Hong Kong ends 4-year reign as most expensive location for expatriates
In Asia, however, it remains the most expensive location.
Hong Kong is no longer the most expensive location in the world for expatriates, marking the end of its four-year reign.
Based on a report by ECA International, New York has taken over Hong Kong, dropping one place on the list.
In Asia, however, Hong Kong remains to be the most expensive location for expatriates.
“Costs for goods and services in Hong Kong rose at multi-year highs, showing that the city was not spared from the wave of inflation we have seen throughout the world in the past year,” said Lee Quane, Regional Director – Asia at ECA International.
“In spite of this, Hong Kong fell in our rankings as the increase in prices of day-to-day goods and services was tempered by falls in accommodation costs in the city,” Quane added.
Based on the report, the cost of a 500 mL soy sauce in Singapore is US$3.30. Meanwhile, Hongkongers have to pay US$3.56 for 1kg of sugar, US$8.99 for a dozen eggs, US$5.51 for a cup of coffee at a cafe, and US$3.09 for a litre of petrol. These five items are part of ECA’s cost of living basket.