canberra and Perth advanced 25 places each, reflecting a stronger Australian dollar, higher local prices and rising rents.

The report also highlights wider inflationary pressures across the global economy, with ECA saying average inflation in its cost-of-living basket rose to 3.7 per cent from 2.8 per cent, helped by higher motoring costs after disruption to energy supplies through the Strait of Hormuz. Separate ECA research suggests employers are increasingly focused on containing assignment costs, with mobility teams now placing greater emphasis on cost visibility, policy consistency and administration than on recruitment and retention alone.

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Source: Noah Wire Services

Verification / Sources

• https://ecommercenews.com.au/story/new-york-tops-eca-s-ranking-of-costliest-expat-cities – Please view link – unable to able to access data
• https://www.mynewsdesk.com/uk/eca-international/pressreleases/london-retains-position-as-the-fourth-most-expensive-city-in-the-world-3257888 – ECA International’s latest Cost of Living report reveals that London remains the fourth most expensive city globally for expatriates. New York has overtaken Hong Kong to claim the top spot, while Geneva holds the third position. The report highlights that two-thirds of Eurozone cities have risen in the rankings, with French and Scandinavian cities being exceptions. Despite the ongoing cost of living crisis in the UK, all UK cities, except London, have experienced a decline in global rankings. The study also notes that inflation is high worldwide, driven by rapidly rising food prices.
• https://www.standard.co.uk/news/london/london-expensive-immigrants-expats-new-york-eca-international-b1086069.html – A global cost-of-living study by ECA International has found that London remains the fourth most expensive city for expatriates. New York has overtaken Hong Kong to top the list, with Geneva in third place. The study indicates that UK cities outside London have experienced a decline in global rankings, with Birmingham, Cardiff, and Belfast falling outside the top 100. The report attributes the UK’s position to rising costs driven by food, utilities, and housing prices, despite the weakness of the pound making the country cheaper for international visitors.
• https://www.mynewsdesk.com/uk/eca-international/pressreleases/hong-kong-falls-one-place-to-become-the-second-most-expensive-location-in-the-world-3257918 – ECA International’s latest cost of living research shows that Hong Kong has dropped one place to become the second-most expensive location globally for expatriates, surpassed by New York. Despite high inflation rates, Hong Kong’s prices rose at a slower pace compared to New York, leading to this shift. The report also highlights that Singapore has climbed eight places to become the fifth-most expensive location, and Dubai has seen a surge in rental prices due to an influx of Russian expatriates.
• https://www.financialexpress.com/world-news/these-are-the-worlds-20-most-expensive-cities-for-expats-in-2023/3118054/ – A new study by ECA International reveals that New York has surpassed Hong Kong as the world’s most expensive city for expatriates, with Geneva and London remaining in third and fourth places, respectively. The study cites soaring inflation and rising accommodation costs as reasons for New York’s top position. Additionally, Singapore has climbed from 13th to 5th place, marking its first time in the top five. The report also notes that Dubai’s rental prices have surged due to an influx of Russian expatriates.
• https://www.bloomberg.com/news/articles/2023-06-07/the-20-most-expensive-cities-in-the-world-for-expats-in-2023-new-york-tops-list – Bloomberg reports that New York has overtaken Hong Kong as the world’s most expensive city for expatriates, according to ECA International’s 2023 Cost of Living Rankings. Geneva and London hold the third and fourth positions, respectively. The study attributes New York’s rise to soaring inflation and increasing accommodation costs. Singapore has also seen a significant rise, entering the top five for the first time. The report highlights the impact of currency fluctuations and inflation on expatriate living costs.
• https://economictimes.indiatimes.com/wealth/web-stories/5-most-expensive-cities-for-expats-in-2023/slideshow/100892055.cms?from=mdr – The Economic Times presents a slideshow detailing the five most expensive cities for expatriates in 2023, based on ECA International’s Cost of Living Rankings. New York tops the list, followed by Hong Kong, Geneva, London, and Singapore. The report highlights factors such as soaring inflation and rising accommodation costs contributing to New York’s position. It also notes that Dubai’s rental prices have surged due to an influx of Russian expatriates, and that Chinese cities have fallen in the rankings due to weaker currencies and lower inflation rates.

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Freshness check

Score: 10

Notes: The article was published on 22nd September 2026, which is the same date as the source article. This indicates that the content is fresh and original.

Quotes check

Score: 10

Notes: The article does not contain any direct quotes, which eliminates concerns about reused or unverifiable quotes.

Source reliability

Score: 8

Notes: The article is sourced from ECA International’s press releases and a reputable news outlet, eCommerceNews Australia. However, eCommerceNews Australia is a niche publication, which may limit its reach and audience.

Plausibility check

Score: 9

Notes: The claims about New York overtaking Hong Kong as the most expensive city for expatriates align with ECA International’s previous reports. However, the article does not provide specific figures or detailed explanations, which could raise questions about the depth of the analysis.