Hong Kong ends reign as world’s most expensive city for expats, Singapore gains 8 places amid soaring property prices, survey reveals
- New York overtakes Hong Kong, which came in at No 2 in ECA International rankings
- Other Asian cities also dropped in the rankings, with Tokyo falling five spots to 10
New York has dethroned Hong Kong, which came in at No 2 after reigning at the top between 2019 and 2022, followed by Geneva which was ranked third and London fourth, ECA International’s cost-of-living survey revealed on Wednesday.
The annual rankings are deduced from survey data gathered by the firm in March, including the cost of food, household goods, recreational goods and services, clothing, meals out, alcohol and tobacco.
In September 2020, ECA International began taking into account accommodation and utilities, causing Hong Kong’s 2019 rank to go from No 4 to No 1.
“Costs for goods and services in Hong Kong rose at multi-year highs, showing that the city was not spared from the wave of inflation we have seen throughout the world in the past year,” said Lee Quane, Asia regional director at ECA International.
