Like most major metropolitan regions across the globe, Hong Kong is a significant economic power that’s defined by a relatively high cost of living. Of course, this is not enough to deter Brits from living and working in Hong Kong, with 35,069 UK-born citizens residing in Hong Kong according to the 2016 census.
However, it’s important to factor in the cost of living when relocating to an international location such as Hong Kong, particularly if you’re to live comfortably and within your means without compromising on your lifestyle.
In this post, we’ll break down the true cost of living in Hong Kong, while asking whether they are ways to increase your earning potential when living and working in the region.
What is the Cost of Living in Hong Kong?
From an international perspective, the cost of living in Hong Kong can fluctuate according to real-time currency exchange rates.
In recent times, the Hong Kong dollar has performed noticeably well, continuing to trade at the strong end of its band and benefitting from huge overseas demand. This has improved the exchange rate between the Hong Kong dollar and some of the world’s major currencies, particularly the US Dollar and the GBP.
So, although $1,000 equates to an estimated HK$7,811 (and £1,000 is the equivalent of HK$10,118) on average, this exchange rate has improved recently and improved the spending capacity of citizens from overseas.
This certainly makes it easier for foreigners living and working abroad in Hong Kong, while it should also be said that the cost of living in Hong Kong compares favourably with metropolises such as New York, London and Sydney.
In terms of accommodation, for example, the average rental for a one-bedroom flat in the region’s city centre will set you back HK$16,551. The corresponding cost in New York and London is estimated at HK$23,431 and HK$17,023, although Sydney is marginally cheaper at HK$15,498.
Hong Kong is far cheaper than these alternatives when it comes to dining and transportation, however, with the cost of a one month travel pass more than two-times cheaper than New York and Sydney.
This gap becomes a chasm when compared with London, where the cost of travel is nearly three-times more expensive (HK$1,333) than the corresponding number for Hong Kong.
Can You Increase Your Earning Potential in Hong Kong?
This cost of living is relative, of course, depending on where you lived previously and your earning capacity as an individual.
If you find your bank balanced being strained in Hong Kong, however, you may want to consider taking on an additional income stream. Fortunately, this is a more than viable option in Hong Kong, which is a hotbed of commerce and a leading player in the global financial markets.
One especially lucrative earning method is forex trading, which offers access to a liquid and highly leveraged market that allows currencies to be bought and sold as derivatives.
By forex trading in Hong Kong, you can also target the Asian market and trading session, which is driven by high levels of demand and activity.
It also introduces you to a number of the world’s most diverse and profitable currencies, including the Japanese Yen, the Russian Ruble, and the Australian Dollar.
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