Research published twice yearly by the Economist Intelligence Unit has pegged Hong Kong as the ninth most expensive city in the world to live in, beating out old favourites like Tokyo and London.
Singapore remains the most expensive city to live in the world, according to the results of the Cost of Living Survey.
Though Hong Kong has long been perceived as an expensive destination (for jolly good reason, we dare say), the nomination amazingly marks the first time we’ve broken into the top ten since 2003.
The research, which is compiled by comparing the price of 160 products and services across 140 cities, shows that basic grocery items, such as milk, bread and rice, are 31 percent more expensive in Hong Kong than in New York, the base city used in the survey.
Housing costs are not considered… probably for the best anyway.
Market movements and currency fluctuations are just some of the global drivers that can influence where the city will rank.
Given that Hong Kong’s currency is pegged to the American dollar, it is not surprising to see the cost of living going up as the dollar strengthens.
More foreign interference, tut.
If you find this hard to swallow, maybe Financial Secretary John Tsang has something to say about that.
Photo: Kevin Dharmawan
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