New York Replaces Hong Kong As The Most Expensive City For Expats; Here Are the Top 10

New York has replaced Hong Kong as the most expensive for expats, according to a new survey. Hong Kong, however, has retained its position as the most expensive location in Asia.

Singapore is the fifth most expensive location globally and second most expensive location in Asia, as per a survey by a human capital firm, while Geneva came in at 3rd. 

The “Cost of Living” research by ECA International ranked 207 cities based on day-to-day goods and services bought by assignees, CNBC reported.

The annual rankings are determined 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. 

"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.

"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."

Other Asian cities also saw a drop in their rankings. Tokyo fell five spots to number 10. Mainland Chinese cities Shanghai and Guangzhou also exited the top 10. China’s delayed emergence from Covid-19 restrictions impacted its economy.

Despite losing its spot, Hong Kong remains one of Asia's most expensive locations. Hong Kong also hiked its mortgage interest rates to keep up with the US Federal Reserve and home prices plunged to a record lowest in five years in October.

Singapore Moves Up

The second most expensive location in Asia is now Singapore, which went up by eight positions from last year. Singapore is also the fifth most expensive location in the world. The ascent is attributed to rapidly rising accommodation costs, according to ECA.

A recent report also found that the private rental homes in Singapore had the highest monthly rent in the Asia Pacific at around $2600 "far exceeding" other cities.

Most Expensive Location for Expatriates in Asia

1. Hong Kong

2. Singapore

3. Seoul 

4. Tokyo

5. Shanghai

6. Guangzhou

7. Shenzhen 

8. Beijing 

9. Taipei 

10. Yokohama 

New York Becomes The Most Expensive City For Expats

In the states, the ranking of almost all cities went up due to the rise in rental costs said the report. While New York tops, San Francisco moved up four places from 11th to 7th.

With that established, let's look at the most expensive cities in the world.

New York

The fact that New York is the world's most expensive city comes as no surprise since the Economist Intelligence Unit (EIU) Worldwide Cost of Living Index was released in December last year branded the city as the world's most expensive city to live, as per Reuters.

Hong Kong

Even though Hong Kong was dethroned as the most expensive city, it still remains at the very top coming after New York.

Geneva

The second most populous city of Switzerland, Geneva tops the European cities as the most expensive place to live in. 

London

London is the 4th most expensive city to live in, this comes amid the high inflation at a 40-year high.

Singapore

The second in the list of Asian countries, Singapore made a high jump to 5th from 13th, this year.

Zurich

The global financial center is of course part of this top 10 list. 

San Fransisco

The cultural center of the US, San Fransico is seeing a significant rise in the cost of living. 

Seoul

The capital city of South Korea is among the most expensive places in the world. 

Tokyo

The fourth Asian city is also part of the Top 10 list. The country is also one of the countries struggling with inflation at a four-decade high.