New York has leapfrogged Hong Kong as the world’s most expensive city to live in as an expat, while skyrocketing rents saw Singapore crash into the top five, according to a new study.

Soaring inflation and rising accommodation costs were cited as reasons for New York topping ECA International’s Cost of Living Rankings for 2023, while Geneva and London remained in third and fourth place, respectively.

Seoul, which rose from 10th to 9th place this year due to increased housing and accommodation costs, is the ninth-most expensive city for expats in the world, according to the survey.

ECA International analyzes the cost of consumer goods and services, factoring in rental costs in areas typically inhabited by expats, to rank 207 cities in 120 countries and territories around the world. (Bloomberg)