Hong Kong is known for its vibrant lifestyle and bustling atmosphere, but living in this dynamic city comes with a significant price tag. Once again, Hong Kong has secured its place among the most expensive destinations, ranking as the third costliest city in Asia and the 23rd worldwide.
According to the latest report from Numbeo, the world’s most extensive cost-of-living database, Hong Kong trails only behind Singapore and Tel Aviv-Yafo in Asia. The rankings are based on a detailed analysis of daily living expenses, including the cost of groceries, dining out, transportation, and utilities, while excluding housing expenses such as mortgages or rent.
Hong Kong is listed as the third priciest city for living in Asia.
Hong Kong has climbed five spots from its previous position and is now ranked as the third most expensive city in Asia, just behind Singapore and Tel Aviv-Yafo in Israel, which occupy the 11th and 14th positions globally. Completing the list of the most costly Asian cities are Tokyo, Seoul, and Shanghai. Globally, cities in Switzerland and the United States dominate the top 10 rankings, with Zurich securing the number one spot.
Highlighting the high cost of living in Hong Kong, a report by Al Jazeera reveals that a growing number of residents are choosing to cross the border to Shenzhen for more affordable dining, shopping, and entertainment options. According to government statistics, Hong Kong residents made 53 million visits to Shenzhen in 2023, the first full year after the easing of COVID restrictions.
Here is a look at the top 20 most expensive cities worldwide according to the cost of living index:
- Zurich, Switzerland
- Geneva, Switzerland
- Lausanne, Switzerland
- New York, United States
- Basel, Switzerland
- Bern, Switzerland
- San Francisco, United States
- Honolulu, United States
- Reykjavik, Iceland
- Boston, United States
- Singapore, Singapore
- Seattle, United States
- Washington DC, United States
- Tel Aviv-Yafo, Israel
- Trondheim, Norway
- London, United Kingdom
- San Diego, United States
- Los Angeles, United States
- Oslo, Norway
- Sacramento, United States
In light of these rising expenses, how are Hong Kong residents coping with the high cost of living?
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