In today’s connected and borderless world, there has been an increasing trend of remote working and the flexibility to work while traveling. Factors such as cost of living play an essential aspect when an expatriate decides on moving to a different country for a long-term purpose. According to research, Hong Kong is labeled as the world’s most expensive city for expatriates for the second year running.
When comparing the price of a liter of whole fat milk, it costs $3.38 in Hong Kong, $2 in Tokyo, and $1.12 in New York City. Surprisingly, New York City is the cheapest city in the world to purchase a liter of whole fat milk. The high cost of living in Hong Kong is nothing new, as it’s widely known that citizens living in urban areas are struggling to make ends meet. Due to a large aging population combined with the expensive cost of housing, a majority of Hong Kong citizens tend to live in small units of houses and apartments.
For example, a 430 square foot apartment would cost around $555,000 Hong Kong dollars per month, and this excludes utilities such as electricity and water. The cost of food also varies depending on the area, which could cost a hefty amount compared to other parts of Asia. While Asia has always been a popular to-go destination for expatriates for many decades, developing cities such as Hong Kong and Singapore have also risen in the ranking of the most expensive cities in the world. In fact, eight of the top 10 cities named in the Cost of Living survey are in Asia.