The Hong Kong versus Singapore debate has been around for ages and is unlikely to go away any time soon.
For one, they are geographically close, being just 2,560 km apart. Both are cosmopolitan in outlook and embodies an east-meets-west spirit. Both vie to be Asia’s top financial hub, and compete to be a haven for investors.
Hong Kong and Singapore also share history of colonial pasts, with the British rule extending up to a hundred years, and even a brief period of Japanese occupation during the second World War. Further, both have prominent harbours and have served as major trading ports.
Unsurprisingly, cost of living in both cities are also roughly similar, and the one thing that we can all agree on is that both are really expensive to live in!
So, which country has it better? How much more or less are Singaporeans paying on a day-to-day basis compared to their counterparts in Hong Kong? View our infographic to find out!
*Prices shown in the infographic are averages and are accurate at the time of writing.
In 2016, the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living Survey ranked Singapore as the most expensive city in the world for the third year in a row. Meanwhile, Hong Kong ranked third, just behind Zurich.
Cost of living is the amount of money you need to sustain a certain way of living, including paying for basics such as food, clothing and housing. EIU’s survey compares the cost of living in 133 cities around the world.
Even salaries in Hong Kong and Singapore are almost on par, although Singapore may have climbed slightly ahead on average.
However, housing costs in Hong Kong clearly exceeds even the most central places in Singapore. Hong Kong, long known for its housing problems, has the least affordable housing in the world.
In 2016, the median home in Hong Kong costs 19 times more than the median annual pre-tax household income, according to statistics from Demographia. In comparison, Singapore has a ratio of five times.
The tables are turned when it comes to transportation costs, especially when it involves car ownership. In Singapore, anyone who wishes to register a new vehicle must first obtain a Certificate of Entitlement (COE), in the appropriate vehicle category.
A COE can cost anywhere from S$9,299 to S$54,920, depending on the vehicle category – and that’s on top of the actual price you have to pay for a vehicle!