'Most Expensive City for Foreigners to Live' Ranked 1st Hong Kong... Seoul 10th in Korea

Seoul Drops Two Places from 8th Last Year
Average Coffee Price in Hong Kong Exceeds 6,500 KRW per Cup

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Hong Kong has been ranked the most expensive city for foreign residents to live in for two consecutive years. New York, USA, and Geneva, Switzerland followed, while Seoul, South Korea, dropped two places to 10th compared to the previous year.

On the 7th (local time), Bloomberg cited the results of a March survey by consulting firm ECA International, reporting these findings. According to the survey, Hong Kong secured first place for the second consecutive year, while New York, which was 4th last year, rose to 2nd place. Following were Geneva, London (UK), Tokyo (Japan), Tel Aviv (Israel), Zurich (Switzerland), Shanghai (China), Guangzhou (China), and Seoul (South Korea). Seoul fell two places from 8th last year. The report explained, "Soaring rents caused prices in London and New York to increase by 20% and 12%, respectively, placing them within the top five."

The cost of living report also noted that Singapore remained at 13th place despite sharp rises in rent, gasoline, and utility prices. This was attributed to the Singapore dollar weakening against other regional currencies, offsetting the increases.

Japan’s rankings fell across the board due to the weak yen, while China’s yuan strength helped Shanghai and Guangzhou, as well as Shenzhen (12th) and Beijing (14th), all place within the top 20.

Looking closely at the survey results, gasoline prices rose by an average of 37% year-over-year across all cities, with Beirut, Lebanon, soaring by 1128%. The city with the cheapest fuel was Tehran, Iran, at $0.09 per liter (approximately 112.92 KRW). Ankara, Turkey, dropped five places to 207th and is the most affordable city worldwide for expatriates.

Due to the Ukraine war, edible oil prices increased by an average of 25% across all cities ranked last year. In Hong Kong, a cup of coffee costs $5.21 (approximately 6,536 KRW), gasoline $3.04 per liter, and tomatoes $11.51 per kilogram, continuing the trend of high prices.

Lee Kwan, ECA International’s Asia Regional Director, explained, "Despite being less affected by inflation than other regional and global areas over the past year, Hong Kong remains the most expensive place in the world."

Meanwhile, ECA International compares the costs for foreign residents by analyzing prices of consumer goods and services and referencing accommodation data across more than 490 locations worldwide, based on employees dispatched to over 410 regions. The latest report ranked 207 cities in 120 countries.

This content was produced with the assistance of AI translation services.