Switzerland’s financial institutions currently account for US$2.4 trillion of the world’s total offshore wealth of US$10.3 trillion. Singapore’s share is US$1.2 trillion and Hong Kong’s is US$0.8 trillion.

Hong Kong raises revenues from the sale and taxation of land and through attracting international businesses to provide capital for its public finance, due to its low tax policy.

Superman” Li Ka-shing

96 billionaires

Pollyanna Chu

A person working in Hong Kong typically earns around 36,600 HKD per month. Salaries range from 9,260 HKD (lowest average) to 163,000 HKD (highest average, actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.

Goh Cheng Liang

In 2020, Hong Kong topped the global rankings of the world’s most expensive property markets, despite the predicaments of the COVID-19 pandemic and sociopolitical unrest, according to StockApps. Hong Kong’s commercial property market, alternatively, has seen a 30 percent drop in building values in the past 12 months.

“We anticipate Hong Kong residential property prices will fall a further 5% in 2021 after sliding by about 7% as at end October 2020 from their peak in June 2019,” said S&P Global Ratings credit analyst Edward Chan. 30, 2020, and unemployment stands at a 16-year high of 6.4%.

So why is Hong Kong housing so expensive? The most obvious reason is that Hong Kong is densely populated with over seven million residents living on just 1,106 square kilometres. With such low supply and high demand of living space, Hong Kong’s housing prices almost have no chance to come down.

It remains the least affordable housing market amongst cities analysed. Hong Kong grapples with the third-highest risk of a housing bubble in the world, scoring 1.84 to tie with Amsterdam, according to the latest UBS Global Real Estate Bubble Index.

The U.S. experienced a major housing bubble in the 2000s caused by inflows of money into housing markets, loose lending conditions, and government policy to promote home-ownership. A housing bubble, as with any other bubble, is a temporary event and has the potential to happen at any time market conditions allow it.

How expensive is housing and accommodation in Hong Kong?

24 Middle Gap Road, Hong Kong — $447 Million.

The average rent for a one-bedroom apartment in Hong Kong can range from 12,000 to 20,000 HKD (1,500 to 2,500 USD) or more per month. On the upside, most apartments easily meet the highest standards of living.

The Confusing Cost of Living. Depending on the measuring stick you use, Hong Kong consistently hits the top three of all the lists of most expensive cities in the world.

Based on our research in our realistic monthly budget for Hong Kong, individual’s should budget for between HK$27,500-HK$43,000 per month. Couples should budget HK$37,500 – HK$52,000 and families should budget HK$000 per month. That’s what the cost of living in Hong Kong can look like every month.

Hong Kong was named the most expensive city in the world for the second year running, mainly due to its high housing prices. The survey measures the cost of 200 items in 209 cities. These items include housing, transportation, food, clothing, household goods, and entertainment.

Cost of Living

Hong Kong’s water is good enough to drink. According to the WSD, Hong Kong’s water is actually among the safest in the world14. So as long as you maintain your plumbing in good condition, Hong Kong’s water is actually safe to drink from the tap without having to boil.

Cost of living: According to Expatisan.com, the cost of living in Singapore is 9 percent cheaper than in Hong Kong overall. This takes into account variables such as cost of food, housing, clothes, transportation, personal care and entertainment.

In Hong Kong, you can find nearly all the international brands of clothes, handbags, and shoes, like Gucci, Coach, Chanel, Versace, Hermes, Louis Vuitton, Armani, Escada, and Prada. Because of the lack of sales tax, they are always cheaper than those found in other countries.

The average cost of employing a mid-level expatriate employee in Hong Kong cost a company US$284,466 (HK$2,231,611), including an average cash salary of US$88,126 (HK$691,344). Expat packages include three main elements: the cash salary, benefits (such as accommodation, international schools, or cars) and tax.

A list of the world’s “great” cities is therefore bound to be highly subjective. But Hong Kong promotes itself as “Asia’s world city” and its leaders crow endlessly about how wonderful it is, so you’d expect it to rank at least in the top 10. in 2016, Hong Kong placed 16th.

19 Top-Rated Tourist Attractions in Hong Kong

• Star Ferry. Star Ferry | Photo Copyright: Michael Law.
• Hong Kong Skyline. Hong Kong skyline at night | Photo Copyright: Lana Law.
• Victoria Peak (The Peak)
• Big Buddha (Tian Tan Buddha Statue)
• Wong Tai Sin Temple.
• Repulse Bay and the Beaches.
• Temple Street Night Market.
• Hong Kong Disneyland.

1. It’s Multicultural: Experience Western Life and Chinese Customs. A colonial background gave Hong Kong a sophisticated fusion of east and west. Hong Kong’s culture is unique, while simultaneously representing a fusion of different backgrounds.