Mumbai, the financial hub of India, continues to uphold its status as the most costly city for expatriates in the country, according to the latest survey by HR consultancy Mercer. Mercer's 2024 Cost of Living survey highlights Mumbai's particularly high expenses across personal care, energy and utilities, transportation, and housing rentals.
Globally, Hong Kong remains the most expensive city.
Known as the heart of Hindi cinema and home to numerous Bollywood stars, Mumbai has ascended several ranks, making it even more expensive, a trend also observed in Delhi.
In Mercer's ranking, Mumbai has surged 11 positions to reach 136th place, while Delhi has climbed four spots to 164th. In contrast, Chennai has slipped five spots to 189th, Bengaluru is down by six positions to 195th, and Hyderabad retains its position at 202nd. Meanwhile, Pune has jumped eight spots to 205th, and Kolkata has moved up four places to 207th.
Within Asia, Mumbai is positioned as the 21st most expensive city, with Delhi following closely in 30th place among surveyed locations.
"Despite facing global economic challenges, India has shown resilience in our 2024 Cost of Living Survey. Although Mumbai's ranking has risen, the overall affordability of Indian cities remains a significant attraction for multinational corporations and Indian firms seeking to attract global talent. Our strong economy, driven by domestic demand and a robust services sector, provides a stable environment for international talent. Amidst increasing global housing costs and inflation, India's growth trajectory and improving living standards make it a compelling destination for international assignments," stated Rahul Sharma, India Mobility Leader at Mercer.
Delhi recorded the highest increase in housing rentals, rising by 12-15 percent for expatriates. Mumbai saw a 6-8 percent increase, Bengaluru 3-6 percent, and Pune, Hyderabad, and Chennai 2-4 percent, according to the report.
Transportation costs, encompassing automobiles and auto parts, are most expensive in Mumbai, followed closely by Bengaluru. Conversely, Kolkata offers the most economical prices for milk, dairy products, bread, beverages, oils, fruits, and vegetables, with Pune following suit. Delhi boasts the lowest prices for alcohol and tobacco items.
Regarding personal care products, Mumbai tops the expense list, trailed by Chennai, while Kolkata remains the most budget-friendly. Energy and utility expenses are highest in Mumbai, followed by Pune.
On the global front, the top five cities in terms of cost of living have maintained their rankings unchanged. Hong Kong leads, followed by Singapore, Zurich, Geneva, and Basel, with New York City, London, Nassau, and Los Angeles rounding out the list.
