Milk 1ℓ 4500 Won... Hong Kong Tops Price List, Seoul Ranks 16th

US Consulting Firm 'Mercer'
Global Cost of Living Survey by City

A survey revealed that Seoul ranks as the 16th most expensive city in the world in terms of cost of living. Hong Kong took the top spot.

The American consulting firm Mercer recently released the results of its "Cost of Living Survey by City Worldwide." According to the survey, Seoul ranked 16th in the city price rankings, which is two places lower than last year.

This year, Hong Kong was identified as the most expensive city globally. In Hong Kong, 1 liter of milk and 2 liters of bottled water are sold for 4,500 won each.

Notably, although Hong Kong's minimum wage was raised for the first time in four years this year, the cost of living remains a significant burden. According to the Hong Kong South China Morning Post (SCMP), the minimum wage in Hong Kong was increased by 6.7% to 40 Hong Kong dollars (approximately 6,700 won) per hour starting in May. However, there are concerns that the minimum wage of 40 Hong Kong dollars per hour is insufficient to cover the high living costs in Hong Kong.

Hong Kong. [Image source=Pixabay]

For example, at McDonald's, you can buy a 6-piece Chicken McNuggets (28 Hong Kong dollars), but you cannot afford a Filet-O-Fish set (41 Hong Kong dollars) or a Big Mac set (46 Hong Kong dollars). At Starbucks, you can barely afford a tall-sized latte (40 Hong Kong dollars).

Following Hong Kong at number one, Singapore ranked second, and Swiss cities Zurich, Geneva, and Basel took third to fifth places. Other cities in the top ten include ▲New York, USA (6th) ▲Bern, Switzerland (7th) ▲Tel Aviv, Israel (8th) ▲Copenhagen, Denmark (9th) ▲Nassau, Bahamas (10th).

On the other hand, the city with the lowest cost of living was Islamabad, the capital of Pakistan. The second cheapest city was also in southern Pakistan, Karachi.

Mercer stated, "The major factors that affected the global economy in 2022 will continue to have an impact this year," adding, "The Russia-Ukraine war crisis is escalating, and it has been over a year since the emergence of COVID-19 variants, yet the global economy is still being shocked by these events."

They continued, "Many countries are likely to experience rising unemployment rates alongside slowing income growth this year," and "Debt levels remain high in many countries, and inflation has not yet peaked."

Meanwhile, Mercer conducts cost of living surveys by examining prices of over 200 items including housing, transportation, food, healthcare, household goods, and entertainment across more than 400 cities worldwide. Rankings are published up to 227th place.