When moving costs a pretty penny: a city in the USA entered the top 20 most expensive for expats - ForumDaily
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When moving costs a pretty penny: a city in the USA entered the top 20 most expensive for expats

Hong Kong is the most expensive city in the world for expats to live in for the second year in a row, according to a new study. New York and Geneva came in second and third in the rankings. NDTV.

Photo: Shutterstock

Higher prices over the past year have kept the Asian city at the top of the list, according to ECA International, which conducted its research in March this year. London and Tokyo round out the top five.

The skyrocketing cost of rent was one of the reasons why London and New York took their positions in the top five, with rents in these cities rising by 20% and 12% respectively.

The New York City housing market is gaining momentum again amid the easing of commercial restrictions and the decline in Covid-19 rates, although the market has not yet returned to pre-pandemic levels.

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In another cost-of-living report, Singapore remained in 13th place despite significant increases in rents, gas prices and utilities. According to the ECA, this was offset by the weakening of the Singapore dollar against other regional currencies in the second half of the study period. All Japanese cities fell in the rankings as the yen weakened, while Chinese cities rose - Shanghai and Guangzhou ranked 8th and 9th respectively - thanks to a stronger yuan.

Here are some more poll results:
  • Gasoline prices rose by an average of 37% year-over-year in all cities, while Beirut recorded a 1128% increase.
  • Turkish Ankara became the most cheap the world's largest city for expats, dropping five positions to 207th.
  • The war in Ukraine led to an increase in prices for vegetable oil by an average of 25% last year in all cities of the ranking.
  • Fuel prices in Tehran were the lowest: a liter of gasoline cost only $0,09.

A cup of coffee $5,21, a liter of gas $3,04 and a kilo of tomatoes $11,51 are just some of the prices that have earned Hong Kong top spot on the list.

“Although Hong Kong was less impacted by rising global inflation last year than other regional and global regions, it nevertheless remains the most expensive destination in the world,” Lee Quain, ECA International's regional director for Asia, said in a press release. . “It was the strength of the Hong Kong dollar, pegged to the US dollar, that last year allowed it to maintain its position as the world's most expensive place as other currencies weakened.”

Hong Kong is accelerating its plans to return to normal as Covid cases drop, easing mask-wearing rules and allowing more places to stay to open.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

ECA International analyzes the cost of consumer goods and services at over 490 locations around the world, while accommodation data is also taken into account by comparing rental costs in areas typically populated by expatriate employees at over 410 locations worldwide. The latest report ranks 207 cities in 120 countries.

Here are the 20 most expensive places in the world for expats (with March 2021 rankings in brackets):

  • Hong Kong (2021 ranking: 1)
  • New York, USA (4)
  • Geneva, Switzerland (3)
  • London, UK (5)
  • Tokyo, Japan (2)
  • Tel Aviv, Israel (7)
  • Zurich, Switzerland (6)
  • Shanghai, China (9)
  • Guangzhou, China (10)
  • Seoul, South Korea (8)
  • San Francisco, USA (15)
  • Shenzhen, China (12)
  • Singapore (13)
  • Beijing, China (16)
  • Jerusalem, Israel (18)
  • Bern, Switzerland (17)
  • Yokohama, Japan (11)
  • Copenhagen, Denmark (14)
  • Oslo, Norway (19)
  • Taipei, Taiwan (21)

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Miscellanea Hong Kong World expat expensive city
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