Hong Kong Again Named as Most Expensive City for Expats, Survey Says

Hong Kong has found itself again topping the ranking as the most expensive city for expats, with prices rising quickly in the SAR after a slow growth in 2020 during the beginning of the pandemic, according to an international survey.

Research firm ECA International compiled research in cost-of-living and accommodation prices for 208 cities in 121 countries to compare the costs expats faced around the world.

According to the ECA, Hong Kong ranked first in global rankings, holding top for two years running, with Geneva second, Tokyo third, and New York fourth.

Regional Director of Asia at ECA International, Lee Quane, said, "Hong Kong is consistently towards the top of the table, and this year was no different with prices increasing by 2.7 percent overall in local currency."

He said that the increase in prices in Hong Kong has come from the global 15% increase in fuel prices year on year.

"But it is still three percent lower than the overall global price increase," Quane said.

Quane stated that Hong Kong’s economy has seen a partial recovery after several years of turbulence caused by the pandemic and political unrest.

"Rising fuel prices have led to price hikes in dining out and electrical products," Quane said. "Meanwhile, among all the goods surveyed, there was no significant increase seen in the prices of general products."