This Is the Most Expensive City in the World

Experiencing all that a new city has to offer is a lot easier when you can afford it. Whether or not going out to eat or hailing a cab will put a dent in your travel budget (or totally obliterate it) usually depends on what part of the world you're in. If you're looking to save money abroad, think twice before going to Hong Kong—that's the most expensive city in the world, as MarketWatch reported in July.

To determine the most expensive city to live in on Earth, the human resource consulting firm Mercer looked at a number of factors, including the costs of housing, transportation, food, clothing, household goods, and entertainment. Its annual Cost of Living Survey placed Hong Kong in the No. 1 slot. This is the second year in a row the survey named the Southeast Asian city-state the world's costliest place for expats.

Hong Kong's ranking reflects a wider trend seen throughout the region. Of the top 10 most expensive cities, seven of them are located in Asia. That includes Tokyo at No. 2 and Singapore at No. 3. The only non-Asian cities that rank in the top 10 are Zürich in Switzerland, Ashgabat in Turkmenistan, and New York City.

Fortunately, the world's priciest cities aren't the only places worth living abroad. There are plenty of spots around the globe that offer great food, culture, and public amenities at affordable prices. If you're itching to move somewhere new, here are some cheap destinations to consider.

[h/t MarketWatch]