Hong Kong ranked sixth most expensive city for expats to live in, while Turkmenistan’s Ashgabat takes the top spot
- Strengthening currency contributed to city jumping three places up the rankings in a year
- Hong Kong dollar has gained 15 per cent against Japanese yen, 10 per cent against Chinese yuan and almost 6 per cent against Singapore dollar since April 1
The strengthening Hong Kong dollar has catapulted the city up to sixth on the list of the world’s most costly destinations for expats, up from No 9 last year, according to a biannual survey released on Monday.
Rival Singapore also jumped three places, to 18 from 21, because of a strong currency.
Polling 450 locations worldwide every March and September, human capital firm ECA International found currency exchanges were the main factor behind a jump in the rankings for a few Asian locations.
ECA regional director Lee Quane said that “2018 was another strong year for the Hong Kong dollar … leapfrogging locations such as Tokyo and Oslo where the respective currencies have been slightly weaker”.
The world’s most expensive place is Ashgabat, the capital of Turkmenistan, which rocketed from 146th last year as a deepening economic crisis left black-market exchange rates plummeting and shortages in foreign exchange. This in turn fuelled inflation.