How Expensive is Your City for Living Well in 2024?

Living well in 2024 comes with its own set of challenges and opportunities, particularly when it comes to the cost of living. Understanding the expenses involved in living comfortably in different cities around the world can help you make informed decisions about relocation or travel. Here, we explore the cost of living in Thailand and Turkey, and provide a list of the top ten most expensive countries for living well in 2024.

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Thailand: A Balance of Affordability and Quality

Thailand continues to be an attractive destination for expatriates and travelers due to its relatively low cost of living combined with a high quality of life. However, the cost can vary significantly between cities.

1. Bangkok: The bustling capital city offers a vibrant lifestyle but at a higher cost compared to other regions in Thailand. Rent for a one-bedroom apartment in the city center can range from $600 to $1,200 per month. Monthly expenses, including food, transportation, and entertainment, can add up to approximately $1,000 to $2,000 for a comfortable lifestyle.

2. Chiang Mai: Known for its laid-back atmosphere and cultural richness, Chiang Mai is more affordable than Bangkok. Rent for a one-bedroom apartment in the city center typically ranges from $300 to $700 per month. Monthly living costs can be around $800 to $1,500.

3. Phuket: As a popular tourist destination, Phuket's cost of living is slightly higher, especially in tourist-heavy areas. Expect to pay between $500 and $1,000 for a one-bedroom apartment in the city center, with monthly expenses totaling approximately $1,200 to $2,000.

Turkey: Diverse Costs Across Regions

Turkey's cost of living varies greatly depending on the city, with Istanbul being the most expensive. However, even in Istanbul, the cost of living can be quite affordable compared to many Western cities.

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1. Istanbul: As Turkey's largest city, Istanbul offers a mix of modern amenities and historical charm. Renting a one-bedroom apartment in the city center can cost between $500 and $1,000 per month. Total monthly expenses for living well can range from $1,200 to $2,500.

2. Ankara: The capital city is less expensive than Istanbul. Rent for a one-bedroom apartment in the city center is around $300 to $700 per month, with monthly living costs totaling approximately $800 to $1,500.

3. Izmir: Known for its coastal beauty, Izmir is moderately priced. Renting a one-bedroom apartment in the city center typically costs between $350 and $800 per month. Total monthly expenses can range from $900 to $1,600.

Atlas Top Ten Most Expensive Countries for Living Well in 2024

Here is a list of the top ten most expensive countries for living well in 2024, based on the cost of living, housing, and overall expenses.

1. Switzerland: Renowned for its high quality of life, Switzerland tops the list with cities like Zurich and Geneva being exceptionally expensive.

2. Norway: High wages are matched by a high cost of living, especially in cities like Oslo and Bergen.

3. Iceland: Despite its small size, Iceland's living costs are high, driven by the cost of imports and utilities.

4. Denmark: Copenhagen is particularly costly, with high taxes contributing to overall living expenses.

5. Luxembourg: This small, wealthy country has a high cost of living, particularly in housing and services.

6. Singapore: Known for its modern infrastructure and high living standards, Singapore is also known for its high costs.

7. Hong Kong: High property prices make Hong Kong one of the most expensive places to live.

8. Australia: Cities like Sydney and Melbourne are known for their high cost of living, driven by housing and lifestyle expenses.

9. Ireland: Dublin, in particular, has seen significant increases in living costs in recent years.

10. United States: Major cities like New York, San Francisco, and Los Angeles are among the most expensive in the world.

Conclusion

Understanding the cost of living in different cities and countries is crucial for planning a move or evaluating the affordability of living well. Thailand and Turkey offer a range of living costs depending on the city, making them attractive destinations for those seeking a balance between affordability and quality of life. On the other hand, the top ten most expensive countries highlight the regions where living costs are at a premium. Whether you are looking for an affordable lifestyle or willing to pay a premium for certain amenities, knowing the cost of living can help you make informed decisions for 2024 and beyond.

Global Wealth & Lifestyle Report 2024

What do the latest consumption trends around the world tell us about the cost of maintaining an affluent lifestyle? And what implications does this have for wealth preservation? That’s what our Global Wealth & Lifestyle Report aimed to find out by tracking the price developments of premium goods and services across the world’s regions and cities.

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Key Takeaways

• Singapore is named the world’s most expensive city to live well for the second year in a row, followed by Hong Kong in second place.

• Despite these high rankings, Asia is no longer the most costly region in which to live well, after four years at the top of our list.

• EMEA (Europe, Middle East, and Africa) becomes the most expensive region to live well, with European cities in particular moving up the ranks.

• Overall, for wealthy individuals, the picture is one of increase: increased assets, increased investment, increased spending, and increased enjoyment.

This year’s report finds that across all the regions surveyed, wealthy individuals are experiencing a new lifestyle boom, with demand surging for leisure travel, fine dining, and luxury hotels. For those looking to enjoy their assets to the fullest, however, differences in the cost of ‘living well’ continue to be often strikingly apparent from one city to another.

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To accurately rank these cities, the report’s Lifestyle Index analyses the cost of a basket of goods and services representative of ‘living well’ in 25 cities around the world. This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in various major urban centers.

A New Leader

Asia relinquished its status as the most costly region in which to live well following four years atop the ranking. While Singapore reigns supreme as the world’s most expensive city for the second year in a row, followed by Hong Kong in second place, the lower ranking for cities like Shanghai, which dropped from third to fourth, and particularly Tokyo, now in 23rd place, saw Asia Pacific (APAC) edged out of first place in the overall regional ranking by a resurgent Europe, the Middle East, and Africa (EMEA).

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Every single European city moved up the rankings this year, led by London, which took the final spot on this year’s podium. Zurich catapulted eight places up the ranking, making it the biggest climber in this year’s survey, while Milan and Paris also leapt up the ranking by six and five places respectively. While Dubai dropped down both the regional and global rankings this year, to sixth and 12th respectively, strong spending on real estate and the city’s status as the most expensive for a number of discretionary items once again highlight the huge wealth of the Middle East’s booming financial hub.

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Following a brief sojourn last year as the second most expensive region in which to live well, the Americas fell to the back of the pack again in 2024, although both New York and São Paulo remain in the top ten. This region also threw up some eye-catching results – ranking significantly more expensive for a whole host of purchases and laying claim to the most extreme increase for any item year-on-year (hotel suites). It’s also a case of ‘watch this space’ in the Americas over the year ahead, with steeper prices expected off the back of strengthening currencies and dwindling exports.

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Slower Price Rises

This year, the average price rises across our index of goods and services eased off to four percent in USD, compared to six percent in 2023. Overall, prices this year grew faster for goods than services, with goods up five percent on average in USD terms and services up three percent. Notably, many of the biggest jumps up and down our Index are the result of currency fluctuations, with the strength of currencies such as the Swiss franc and the poor performance of currencies such as the Japanese yen clearly seen in the performance of these cities in USD terms.

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Price tags in the luxury goods sector have faced more scrutiny in the past 12 months as consumers rally against extreme price rises. High-end luxury demand has declined and, as we see signs of changing consumer attitudes, some brands have pushed pause on price rises for the first time. Nevertheless, HNWIs continue to show a willingness to spend on the items in our index, notably on hospitality, fashion, and accessories. The greatest price increases this year are for fashion and jewellery, which comes on the back of several years of increased raw material, energy, and staffing costs, coupled with strong currencies in Europe, where many of the luxury houses are based.

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What does this changing picture mean for the spending habits and sentiments of HNWIs globally? This year’s Lifestyle Survey delves into the lives and consumption trends of HNWIs in 15 countries in regions across the globe to paint a broader picture of wealthy life around the world and interrogate the reasons behind the shifts in spending. You’ll find more survey findings in the downloadable report below.

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Overall, the results of this year’s report suggest that life has settled into a new pattern following the impact of the global pandemic. However, increasing geopolitical tension and ongoing financial turbulence mean it’s more important than ever that wealthy individuals put a robust wealth management strategy in place to support them and their families for generations to come.