Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. And determine how much you 'll need to make to maintain your current standard of living. 1. Comparing basic cost of living. 1 bedroom flat in city centre (monthly rent) Lunch for 2 (3 courses, mid range restaurant) Transportation (monthly pass) Hong Kong. Overall, rent in Hong Kong is 47 percent more expensive, according to June data from Expatistan.com. Sources: Wikipedia, CIA World Factbook, 2021. Singapore Business Review (SBR) compares the prices of certain everyday goods in Singapore and Hong Kong, to show how the cost of living is higher in the latter. Overall to have the same cost of living you’d need 49,000 HKD in Hong Kong compared to the slightly lower amount of 45,072 HKD in Singapore. The most expensive places to live are revealed by EIU Worldwide Cost of Living and Mercer’s annual Cost of Living Survey. Full cost of living comparison of Tokyo vs Hong Kong. The Cost of Living in Singapore. Here is a list of our pros and cons of living in Hong Kong. Notably, Singapore has been cosy in the top spot for some time since it … For startups that work remotely and remote workers. Therefore with an index of e.g. [HONG KONG] In the race to lure talent for global firms' regional headquarters, Hong Kong and Singapore have long been neck-and-neck. The example of Switzerland: With a cost of living index of 144 all goods are on average about 44 percent more expensive than in the USA. Prices and comparisons for the whole range of expenses: food, housing, going out, etc. Gambling is legal within the city. The Lion City is 20% more expensive than New York and 5% pricier than Hong Kong, which is in second place. The world’s least expensive cities for international employees according to Mercer’s survey are Tbilisi (207), Lusaka (208) and Bishkek (209). A difference of 3,928 HKD or around 3,500 CNY which is definitely worth noting. Use state average data to see what it would cost to move to another state, province, or international state. Other cities in the top 10 of Mercer’s Cost of Living city ranking are Shangai (6), Singapore (7), Geneva (8), Beijing (9) and Bern (10). Because of its small size, accommodation is on the high end compared to the rest of Asia. Between 1965 and 1995, growth rates averaged around 6 per cent per annum, transforming the living standards of the population. Updated on Jul 2021. As of 2017, Shanghai had some of the highest expat-salaries in the world, averaging at around USD 202,200. Singapore’s official cost of living index is the Consumer Price Index (CPI), which is maintained by the Department of Statistics and tracks the prices of a fixed basket of goods over the years. However, it can’t show you the cost of living in Singapore vs that of other countries. In 2003, Hong Kong was the third most expensive city in the world to live in. Practical MBAs 21:30-21:55: GMAC Presents: Advisor Talk: What You Should Know About the GMAT Exam You don't have to make a great deal of money to buy a house in Singapore. by Sean. The new edition of the Worldwide Cost of Living report shows how the Covid-19 pandemic has changed the cost of living in about 130 cities around the world since the start of 2020. It has retained closer political and economic ties to Russia than have any of the other former Soviet republics. . The prices of highly demanded consumer goods can help estimate the average cost of groceries and the overall cost of living in the city. Mercer’s cost of living survey published in July 2009 showed Singapore moved up three more ranks to become the 10th most expensive city in the world, for expatriates. 25100 . The last raise came into effect in 2015. Cost of owning a car. For a four-person family this is significantly higher: around 4,400 SGD (3,200 USD) a month. It measures the market value of all the final goods and services produced annually. Using this tool you can even compare living cost between two cities or two countries. Housing: Singapore trumps Hong Kong when it comes to housing. Hong Kong is currently the most expensive property market in the world. Overall, rent in Hong Kong is 47 percent more expensive, according to data from Expatistan.com. Hong Kong is home to the world's most expensive property market. © Chor Ip / Flickr. 2.6 Day Trips from Shanghai and Hong Kong. The pension scheme (mpf equalvanet) can be taken out to purchase your first home. Hong Kong Singapore Average monthly disposable salary > After tax: $2,495.86 Ranked 31st. The cost of living in Singapore is deemed to be expensive due to our country’s limited space. The cost of living in Singapore is deemed to be expensive due to our country’s limited space. Along with Hong Kong, South Korea, and Taiwan, Singapore is one of the Four Asian Tigers, but has surpassed its peers in terms of Gross Domestic Product (GDP) per capita. Both cities are notoriously expensive places to live; in the latest Mercer Cost of Living survey, Hong Kong comes 3 rd out of 214 cities, and Singapore 4 th. Costoffliving is among the largest databases of information about the living cost in different countries and cities across the world. Housing in Hong Kong is 90% more expensive than in Shanghai (China) Update prices: Update prices: Hong Kong: Shanghai: Diff: Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area: HK$42,937 (35,814元) 19,921元 + 80% This Aetna International guide will help you to familiarise yourself with public health services, standards of care and other useful information about health care in Southeast Asia. Property investors pay taxes of 15% on 80% of the rental income. Living in Hong Kong - Hong Kong Expats Guide. 11% more than Hong Kong Basic utilities > Garbage, water, heating, electricity for 85 sqm apartment: $147.55 Ranked 57th. Singapore is definitely not the cheapest place to live. Full cost of living comparison of Shanghai vs Singapore. Is it very expensive or cheap? A$1000 = HK$5,931. According to Mercer’s 2020 Cost of Living Survey, Hong Kong tops the list of most expensive cities for expatriates, followed by Ashgabat, Turkmenistan in second position. Singapore ‘The Lion City” is the world’s most expensive city, according to the 2017 Worldwide Cost of Living Survey. $163.55 Ranked 43th. It is common knowledge that the average cost of living in Singapore is high. . If you plan on living and working and living in Singapore for any period of time you will have to convert your license over to a Singapore … Meanwhile, Hong Kong was ranked ninth overall. 2.3 Hong Kong vs. Shanghai Nature. This takes into account variables such as cost of food, housing, clothes, transportation, personal care … Overall to have the same cost of living you’d need 49,000 HKD in Hong Kong compared to the slightly lower amount of 45,072 HKD in Singapore. The average price to rent a three bedroom unfurnished apartment in Hong Kong is about HK$11,550 (£1,040) per month. Other cities in the top 10 of Mercer’s Cost of Living city ranking are Shangai (6), Singapore (7), Geneva (8), Beijing (9) and Bern (10). 7. Hong Kong has scaled another rung on the cost-of-living ladder to become the 13th most expensive city to live in, an Economist Intelligence Unit survey shows, as Singapore … It is common knowledge that the average cost of living in Singapore is high. The better prepared expats-to-be are for the less appealing aspects of life abroad, the more successfully they’ll be able to adapt. While many companies make their managers locate in one or the other city - often depending on whether their duties focus more on Southeast Asia, or on China - others give top talent a choice. But the average income in Switzerland of 7124 USD is also 30% higher, which means that citizens can also afford more goods. Cost of living in Singapore. Just like last year, three cities share the top spot as the world’s most expensive city to live in. HONG KONG, SEOUL AND BEIJING ALSO RANKED HIGHLY. 626 . Prices and comparisons for the whole range of expenses: food, housing, going out, etc. Cost of living in Hong Kong is 16% more expensive than in Singapore? In comparison, Hong Kong’s position appears somewhat confused, neither fully part of China’s own bilateral agreements yet unable to proceed unilaterally without Beijing’s approval. Learn how to become a digital nomad and find the best places to live and work remotely as a location independent remote worker. Madrid vs Zurich Vienna vs Hanoi Venice vs Tehran Venice vs Doha Helsinki vs Venice Venice vs Shanghai Vienna vs Manchester Prague vs Jakarta Sao Paulo vs Bucharest Zurich vs Montreal . €1000 = HK$8,878. Meanwhile, the population of Singapore is ~6.2 million people (1.0 million more people live in Hong Kong). CITIES . Monthly rent for a 900-square-foot furnished residence in an expensive area costs about $2,600 in Singapore, while the equivalent in Hong Kong costs almost $4,900, the site said. Singapore ‘The Lion City” is the world’s most expensive city, according to the 2017 Worldwide Cost of Living Survey. Now for the cons. > Hong Kong vs Singapore Cost of Living Comparison Between Hong Kong and Singapore You would need around 46,149.70HK$ (8,113.85S$) in Singapore to maintain the same standard of life that you can have with 49,000.00 HK$ in Hong Kong (assuming you rent in both cities). CC0 Public Domain. While Hong Kong provides access to Asia’s biggest market, Singapore is arguably better positioned as a base for accessing Asia as a whole. For a single person in Singapore, their average expenses (excluding rent) are around 800 SGD (575 USD) per month. Hong Kong Vs Singapore: Affordability. Consumer Prices Including Rent in Hong Kong are 7.76% higher than in Singapore. 2 My Favorite Things to Do in Hong Kong vs. Shanghai. To reflect the differences in the cost of living and inflation rates, we show the GDP at purchasing power parity (PPP). The Gross Domestic Product (GDP) reflects the value and productivity of an economy. Tokyo and Osaka in Japan are also among the top five most expensive cities. It's the first time Singapore … Tokyo and Zurich remain in third and fourth positions, respectively, whereas Singapore is in fifth, down two places from last year. We believe it always helps to know something about the history of the place you are about to call home… so, here goes: Hong Kong became a colony of the British Empire in 1842 after the First Opium War. Singapore drivers, drive on the left, the same as the UK and Australia and the opposite of the United States, Canada and continental Europe. According to Statista , Singapore’s population density (number of people per square kilometre) is 8291,9, which ranks third highest in the world after Macau and Monaco. Housing markets in Hong Kong and Singapore are among the most expensive in the world. Best International Cost of living comparison calculator for accommodation, transportation and food by country ... Share "Hong Kong City" Hong Kong City. Singapore is definitely not the cheapest place to live. $1000 = HK$7,811. $2,759.38 Ranked 26th. While some expats are still fortunate to be living on full packages, most of us don’t. Unselect the category of goods you wish to exclude, enter your current salary and choose the current city and the one you want to compare with. Singapore moved up three places in the rankings to become the eighth-costliest city in the world, surpassing Hong Kong, which was pushed down one place to ninth. Now for the cons. Explore places based on cost of living, internet speed, weather and other metrics. > Hong Kong vs Singapore Cost of Living Comparison Between Hong Kong and Singapore You would need around 46,149.70HK$ (8,113.85S$) in Singapore to maintain the same standard of life that you can have with 49,000.00 HK$ in Hong Kong (assuming you rent in both cities). Stamp duty is payable to the Hong Kong government upon purchasing a property and ranges from 1.5% and 8.5% depending on the purchase value. How affordable is Taipei in 2019? Check out some of our most popular state searches below or use our search bar above to find a location of interest. A difference of 3,928 HKD or around 3,500 CNY which is definitely worth noting. According to The Economist’s 2020 cost of living index, Singapore is the most expensive city in the world, along with Hong Kong and Osaka (it’s a three-way tie for #1). Find out with your own Salary Calculation. Housing affordability has been a major issue for policymakers in both Hong Kong and Singapore. The Chinese University of Hong Kong Presents: An MBA Talk 21:00-21:25: University of California, Los Angeles Presents: MBA Talk: UCLA Anderson Full-Time MBA Program 21:00-21:25: University of Manchester Presents: Theoretical MBAs vs. The top 10% earns around HKD 40,000+. Read our press release for more regional insights. 80, the usual expenses in another country are 20% less then inside the United States. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Worth mentioning is that rents are significantly high in Shanghai as well and companies reimburse expats for rents most of the time. 2.5 Cost of Hong Kong vs Shanghai. Cost of living: According to Expatisan.com, the cost of living in Singapore is 9 percent cheaper than in Hong Kong overall. Monthly rent for a 900-square-foot furnished residence in an expensive area costs about US$2,600 in Singapore, while the equivalent in Hong Kong costs almost US$4,900, the site said. For the first time in the history of The Economist’s Worldwide Cost of Living Survey, three cities share the number one spot as the most expensive cities: Singapore, Hong Kong, and Paris. Cost of living in Sydney is about the same as in Hong Kong ? The pension scheme (mpf equalvanet) can be taken out to purchase your first home. The Hong Kong vs Singapore … COUNTRIES . Coffee in Hong Kong … After seven decades as a constituent republic of the USSR, Belarus attained its independence in 1991. Hong Kong is about 1.5 times bigger than Singapore. Singapore is approximately 719 sq km, while Hong Kong is approximately 1,108 sq km, making Hong Kong 54% larger than Singapore. Meanwhile, the population of Singapore is ~6.2 million people (1.0 million more people live in Hong Kong). According to Mercer’s 2020 Cost of Living Survey, six of the top 10 cities in this year’s ranking are in Asia. Now you calculate the 44% higher costs against the 30% higher income. All other countries are related to this index. Cost of Living Comparison Between Hong Kong and Singapore You would need around 46,149.70HK$ (8,113.85S$) in Singapore to maintain the same standard of life that you can have with 49,000.00 HK$ in Hong Kong (assuming you rent in both cities). 2.2 Modern Cityscapes of Shanghai and Hong Kong. Hong Kong also has about 30 DTA agreements in place – about a third of that agreed by Singapore. 2.1 Shanghai vs. Hong Kong Historical Attractions. ... second place was Hong Kong ... capitals like Shanghai, Singapore… So if you are working in the CBD area and want to stay near work, expect to pay a … . This year, the South Korean capital cracked the top 10 list to tie with Hong Kong when it comes to cost of living. Hotels: Staying at Hong Kong hotels cost about 50% more in general. Hong Kong is about 1.5 times bigger than Singapore.. Singapore is approximately 719 sq km, while Hong Kong is approximately 1,108 sq km, making Hong Kong 54% larger than Singapore. ©2020 World wide cost of living, crime, pollution and health care data. This comparison is based on abundant and consistent data. A lower average price for one liter of milk may indicate that the city is less expensive compared to other cities. The cost of living in Hong Kong and Singapore are comparable, data is inconclusive, yet it is probably slightly higher in Singapore. Monthly rent for a 900-square-foot furnished residence in an expensive area costs about US$2,600 in Singapore, while the equivalent in Hong Kong costs almost US$4,900, the site said. Singapore has a highly developed and successful free-market economy. As of 2016, Singapore was home to the regional headquarters of 4,200 firms, compared to 1,389 in Hong Kong, according to a report from the real estate company Cushman and Wakefield.Google, Facebook, and Twitter are among some prominent firms to … In Mercer's 2015 Cost of Living Rankings, the consulting firm ranked Hong Kong the second-most expensive city in the world, with Singapore in fourth place. Calculate cost of living allowances for your expatriate assignees in over 370 locations using factual and objective price information. 2.4 Getting Around in Shanghai vs. Hong Kong. PRICES . That was more than twice as much globally and higher than cities like Singapore, Hong Kong, and Tokyo. Belarus is a sovereign country in Europe, with a total land area of approximately 202,900 sq km. Smart Expatriation, 1st expert online solution to calculate your earnings abroad by taking into account the differential cost of living, housing costs, and the amount of taxes and social contributions. 9. Also, while there are pressures on public housing in Singapore, new supply of public housing units has increased since 2009, and public housing prices have come off. In contrast, Hong Kong has large housing demand-supply gaps in both private and public housing. New private and public housing supply has dropped by half in the past decade. Below are the most relevant links to Cost Of Living Index Singapore Vs Hong Kong … The world’s least expensive cities for international employees according to Mercer’s survey are Tbilisi (207), Lusaka (208) and Bishkek (209). According to this Wikipedia article, HK has a total of 1,835 sunny hours per year, whereas Singapore has 2,022. Because of its small size, accommodation is on the high end compared to the rest of Asia. Cost of living in Prague is 54% cheaper than in Hong Kong ? You don't have to make a great deal of money to buy a house in Singapore. Meanwhile, the population of Singapore is ~6.2 million people (1.0 million more people live in Hong Kong). From a cup of coffee to buying a home, we've crunched the numbers for your next overseas trip or permanent move abroad. Searching for Cost Of Living Index Singapore Vs Hong Kong information? Hong Kong salaries are higher (slightly) but the cost of living and rent are much higher. FOR THE first time in its 30-year history, the Worldwide Cost of Living Survey from The Economist Intelligence Unit gives the title of the world’s most expensive city to three places. 6. is a capital city. On our website, we have collected a lot of different data on the cost of living. Compare International Cost of living for Students, Bachelors and Family. As of 2021, the minimum salary in Hong Kong is of HK$ 37.5 per hour (roughly 4.85 USD). The world’s least expensive cities for international employees according to Mercer’s survey are Tbilisi (207), Lusaka (208) and Bishkek (209). Updated on Jul 2021. For a single person in Singapore, their average expenses (excluding rent) are around 800 SGD (575 USD) per month. Hong Kong salaries are higher (slightly) but the cost of living and rent are much higher. For a four-person family this is significantly higher: around 4,400 SGD (3,200 USD) a month. Cost of living in Singapore is 12% cheaper than in Hong Kong How much money will you need in Singapore ? Compare cost of living by state to see where cost of living is the cheapest and most expensive. Singapore. Tuition fees at universities in Singapore have increased significantly over the last year, particularly for international students. A furnished two-bedroom apartment will cost around $4500 a month in Tokyo, and $3200 a month in Singapore. You will find links to both official statistics and people's impressions. The cost of living is a topical issue worldwide, so how do Australian capitals compare to other world cities? Hong Kong. 1. CC0 Public Domain. Based on the report, four out of the top 10 cities for public transport were in Asia - aside from Singapore, Hong Kong… This is only partially true, as you will be able to find some bargain buy or … Hong Kong is about 1.5 times bigger than Singapore.. Singapore is approximately 719 sq km, while Hong Kong is approximately 1,108 sq km, making Hong Kong 54% larger than Singapore. Examining more than 200 goods and services, our surveys are conducted by professional researchers in each location. The EIU’s Worldwide Cost of Living 2013 survey ranked Hong Kong 14th on a global scale and the 4th in Asia, behind Singapore, Osaka and Tokyo. Rent … Belarus country of the day. The Lion City is 20% more expensive than New York and 5% pricier than Hong Kong, which is in second place. But if you move up to a larger, 3 bed place, or decide to live outside of the centre, it’s actually cheaper here than in Hong Kong, by between 5 – 18%. Tokyo and Osaka in Japan are also among the top five most expensive cities. According to a survey on the world's costlier cities, released on Monday by The Economist Intelligence Unit (EIU), Singapore, Paris and Hong Kong are … Taipei: Cost of living and prices 2019. Overall, rent in Hong Kong is 47 percent more expensive, according to June data from Expatistan.com. According to Statista , Singapore’s population density (number of people per square kilometre) is 8291,9, which ranks third highest in the world after Macau and Monaco. Consumer Prices in China are 49.71% lower than in Singapore (without rent) Consumer Prices Including Rent in China are 59.35% lower than in Singapore: Rent Prices in China are 73.76% lower than in Singapore: Restaurant Prices in China are 53.20% lower than in Singapore: Groceries Prices in China are 38.76% lower than in Singapore Hong Kong. Hong Kong retained its spot for the third consecutive year as the most expensive city for expatriates both in Asia and globally due to currency movements measured against the US dollar, driving up the cost of living locally. The Cost of Living in Singapore. 213 . Currently, the minimum salary in Hong Kong is HK$ 37.5 per hour according to the Labour Department of the Govern of the Hong Kong. Cost of living The form below allows you to calculate the salary you should make regarding you current wage and your style of living. Source: Wikipedia, 2021. Other cities in the top 10 of Mercer’s Cost of Living city ranking are Shangai (6), Singapore (7), Geneva (8), Beijing (9) and Bern (10). Eight of the world’s top 10 most expensive cities are located in Asia as a result of the region’s high costs for consumer goods and a dynamic housing market, according to Mercer’s 25th annual 2019 Cost of Living Survey. The good news is that Hong Kong is one expat destination where the good seems to outweigh the bad. Sydney vs London Compare. But while housing prices in Hong Kong have surged by 275 percent since early 2009, Singapore’s post-crisis real estate boom has largely cooled off since 2013. Cost of Living by State. Mercer’s 2020 Cost of Living Survey. If you’re thinking of purchasing, then property in Singapore is between 30 – 40% less than a comparable property in Hong Kong. by Sean. Consumer Prices Including Rent in Singapore are 7.20% lower than in Hong Kong. Industry research shows that “localising” expatriates has been the dominant compensation approach in Singapore, Hong Kong and Shanghai since 2004, in contrast to the predominantly full-package approach of … The 5-star hotels cost more than 1,800 HKD (230 USD), but 3-star hotels cost about 80 USD or more. Overall, rent in Hong Kong is 47 percent more expensive, according to June data from Expatistan.com. Source: numbeo.com, 2021. Winner: Hong Kong. The same sized flat in a less desirable area will go for around $3300 and S$2800 respectively. Cost of Living Foreigners may think that, in a bustling metropolis such as Hong Kong, life doesn't come cheap. Cost of living and purchasing power related to average income We ajusted the average cost of living inside the USA (based on 2020) to an index of 100. Cost of living in Singapore. Within Asia, Singapore remains the 5th most expensive, after Tokyo, Osaka, Hong Kong, and Beijing. Rent, food, clothing, and other necessities should be on a par with the likes of New York or London. So if you are working in the CBD area and want to stay near work, expect to pay a … Explore facts about health care quality in Southeast Asian countries like Singapore, Thailand, Hong Kong, Vietnam and Indonesia. Whether in the city centre or in a neighbourhood farther out, Tokyo commands about a 10-15% increase over Singapore costs. I agree with some of the analyses below, although I would add that the median salary (as opposed to average) of HK is around HKD 16,800 as of 2018, which is about the salary an average university grad makes. HK$16,551. Singapore. Yes, we’ve actually overtaken notoriously pricey cities like New York and Zurich, which are #4 and #5 on the list. 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