Lagos, Abuja Make List Of Global Cities With Lowest Cost Of Living In World (See Full List)
The cost of living in a city can greatly impact an individual’s quality of life, and for expatriates, it is a significant factor to consider when choosing a location to move to.
A recent survey by Mercer has ranked cities around the world based on their cost of living, and the results show that Lagos and Abuja, Nigeria’s commercial and political centers, respectively, have been ranked as two of the cities with the lowest cost of living in the world between 2023 and 2024.
Last year, Lagos was the 47th most expensive city to live in, while Abuja was ranked 140th. Islamabad in Pakistan ranked low as Abuja and Lagos in the survey.
According to the latest data, Lagos fell 173 spots to take the 225th position, with Abuja coming behind at 226.
Mercer reports that a number of key factors have influenced the world’s economy in recent years. In 2024, these factors continue to have an impact on the cost of living in major cities.
READ: Why There’s Food Price Inflation In Osun – Traders
Inflation and exchange-rate fluctuations are directly affecting the pay and savings of internationally mobile employees (or those executing an international assignment).
Heightened economic and geopolitical volatility, as well as local conflicts and emergencies, have led to additional expenses in areas such as housing, utilities, local taxes and education.
In the case of the higher-ranking cities (Hong Kong, Singapore and Zurich), factors such as expensive housing markets, high transportation costs and higher cost of goods and services have all contributed to high living costs.
Conversely, in Islamabad, Lagos and Abuja the demonstrably lower costs of living of international assignees have, in part, been driven by currency depreciations.
However, Montevideo is the most expensive city to live in South America, indicated the American consulting firm Mercer. According to its latest ranking, which measures the cost of living in different cities around the world, the Uruguayan capital occupies the 42nd position globally.
Anyway, within South America, Montevideo is the most expensive city for international workers. It is followed by Buenos Aires (Argentina), which occupies position 77; Sao Paulo (Brazil), which is in 124th place, and Chile, which is in 160th place.
These are the 10 cities with the highest costs of living in 2024, according to Mercer:
1- Hong Kong (Hong Kong)
2- Singapore (Singapore)
3- Zurich (Switzerland)
4- Geneva (Switzerland)
5- Basel (Switzerland)
6- Bern (Switzerland)
7- New York (United States)
8- London (United Kingdom)
9- Nassau (The Bahamas)
10- Los Angeles (California)
Access the complete list here
