7-6-2023 (HONG KONG) Hong Kong’s reign as the world’s most expensive city for expatriates has come to an end after four years, as revealed by a recent survey conducted by human capital firm ECA International. The study, released on Wednesday, indicates that New York has now claimed the top spot, pushing Hong Kong into second place. Geneva secures third place, with London following closely behind in fourth.
The annual rankings are based on comprehensive data collected by the firm in March, encompassing various cost factors such as food, household goods, recreational activities, clothing, dining out, as well as alcohol and tobacco. Since September 2020, accommodation and utility costs have also been factored into the analysis, leading to Hong Kong’s rise from fourth place in 2019 to the coveted first place.
The decline in Hong Kong’s ranking can be attributed to decreasing accommodation costs, which have experienced a steady decline. In contrast, prices in New York have been rising at a faster rate compared to those in Hong Kong. Within Asia, Singapore has made significant progress by moving up eight spots to claim fifth place, while Seoul has advanced one spot to secure ninth place. The surge in property prices in both cities has contributed to their higher rankings.
Mainland Chinese cities have experienced a drop in their rankings, primarily due to the weakened performance of the yuan and lower inflation rates. Shanghai and Guangzhou, which were previously among the most expensive cities in mainland China, have now fallen out of the global top 10, currently ranking 13th and 14th, respectively.
These shifts in the rankings provide valuable insights into the changing cost of living for expatriates worldwide, highlighting the economic dynamics and factors influencing the affordability of different cities.
