Hong Kong ranks as the fifth most expensive city to live in 2023 (2024)

Hong Kong ranks as the fifth most expensive city to live in 2023 (1)

Among the top ten most expensive cities, Western Europe takes the lead with four entries, while there are three cities in the US and two cities in Asia, including Hong Kong.

Hong Kong ranks as the fifth most expensive city to live in 2023 (2)

Written by

Tatum Ancheta

The cost of living crisis worldwide isn't showing any signs of slowing down. In a recently published Worldwide Cost of Living Index by the Economist Intelligence Unit (EIU), prices have risen 7.4 percent this year; although a slight dip from the previous year's 8.1 percent spike, this increase remains significantly higher than the trend observed between 2017 and 2021. So if you're living in a big city, well, you're in for a real wallop.

Singapore regained the top spot in the rankings for the ninth time in eleven years, known for its high prices in categories like clothing, groceries, and alcohol. Zurich also shares the title of the world's most expensive cities, attributed to factors like the strong Swiss franc and high prices in groceries, household goods, and recreation.

On the list, Geneva and New York tied for third place, resulting in the Big Apple losing its previous top spot, while Hong Kong dropped to fifth place. Chinese cities like Beijing and Dalian (tied at #60), as well as Nanjing and Wuxi (tied at #77), have moved down in the rankings due to a slower economic recovery, subdued consumer demand, and currency depreciation. Moreover, two Japanese cities, Osaka (#70) and Tokyo (#60), have significantly slipped down the rankings, influenced by the weakening yen.

The Worldwide Cost of Living survey, conducted twice a year by EIU, compares over 400 prices across 200 products and services in 173 cities. Data is collected in March and September by a global team of researchers and compiled into an index by economists for publication in June and December.

The following is the list of the world's 10 most expensive cities for 2023:
1) Zurich and Singapore (tie with104 cost of living index)
3) New York and Geneva (tie with 100cost of living index)
5) Hong Kong (98 cost of living index)
6) Los Angeles(97cost of living index)
7) Paris(91 cost of living index)
8) Tel Aviv and Copenhagen (tie with 89cost of living index))
10) San Francisco(86 cost of living index)

Recommended stories:

Hong Kong ranks as the third most expensive retail destination in the world

25 Hong Kong restaurants ranked best in the world by La Liste

Sheung Wan ranks top in Asia as one of the coolest neighbourhoods in the world

Follow us onYouTube,Facebook,Instagram,andThreads,orsubscribe to ournewsletterfor the latest news and updates on what's going on in the city.

Share the story

An email you’ll actually love

By entering your email address you agree to our Terms of Use and Privacy Policy and consent to receive emails from Time Out about news, events, offers and partner promotions.

🙌 Awesome, you're subscribed!

Thanks for subscribing! Look out for your first newsletter in your inbox soon!

You may also like

You may also like


Hong Kong ranks as the fifth most expensive city to live in 2023 (2024)


Top Articles
Latest Posts
Article information

Author: Trent Wehner

Last Updated:

Views: 5417

Rating: 4.6 / 5 (56 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Trent Wehner

Birthday: 1993-03-14

Address: 872 Kevin Squares, New Codyville, AK 01785-0416

Phone: +18698800304764

Job: Senior Farming Developer

Hobby: Paintball, Calligraphy, Hunting, Flying disc, Lapidary, Rafting, Inline skating

Introduction: My name is Trent Wehner, I am a talented, brainy, zealous, light, funny, gleaming, attractive person who loves writing and wants to share my knowledge and understanding with you.