Cost of Living in Hong Kong

Are you pondering a move to Hong Kong? The Kingpin team are here to support you with our knowledgeable advice and specialist expertise. Discover our perspective on the cost of living in Hong Kong and explore top tips to ensure an efficient relocation without the stress.

Although a large budget isn't necessary when relocating, it is recommended that you have reasonable savings to get you comfortably through your first couple of months, as the median costs per year to live in this bustling city is approximately HKD 105,400. (http://www.goinglobal.com/articles/1908)

Discover our breakdown of how these Hong Kong prices are converted into alternative currencies.

Hong Kong dollar

Euro

US Dollar

Australian Dollar

Singapore Dollar

HKD 105,400

EUR 12,328

USD 13,560

AUD 20,116

SGD 18,455

Hong Kong is one of the most expensive places to live in the world, however with low taxes, high-quality education and healthcare provided, it isn't surprising that many expats accept this compromise. High profile professionals are also known to be offered salaries higher than ever, with the number of high-net-worth individuals set to increase by almost 40% by 2026 (GoinGlobal). Due to rising salaries and Hong Kong offering higher salaries than other countries, income for prosperous expats ensures a comfortable cost of living.

Accommodation

On average, you could be paying around HKD 17,772 per month for single occupation in the city centre, alternatively for a family of four outside the centre, you could be paying roughly HKD 24,504 a month. Although these prices may be slightly more elevated than your current living situation, there is no doubt that you can still live a brilliant life on your salary, without breaking the bank.

Discover the comparison to other cities accommodation prices, dependant on the monthly cost of a 1-bed apartment:

Hong Kong

Sydney

Singapore

London

New York

HKD 17,772

AUD 2,544

(HKD 13,286)

$ 2780

(HKD 15,854)

£ 1728

(HKD 17,590)

$ 3,200

(HKD 24,867)

 

Discover more comparison prices, including monthly rates, utilities and transportation through Numbeo.

 

Travel

The city boasts a highly advanced transport network which offers inexpensive, reliable and clean journeys. It is believed that over 90% of residents use public transport, the highest percentage in the world. The Mass Transit Railway is the most popular mode of transport spreading across 11 lines and 93 stations, with further expansions in the pipeline. Bus fares are also extremely cheap from as little at HKD 3.40, which converted into alternative currencies is around GBP 0.33, EUR 0.39 or USD 0.43.

Check out all the different options here: http://www.discoverhongkong.com/uk/plan-your-trip/traveller-info/transport/getting-around/index.jsp

Hong Kong travel costs

Healthcare

Hong Kong's current residents have some of the highest life expectancies in the world, which could be down to the fantastic healthcare system available. The system is operated by the government and offered to everyone at no cost at all, even expats! A Hong Kong Identity Card must be requested for you to be eligible for this service. Alternatively, if you prefer the benefits of going private, this service is also available at a cost.

TOP TIP: Hong Kong ID cards must be with you at all times, as you could be prosecuted if you don’t have it to hand!

Food

You may be curious about the food offered in this region; however, Hong Kong features many restaurants with various price points to suit your budget. From intriguing local cuisines to traditional dishes, we're sure you'll locate something delicious to eat no matter where you may be. For an everyday lunch, you should expect to pay around HKD 94 (GBP 9.18, EUR 10.90, USD 12.10) and the average daily food cost approximately HKD 205 (GBP 20.02, EUR 23.80, USD 26.40). You will also not be short on local produce, as many areas within Hong Kong have regular markets with fresh food when you want to try something a little more exotic. There are many supermarkets throughout Hong Kong, although it is believed that most expats usually prefer to eat out, as supermarkets can be reasonably expensive, especially if you are looking for western foods.

See a breakdown on what Hong Kong residents usually spend their income on:

Cost of living Hong Kong

Summary

Overall, even though Hong Kong is one of the most expensive places to live in the world, the numerous benefits and standard of living certainly outweigh these costs. The bustling city of Hong Kong offers great accommodation possibilities, an unparalleled healthcare system and efficient transport options, meaning very little expats are put off by the higher cost of living. Generous salaries which allow expats to live very comfortably also play an integral part in decisions to relocation to Hong Kong.

For additional information on the overall cost of living check out Currency Fair.

Keen to learn more about the Hong Kong region? Check out our blog on the top reasons to relocate to Hong Kong.

BROWSE HONG KONG VACANCIES

If you are interested in a move to Hong Kong or anywhere else in the world and would like to speak to Kingpin International about International Tax Opportunities, across Direct Tax, Transfer Pricing or Indirect Tax please contact a member of the team. Alternatively, view our current vacancies.