Hong Kong ranks as the fifth most expensive city to live in 2023 (2024)

FAQs

What is the most expensive city in the world to live in 2023? ›

The Economist Intelligence Unit (EIU) has recently published its Worldwide Cost of Living Index for 2023. In this edition, Singapore and Zurich jointly top the ranking as the most expensive cities in the world to live in.

Geneva, tied with New York in third position, and Hong Kong rounded out the list of the top five costliest places. Overall, global prices rose an average 7.4% year-on-year in local currency terms, slightly down on last year's 8.1% increase.

Among the top ten most expensive cities, Western Europe takes the lead with four entries, while there are three cities in the US and two cities in Asia, including Hong Kong. The cost of living crisis worldwide isn't showing any signs of slowing down.

Almost everyone in Hong Kong believes that the government deliberately reduced the supply of land in order to raise its price so as to maximize government revenues from land sales. This is the so-called high land price policy.

Hong Kong falls one place to become the second-most expensive location in the world. Hong Kong, 7 June 2023 – Hong Kong dropped one place and is now the second-most expensive location in the world, having been surpassed by New York.

New York overtakes Hong Kong as the most expensive city in the world for expats, new survey shows. The Manhattan skyline is seen at sunrise from the 86th floor observatory of the Empire State Building on April 3, 2021, in New York City.

Hong Kong ranks high among the world's priciest markets to rent in. According to Numbeo, Hong Kong ranks second — after Singapore — for most expensive country/territory in the world for a one-bedroom apartment, costing about $2,274 per month to live in the city center.

1. Zurich (tie with Singapore) Two locales shared the title of this year's most expensive city: Zurich and Singapore.

What is the 10 most expensive city in the world? ›

The cost of living in Hong Kong is undeniably high, with some reports putting the city's cost of living as the highest in the world. Hong Kong has topped Mercer's Cost of Living Survey for several years and remains the most expensive city for expats in the world in 2023.

However, Hong Kong is one of the most expensive cities in the world, and to explore Hong Kong on a budget requires smart planning.

Low Supply, High Demand

On one hand, Hong Kong's housing astronomical costs area a simple case of supply and demand. The city ranks as the fourth most densely populated among sovereign states or territories , with more than seven million residents spread across 1,106 square kilometers (427 sq miles).

1. Zurich (tie with Singapore)

San Diego was ranked the most expensive city in the nation to live in by U.S. News and World Report's 2023-2024 list. The city landed that title through multiple metrics, including its inflation rate and the cost of gas.

Vienna, Austria tops the quality of living ranking for 2023. Known for its rich history, stunning architecture, and vibrant cultural scene, Vienna offers its residents a high standard of living in various aspects. It is followed by Zurich, Switzerland and Aukland, New Zealand in second and third place, respectively.

Hawaii is the most expensive state to live in, with a cost of living index of 184.