Hong Kong is the world's most expensive city to live in as an expat for the second year in a row, according to a study by ECA International, with New York and Geneva in second and third places. London and Tokyo round out the top five.
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A cup of coffee is a sizzling hot $5.21, a liter of petrol comes to $3.04, and a kilo of tomatoes at $11.51 are just a few of the prices that took Hong Kong to the top of the list.
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Higher prices and a stronger currency over the past year kept the Asian city at the top of the cost of living tree, the ECA International report adds. The study was carried out in March.
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Soaring rental costs were part of the reasons why London took a spot in the Top 5, rising by 20 per cent.
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Singapore stayed in 13th place despite significant rises in rent, petrol prices and utilities. Those were offset by the Singapore dollar weakening against other regional currencies during the latter part of the survey period, ECA said.
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Japanese cities fell down the ranks as the yen weakened, while Chinese cities rose - with Shanghai and Guangzhou taking 8th and 9th positions respectively - on a stronger yuan.
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"Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world," said Lee Quane, ECA International's Regional Director for Asia. "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."
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ECA International analyses the cost of consumer goods and services in more than 490 locations, while accommodation data is also factored in, comparing rental costs in areas typically inhabited by expatriate staff in over 410 locations. The latest report ranks 207 cities in 120 countries.
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Turkey’s Ankara is the cheapest city in the world for expats, after falling five spots to 207th place.
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