Dublin ranks 51st in the 2023 Mercer Cost of Living report 

Dublin, 06 June – Zurich remains Europe’s most expensive city for expatriates on international assignments this year, dropping one place to third in Mercer’s annual Cost of Living City Ranking. Singapore moved up six places in the rankings, displacing Zurich from the number two spot. Hong Kong retained its top spot from the 2022 Mercer index.

Dublin was ranked  51^st in the 2023 Mercer Cost of Living report, two places lower than last year when it was 49^th. The Irish capital is less expensive than many European counterparts such as Copenhagen (9), London (17), Amsterdam (28) and Paris (35), but more expensive than other European cities including Luxembourg (58), Rome (59), Oslo (60) and Hamburg (62).

Five European cities feature in Mercer’s global top ten of the world’s most expensive locations for expatriates for 2023. The first four cities are located in Switzerland - Zurich (3), Geneva (4), Basel (5) and Bern (7) - with the fifth being Copenhagen (9). Other most expensive cities in Europe include London (17), Vienna (25), Amsterdam (28), Prague (33), which is up 27 spots in the global ranking since last year and Helsinki (34).

Key factors that shaped the world’s economy in 2022 continue to exert an influence on expatriates on international assignment into 2023. More than a year after the Russia-Ukraine crisis and the emergence of more contagious COVID-19 variants, many economies are still reeling from the effects of these events. Aggressive monetary policies and tightening financial conditions are likely to slow income growth and raise unemployment in many economies this year. Debt levels remain high in many countries and core inflation is yet to peak in many markets. Inflation and exchange rate fluctuations are also directly affecting the pay and savings of internationally mobile employees.

“In general, countries and cities are continuously striving to attract international businesses as well as digital nomads and expatriates on international assignments,” said Noel O’Connor, Senior Consultant, Mercer Ireland. “The most successful locations are currently those combining flexible governance for mobile talent, a high quality of life and a reasonable cost of living.”

Mr. O’Connor also noted that: “The weakened Euro against the dollar has again influenced Dublin’s ranking in 2023. High demand in the private rental market, often the biggest cost for companies placing employees on assignment, along with utility costs, present challenges for employers of international assignees. Overall, however, Dublin continues to remain an attractive location for expatriates when they elect to go on assignment.” 

Yvonne Traber, Partner, Global Head of Mobility, Mercer, said: “The recent COVID-19 pandemic and political tensions around the globe accelerated widespread use of remote working, which, in turn, is prompting multinational employers to reassess how they manage their workforces.”

“Competition in the global talent market is fierce and with the cost of living crisis affecting both employees and organisations employers need to be flexible. The structure of their compensation strategies for internationally mobile and remote workers must not only be clear, but also backed by reliable data,” she added.

Continued extensive use of remote working is causing many employees to reconsider their priorities, assess their work-life balance and think about the places in which they have chosen to live. This is forcing many organisations to reimagine their employment arrangements with many employers having to rethink how they manage a globally distributed workforce, particularly for those that operate in tight labour markets.

Cost is not the only factor that influences how attractive a location is to employees and corporations. An equally important factor is the overall quality of life that a city offers. Conversely, risks and other negative issues, such as natural disasters, political and/or economic turmoil, high crime rates, poor infrastructure and inadequate international connectivity, can be major deterrents to companies and their employees.

Global consulting and investments leader, and a business of Marsh McLennan (NYSE: MMC), Mercer’s Cost of Living survey data is used by major employers to protect the purchasing power of their employees when they are transferred abroad. Mercer research highlights the importance of monitoring currency fluctuations and assessing inflationary and deflationary pressures on goods, services and accommodation in all operating locations.

Notes to Editors:

About Mercer’s Cost of Living Survey

Mercer's widely recognized Cost of Living ranking is one of the world’s most comprehensive studies and is designed to help multinational companies and governments determine compensation strategies for their international assignees. New York City is used as the base city for all city ranking comparisons and currency movements are measured against the US dollar. The survey includes 400+ cities throughout the world; this year’s ranking includes 227 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment. The data collected provides all of the key elements employers need to design efficient and transparent compensation packages for international assignees. Learn more here.

About Mercer

Mercer believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer’s approximately 25,000 employees are based in 43 countries and the firm operates in 130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, with 85,000 colleagues and annual revenue of over $20 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit mercer.com. Follow Mercer on LinkedIn and Twitter.

About Marsh McLennan

Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and wellbeing for a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit marshmclennan.com, or follow us on LinkedIn and Twitter.

Mercer Cost of Living Survey – Worldwide Rankings 2023

(Mercer international basket, including rental accommodation costs)