Hong Kong has become the world’s most expensive place to live in, according to a new survey done by Mercer consulting firm.
Previously, the most expensive place was Luanda, Angola. This year, Zurich comes in at third place and Singapore in fourth place.
Just how expensive is Hong Kong, you ask? A cup of coffee costs roughly $7.77, a gallon of unleaded gas costs $6.78, and an unfurnished two-bedroom apartment in an average neighborhood costs roughly $6,809 per month.
Despite the insane costs, Connie Leung, a spokesperson at Mercer says the city still manages to attract a number of expats.
“One of the key reasons is that, due to global market changes and the market potential in Asia, more and more international assignees from the United States or Europe recognize there are excellent opportunities for career development and exposure,” she told SCMP.
“The pay level in Hong Kong is relatively high compared to most of the cities in the world, which offsets the impact of being the most expensive city.”