Hong Kong falls two places to become sixth-most expensive city for expats
- But Hong Kong remains Asia’s second-most expensive city, well ahead of Tokyo and Singapore
- Social unrest and Covid-19 pandemic did not change Hong Kong’s status that dramatically, survey finds
Hong Kong fell two places to become the sixth-most expensive city in the world for expats, but remains the second-priciest place in Asia, according to a survey released on Wednesday.
Ashgabat in Turkmenistan topped research data firm ECA International’s list – followed by Zurich, Geneva, Basel and Bern – while Tokyo remained in seventh place globally. Singapore dropped two places to 14th.
“Despite political and social unrest last year, coupled with the impact of Covid-19 making some people more reluctant to move to the SAR, Hong Kong has only seen a small drop in the global rankings,” said Lee Quane, the firm’s regional director for Asia.
Conducted in March and September every year since 2005, the survey compared a basket of like-for-like consumer goods and services commonly bought by international assignees in more than 480 places across the world. The items include groceries, meat and fish, household goods, recreational goods, clothing, motoring expenses and electrical goods.
The latest survey studied year-on-year movements in data collected in March with those taken in the same month last year. But living costs – such as accommodation rentals and utility charges – are excluded in the survey, as such items are usually compensated for in expatriate packages.
