Hong Kong retains its crown as most expensive location in the world

Higher prices and stronger currency have allowed the city to continue its reign.

Hong Kong remains to be the most expensive location in the world, the latest Cost of Living Ranking by ECA International showed.

According to the information provider, higher prices and a stronger currency over the past year have allowed the city to continue its reign in the rankings.

“Year on year price rises of 3%, as measured by our basket of goods and services, are higher than we typically see in Hong Kong, but are lower than rates in similar cities both within the region and globally,” said Lee Quane, Regional Director – Asia at ECA International.

“Rather, it has been the strength of the Hong Kong dollar, which is pegged to the US dollar, in the past year which has enabled it to maintain its position as the most expensive location worldwide as other currencies have weakened,” added Lee.

Meanwhile, Hong Kong also retained its position as the most expensive Asian location for overseas workers, followed by Tokyo, Shanghai, Guangzhou, and Seoul.