Hong Kong Remains as 2020's Most Expensive City for Expats

This year’s numbers are in for the most expensive city to live in for expatriates. Divulged in ECA International’s 2020 “Cost of Living Report,” this year’s number one spot goes to Hong Kong for another year in a row. While political uncertainty coupled with the Coronavirus ever so slightly decreased the largest expense felt by expats, and that is rental costs, it wasn’t enough to dethrone the financial hub.

On top of the astronomical prices paid for monthly rent, other expenses (noted by That’s Magazine) that stood out can be found below:
Average Price for a Cup of Coffee
Hong Kong – $5.16 USD
New York – $4.90 USD
London – $3.85 USD
Sydney – $3.60 USD

Average Price for a Bar of Chocolate
Hong Kong – $3.45 USD
New York – $3.78 USD
London – $2.14 USD
Sydney – $2.71 USD

Yearly Gym Membership
Hong Kong – $1,395 USD
New York – $952 USD
London – $1,335 USD
Sydney – $1,034 USD

Gas (1L)
Hong Kong – $2.47 USD
New York – $0.90 USD
London – $1.76 USD
Sydney – $1.11 USD

Milk (1L)
Hong Kong – $4.33 USD
New York – $2.57 USD
London – $1.57 USD
Sydney – $1.55 USD

Lee Quane, Region Director of Asia for ECA International, comments that major European cities crept up the list following the rebound for both the Euro and British Pound. Meanwhile, at the end of the spectrum, a weak Rupee and cheaper rental prices in Mumbai caused the Indian city to drop 34 places to 94th overall. There was a similar downward trend for the Thai Baht and the Vietnamese Dong.

Readers can find ECA International’s list for Top 10 Most Expensive Cities for Expats below.

1. Hong Kong
2. Tokyo, Japan
3. New York, USA
4. Geneva, Switzerland
5. Zurich, Switzerland
6. London, UK
7. Tel Aviv, Israel
8. Seoul, Korea Republic
9. San Francisco, USA
10. Yokohama, Japan

In other news, Tokyo was named the world’s best city to live in.