The Best (& Worst) Cities for Finances in 2024
- Methodology
- In Search of a Better Quality of Life in Valencia (1st)
- Cushy Finances in Panama City (2nd)
- Málaga the Place to Be for a Retiree (3rd)
- Last for the Third Time in a Row: Vancouver (53rd)
- Toronto (52nd) Is Tough on Your Wallet
- London (51st) in the Bottom 3 Since 2022
- Trends in the Top 10
- Trends in the Bottom 10
- The Biggest Winners in 2024
- The Biggest Losers in 2024
- Full Ranking
- Further Reading
Disclaimer: Data for the Expat City Ranking was collected in February 2024 prior to the flooding in some regions of Spain that occurred in October. It therefore does not reflect the impact of this catastrophic event.
The Top 10
Methodology
For the Personal Finance Index, expats rated three different factors on a scale of one (very bad / disagree completely) to seven (very good / agree completely): general cost of living; satisfaction with their financial situation; and whether their disposable household income is enough to lead a comfortable life.
To be featured in the ranking, a city must have a minimum of 50 respondents. In 2024, 53 destinations made this threshold.
In Search of a Better Quality of Life in Valencia (1st)
Not only is Valencia ranked 1st overall out of 53 cities in the 2024 Expat City Ranking, it also takes the number 1 spot in the Personal Finance Index. Over three-quarters of expats in this Spanish city (77%) are satisfied with their financial situation (vs. 54% globally) and positively rate the cost of living (vs. 40%). In fact, double the global average of 12% rate this factor as very good (24%).
And at 61%, the share of expats that say their disposable household income is more than enough to lead a comfortable life in Valencia is 20 percentage points higher than the global average of 41%.
“I like that I don’t have to worry about my cost of living, whether housing or healthcare.” – US American expat
Interestingly, expats that relocated to Valencia were less likely to move for job-related reasons (8% vs. 35% globally). Rather, higher shares than the global average were in search of a better quality of life (27% vs. 9% globally) or retirement abroad (11% vs. 3%) — almost a third of expats there (30%) are already retired (vs. 11% globally).
Cushy Finances in Panama City (2nd)
Now with enough respondents, Panama City makes the ranking threshold to nab the 2nd spot in the Personal Finance Index. Similarly to Valencia, over three-quarters of expats in Panama’s capital (76%) are satisfied with their financial situation (vs. 54% globally), and 10% relocated to retire (vs. 3%). In fact, over a quarter (26%) are already retired (vs. 11%).
“I like the peaceful, affordable life.” – Jamaican expat
It appears that disposable household incomes in Panama City go a long way, as more than nine in ten expats (91%) say it’s enough or more than enough to lead a comfortable life (vs. 70% globally). That’s good news for the 13% that cite financial reasons for their move — which is the leading single reason for relocating — compared to just 2% of all respondents.
Málaga, the Place to Be for a Retiree (3rd)
Málaga ranks 3rd in the Personal Finance Index and is the second Spanish city in the top 3. Interestingly, 43% of expats there are retired (vs. 11% globally), yet financial reasons were not named by a single respondent as their main motivation for moving (0% vs. 2% globally). Nor was it a major consideration: when asked about their biggest concerns prior to moving, just 5% of expats named high cost of living — far from the global average of 25%.
Indeed, over seven in ten respondents in Málaga (72%) rate the cost of living favorably (vs. 40% globally), with 27% rating it as very good (vs. 12% globally). And at 38%, close to double the global average of 20% are completely satisfied with their financial situation.
Last for the Third Time in a Row: Vancouver (53rd)
Firmly entrenched as the least financially friendly city in our Personal Finance Index, Vancouver also ranks last overall out of 53 cities. It’s therefore not surprising that 52% of expats there cited the high cost of living as their biggest concern prior to their move (vs. 25% globally).
Once there, a staggering 88% of respondents view the cost of living in Vancouver negatively (vs. 39% globally) — close to half (48%) even say it’s very bad (vs. 9% globally). What’s more, close to two-thirds of respondents (65%) disagree that their disposable household income is enough to lead a comfortable (vs. 30% globally).
“Life is expensive, especially housing. You need extra money to socialize.” – Turkish expat
Notably, the Canadian city is more of a draw for students (23% relocated for school or university vs. 9% globally) than for job-seekers (17% cite job-related reasons vs. 35% globally). And at 46%, the share of expats doing paid work in Vancouver is below the global average (69%).
Toronto (52nd) Is Tough on Your Wallet
As the second Canadian city in the bottom 3, Toronto ranks 52nd in the Personal Finance Index. More than half of expats there (53%) are dissatisfied with their financial situation (vs. 26% globally), ranking this factor last (53rd). Moreover, over four in five (81%) rate the cost of living negatively, which is more than double the global average of 39%.
“Cost of living is crazy expensive. Going out for a meal or drinks feels like a luxury … Overall, it’s impossible for me to have the same social lifestyle I had in Germany or Spain.” – Spanish expat
Like Vancouver, expats relocated to Toronto for a better quality of life (21% vs. 9% globally) or to pursue education (16% vs. 9%), while job-related reasons (11%) lag behind the global average (35%). But for more than half of respondents there (56%), their disposable household income isn’t enough to lead a comfortable life (vs. 30% globally).
London (51st) in the Bottom 3 Since 2022
In 51st place, London rounds off the bottom 3 of the Personal Finance Index. Seven in ten expats in the English capital (70%) negatively rate the cost of living (vs. 39% globally), and close to two in five (39%) are dissatisfied with their financial situation (vs. 26% globally).
“I wish our salaries matched the cost of living.” – US American expat
The share of respondents doing paid work in London (77%) is higher than the global average (69%), with 59% making a gross yearly income of over 50,000 USD (vs. 48% globally). This doesn’t seem sufficient, though, as 46% say their disposable household income isn’t enough to lead a comfortable life (vs. 30% globally). It’s no surprise that about half of expats (49%) cited the high cost of living as their biggest concern prior to relocating (vs. 25% globally).
Trends in the Top 10
- Valencia
- Panama City
- Málaga
- Mexico City
- Bangkok
- Alicante
- Kuala Lumpur
- Ras Al Khaimah
- Warsaw
- Vienna
Seven cities in the top 10 were already among the best cities in the 2023 Personal Finance Index. Panama City is new to the ranking in 2024, while Warsaw and Vienna slip into the top 10 after ranking 15th and 16th, respectively, in 2023.
Half of the ranking is populated by European cities: Valenica (1st), Málaga (3rd), Alicante (6th), Warsaw (9th), and Vienna (10th). Interestingly, three are Spanish cities.
Two cities each from America and Asia also make the list: Panama City (2nd), Mexico City (4th), Bangkok (5th), and Kuala Lumpur (7th). The odd one out is Ras Al Khaimah (8th) in the Middle East.
Overall, expats in these cities highly rate the different factors of the index, especially in the top 4 cities. For Ras Al Khaimah and Warsaw, one of their factors each slip into average territory: expats in the Emirati city rate their disposable household income 25th, while satisfaction with their financial situation is ranked 26th in the Polish capital. Despite a favorable cost of living in Warsaw (9th), the majority of expats there (71%) are making less than 50,000 USD in gross yearly income (vs. 52% globally).
Trends in the Bottom 10
- Paris
- New York City
- Auckland
- Singapore
- Munich
- Oslo
- Dublin
- London
- Toronto
- Vancouver
As if holding a mirror to the top 10, five of the bottom-ranked cities are located in Europe: Paris (44th), Munich (48th), Oslo (49th), Dublin (50th), and London (51st).
Three cities are located in North America: New York City (45th), Toronto (52nd), and Vancouver (53rd), making Auckland (46th) and Singapore (47th) the odd ones out.
Oslo and Auckland are new to the ranking in 2024 and immediately land in the bottom 10 of the Personal Finance Index. Munich is another new arrival among the worst cities after falling from 31st place in 2023.
Interestingly, in Oslo, expats’ disposable income being enough to lead a comfortable life is on par with the global average (24th), yet the general cost of living (49th) and satisfaction with expats’ financial situation (45th) is rated in the bottom 10. A similar trend can be seen in Auckland in terms of the financial situation (27th) and the general cost of living (51st).
A compounding factor for six of the cities in the bottom of the ranking is the affordability of housing, which expats rate unfavorably in Vancouver (53rd), Toronto (51st), Munich (50th), Dublin (49th), Auckland (48th), and Singapore (47th).
The Biggest Winners in 2024
Hong Kong makes a leap of 15 ranks to land in the above-average end of the Personal Finance Index (19th; from last year’s 34th). Two of the index’s underlying factors also make it into the top 5: disposable household income being enough to lead a comfortable life (4th; an improvement of 23 ranks from 27th place in 2023!) and satisfaction with their financial situation (5th). However, expats in Hong Kong are still dissatisfied with the cost of living — only 9% have something positive to say (vs. 40% globally).
Despite ranking in the bottom 10 overall (44th), Rome sees an improvement in the Personal Finance Index. Here, it escapes the bottom 10 (40th) to rank 31st in 2024. In contrast to Hong Kong, Rome doesn’t show huge gains for specific factors, but expats are slightly more positive across the board. For instance, 67% say their disposable household income is enough or more than enough to lead a comfortable life (vs. 70% globally), when last year this share was at 57% (vs. 73%).
The Biggest Losers in 2024
On the other end of the scale, Munich falls 17 spots to rank in the bottom 10 (48th) of the Personal Finance Index. The underlying factors also show big drops, such as expats’ satisfaction with their financial situation, which fell 21 spots to the bottom 10 (46th). In 2023, 20% of expats rated this factor negatively (vs. 22% globally); in 2024, this share rises to 36% (vs. 26%).
Amsterdam approaches the bottom 10 by losing 14 spots from 25th in 2023 to rank 39th in 2024. Disposable household incomes being enough to lead a comfortable life (35th) and expats’ satisfaction with their financial situation (34th) see a significant loss in ranking of 24 and 23 places, respectively. About half of respondents (53%) are still happy with their financial situation (vs. 54% globally), when last year it was seven in ten expats (70% vs. 58%).
In 2023, Budapest was in the top 10 of this index. A year later, it places 21st — a change in 14 ranks. All three underlying factors also exit the top 10, and continuing the Munich and Amsterdam trend, expats’ satisfaction with their financial situation shows a significant loss of 26 places (from 10th to 36th). In 2023, a higher share of expats (84%) said their disposable household income is enough or more than enough to lead a comfortable life compared to the global average (73%). A year later, the shares are the same (70% vs. 70%).
Full Ranking
