We all know that managing the high financial cost of living in Hong Kong is no walk in the park, but it sure doesn’t look good for our city when we’re among the top 10 in a list ranking the most expensive cities globally for expatriates to live in.
A recent study conducted by the Asia Competitiveness Institute (ACI) at Singapore’s Lee Kuan Yew School of Public Policy has revealed that the most expensive cities in the world for expats are clustered in the US and parts of Western Europe, with the exception of Singapore and Hong Kong. Out of the 45 major cities studied by researchers, Singapore comes in fourth place in the 2025 report, rising up one spot from the previous year, and Hong Kong has been ranked 10th, remaining in the same position as 2024. Listen, that’s one competition we’re not sorry to lose to our friendly rival Singapore!
New York, Zurich, and Los Angeles lead the list, with Singapore and Geneva close behind. Singapore and Hong Kong are the only two cities in Asia to find placement in the top 10. Researchers have concluded that developed economies consistently rank higher than developing economies in terms of high cost of living – no surprises there – but for expats, that cost can be even higher, based on global inflation and exchange rates.
Hong Kong’s 10th-place position in the study reflects the city’s reality of becoming increasingly unaffordable. For expats, housing market costs – driven by the imbalance between supply and demand, and the need to rely on the private rental market – and exorbitant international school education fees only add to the elevated financial pressure.
As for the 10 least expensive cities for expats to live in out of the 45 studied, they are predominantly in Southeast Asia, with metropolises such as Mumbai, Kuala Lumpur, and Jakarta leading the pack. Maybe something to consider for your next overseas posting…
Read the full research paper released by the Asia Competitiveness Institute here.
10 most expensive cities globally for expats in 2025:
- New York
- Zurich
- Los Angeles
- Singapore
- Geneva
- London
- Seattle
- San Francisco
- Chicago
- Hong Kong
10 least expensive cities globally for expats in 2025:
- Mumbai
- Kuala Lumpur
- Jakarta
- Manila
- Hanoi
- Taipei
- Ho Chi Minh
- Osaka/Kobe
- Bangkok
- Shenzhen
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