One-bedroom apartment rent in Hong Kong is over Rs 2 lakh.
Following Hong Kong is Singapore. Four Swiss cities- Zurich, Geneva, Basel and Bern rank third, fourth, fifth and sixth respectively.
People from Bihar, West Bengal, Uttar Pradesh, Haryana, Himachal Pradesh and other states often move to Delhi or Mumbai for work. Many find the cost of living in these cities very high. Most people blame the high rent of houses for this. In India, Delhi, Mumbai and Bangalore are expensive cities. But do you know which cities are the most expensive worldwide?
According to Mercer’s 2024 Cost of Living report, Hong Kong is the most expensive city for expatriates. Following Hong Kong is Singapore. Four Swiss cities- Zurich, Geneva, Basel and Bern rank third, fourth, fifth and sixth respectively. No Indian city is in the top 30.
Let’s explore the cost of living in Hong Kong, the most expensive city. The research revealed some shocking facts. For instance, renting a one-bedroom apartment in a good area costs between 20,000 and 35,000 HKD (Hong Kong Dollars). This is approximately Rs 2.25 lakh to Rs 4.75 lakh. One Hong Kong Dollar equals Rs 10.70 in Indian currency.
In Hong Kong, a litre of milk costs 25 to 30 HKD. This is approximately Rs 270-320 in Indian currency. To make the rates easier to understand, we will use Indian currency from here on. Branded jeans cost between Rs 5,300 and Rs 10,500.
Housing rent is the most expensive aspect of living in Hong Kong. A one-bedroom apartment costs between Rs 2.25 lakh and Rs 4.75 lakh. Even outside the city, a one-bedroom apartment costs Rs 1.15 lakh to Rs 2.75 lakh. A three-bedroom apartment in the city centre costs at least Rs 5 lakh per month. A better-quality three-bedroom apartment can cost around Rs 9 lakh per month. Outside the city, a three-bedroom apartment ranges from Rs 3 lakh to Rs 6 lakh per month.
Additionally, basic utilities like electricity and water cost between Rs 20,000 and Rs 28,000 per month. Internet service costs between Rs 2,200 and Rs 5,500 per month.
Settling in Hong Kong also means budgeting for everyday expenses. A haircut costs between Rs 1,700 and Rs 5,200. For a cold or cough, normal medicines from a medical store cost between Rs 600 and Rs 1,200.
Hiring help for household work is also costly. A full-time helper costs around Rs 50,000 per month, as per the government’s minimum wage. Part-time help costs between Rs 700 and Rs 1,500 per hour.
In comparison, while Delhi and Mumbai are expensive, they are not as costly as Hong Kong. High rent and daily expenses in Hong Kong make it one of the priciest cities in the world for expatriates. This highlights the significant difference in the cost of living between Indian metro cities and the world’s most expensive cities.