HONG KONG – Hong Kong remains the world’s most expensive place for expatriates to live in and work, a recent survey conducted by ECA International, an international human resource consulting company, has found.
Despite falling rental prices and a weakened currency, Hong Kong has retained its position due to other locations in Asia falling in the rankings as COVID-19 has impacted.
Lee Quane, Regional director for Asia, ECA International
“Despite falling rental prices and a weakened currency, Hong Kong has retained its position due to other locations in Asia falling in the rankings as COVID-19 has impacted,” said Lee Quane, regional director for Asia at ECA International.
ALSO READ: Top pay makes Switzerland No 1 for expats, HK moves up 1 place
The average price of a cup of coffee at a cafe is US$5.03 in Hong Kong, and a one-year gym membership costs around US$1,414, ranking first among the global metropolises of New York, London and Sydney, the survey showed.
Five of the 10 most expensive locations in the world are in Asia, as Chinese cities climb in the rankings.
READ MORE: Shanghai surpasses HK as costliest location for expatriates in China
The ranking data is compiled by ECA’s annual research team in cost of living and accommodation, which covers the cost-of-living allowances for assignees such as groceries and household goods, as well as rental trends, according to ECA International.