Hong Kong in world’s top 10 most expensive cities to live for first time in over a decade
Milk and other basic groceries cost 31pc more than in New York, which researchers say is partly down to the high rents paid by retailers
The high cost of basic food items like bread and milk, coupled with a stronger US dollar, has pushed Hong Kong into the top 10 most expensive places to live in the world for the first time since 2003, according to a new survey.
But the city’s cheap public transport system and bargain buys for clothes meant it stayed out of the top six most costly cities to live, which remained unchanged from the previous year.
In second place was Paris, followed by Oslo, Zurich, Sydney and Melbourne. Geneva fell one spot to seventh while Copenhagen moved up two spots to eighth.
Hong Kong took ninth with Seoul rounding out the top 10. New York, which is used as the base city to compare all other locations, was ranked 22nd.
It is the first time Hong Kong has been listed in the top 10 though the city consistently makes the top 20 most expensive cities to live.
“Hong Kong has long been perceived as an expensive destination,” said Jon Copestake, chief retail and consumer goods analyst and editor of the report.
