New study reveals the world’s most EXPENSIVE cities for expats

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Hong Kong remains the world’s most expensive city to reside in for expats. A recent study has placed Hong Kong at the top for the second year in a row as New York and Geneva took the second and third spots. 

A strong currency and combination of increased prices keep Hong Kong at the top

According to the study conducted by ECA International, a combination of increased prices and a stronger currency allowed Hong Kong to remain at the top.

The increased prices of Hong Kong can be represented by a cup of coffee costing a substantial $5.21, while a litre of petrol costs $3.04 and a kilogram of tomatoes sets consumers back by $11.51. 

“Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world,”

said ECA International’s Regional Director for Asia Lee Quane.

London and New York are in the top five most expensive places for expats

The drastic increase in rent costs in both London and New York cemented their position in the top five. The cost of rent in London increased by 20% and in New York increased by 12%. 

Following the findings of the survey, Turkey’s Ankara stands as the cheapest city in the world for expats. 

ECA International reviews the price of consumer goods and services across over 490 locations globally. The latest report consisted of 207 cities in 120 countries. 

Multi-millionaires ‘rushing out of SA’ – and going to THESE luxury locations

Approximately 4 500 high-net-worth individuals have left South Africa over the past ten years (between 2011 and 2021). The Africa Wealth Report, produced by New World Wealth, released some pretty interesting statistics regarding richer South Africans and where they’ve gone.

Most of these individuals made their way to the United Kingdom (UK), Australia and the United States of America (USA). According to the 2022 report, a large number of people also went to Portugal, Switzerland, Israel, Mauritius, New Zealand, the United Arab Emirates (UAE), Monaco, Malta and Canada.

A noteworthy aspect of the movement is that there are 15 South African born billionaires in the world. However, only five of these billionaires still reside in Mzansi. A large number of South African billionaires left the country over the past ten to 20 years. Read the full story here.

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