New York Overtakes Hong Kong as World's Most Expensive City for Expats, New Survey Shows

Hong Kong has ended its four-year reign as the most expensive city globally for expatriates — surpassed by New York which took first place, according to a new survey.

ECA International’s latest “Cost of Living” research ranked 207 cities based on a basket of day-to-day goods and services commonly purchased by assignees.

That includes food, utilities, public transport and basic needs such as household goods. The research aims to help organizations calculate cost-of-living allowances for assignees, the data company said.

Still, Hong Kong retained its position as the most expensive location in Asia.

“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, regional director for Asia at ECA International.

“In spite of this, Hong Kong fell in our rankings as the increase in prices of day-to-day goods and services was tempered by falls in accommodation costs in the city.”

Hong Kong has hiked its mortgage interest rates to keep pace with the U.S. Federal Reserve — and home prices plunged to a five-year low in October as borrowing costs soar. The report is based on information collected in March, from 207 cities in 120 countries, said ECA. Reports suggest residents of Hong Kong left the city in droves last year — due to Covid-19 restrictions and what they see as an erosion of democratic norms.

The second most expensive location in Asia is Singapore, which rose eight places from last year’s ranking. Singapore is also the fifth most expensive location globally, the survey showed, marking the first time it has risen into the top five.

最新調查顯示，紐約超越香港成為全球外籍人士生活成本最高的城市

一項新調查顯示，香港結束了連續四年成為全球外籍人士生活成本最高城市的地位——超過紐約，位居榜首。

ECA International 最新的“生活成本”研究根據外派人員通常購買的一攬子日常商品和服務對 207 個城市進行了排名。

這包括食品、公用事業、公共交通和家庭用品等基本需求。該數據公司表示，該研究旨在幫助組織計算外派人員的生活費用津貼。

儘管如此，香港仍然保持著亞洲最昂貴地區的地位。

“香港的商品和服務成本升至多年高位，表明這座城市未能倖免於過去一年我們在全球看到的通貨膨脹浪潮，”ECA 亞洲區域總監 Lee Quane 表示國際的。

“儘管如此，由於日常商品和服務價格的上漲受到該市住宿成本下降的影響，香港的排名有所下降。”

香港已上調抵押貸款利率以跟上美聯儲的步伐——隨著借貸成本飆升，10 月份房價暴跌至五年低點。 ECA 表示，該報告基於 3 月份從 120 個國家的 207 個城市收集的信息。報告顯示，由於 Covid-19 限制以及他們認為民主規範受到侵蝕，香港居民去年成群結隊地離開了這座城市。

亞洲第二貴的城市是新加坡，比去年的排名上升了八位。調查顯示，新加坡也是全球第五貴的城市，這是它首次躋身前五。