The list of the top 7 costliest Asian countries to reside in.
The cost of living varies considerably across Asia, and some countries stand out for their high level of spending.
Here's a look at the 7 Asian countries where living is generally considered the most expensive:
- Housing costs: Whether you rent or buy a home, your biggest expense will be housing. You should budget at least $700 to $3,500 a month if you rent, and $1,500 to $6,000 a month if you are a Singaporean/RP buying a house and eligible to buy a flat.
- Consumer costs: Food, household goods, and clothing can be expensive. Singapore's CPI consumer price index rose to 112.70 points in April from 112.60 points in March 2023.
- Cost of transport: Singapore has one of the best and least expensive public transportation systems in the world. The average price for a one-way bus fare is about S$1.60. Unless you have quite a bit of disposable income, buying a car in Singapore isnโt a very good idea. Theyโre famously expensive here and will set you back an extra $2,000 to $3,000 a month for car loan instalments, insurance, petrol, parking, and maintenance.
- Cost of services: Medical services, education, and leisure are also expensive. Foreigners can get ex-pat health insurance with premiums starting from about $550/year in their 30s, increasing with age and if they have pre-existing medical conditions.
- Tax levels: Non-resident individuals are taxed at a flat rate of 22% (24% from the year of assessment 2024), except that employment income is taxed at a flat rate of 15% or at resident rates with personal reliefs, whichever yields a higher tax.
- Salary levels:ย The average salary in Singapore in 2023 is around S$70,000. Full-time workers in Singapore on average make S$5,783 a month, equating to S$69,396 a year.
- Cost of living index: Singapore is regularly ranked as one of the world's most expensive cities in international indices. In 2022, it was ranked 32nd in the world with a cost index of 72.1.
- Quality of life rating: Singapore offers a good quality of life, with modern infrastructure, a high-quality healthcare system, and high security. Singapore ranks third in the Urban Quality of Life Index 2021. It is one of the best in the index, having ranked in the top 10 every year since 2018.
Hong Kong
- Housing costs: Rents in Hong Kong are among the highest in the world. In 2021, the average price of permanent housing in Hong Kong Island exceededย 186 thousand Hong Kong dollars per square meter on average. The city had the highest property prices in the region.
- Cost of consumer goods: The Consumerย Price Index CPI in Hong Kong increased to 105.20 points in April from 105 points in March 2023.
- Cost of transport:ย The price of a Monthly ticket for public transport in Hong Kong is HK$484 (โ62 dollars). This average is based on 8 price points. It can be considered reliable and accurate. Driving in Hong Kong is a real Chinese headache, and we advise against it. Renting a car is pointless. Fall back on public transport (MTR, bus, tram), which works well. They are punctual, fast, and inexpensive.
- Cost of services: Medical services, education, and leisure can be expensive. Cost is very high for general heath care, doctor visits, hospital stays, non-prescription medicine, and medical insurance. Average healthcare cost for a private practice Doctor visit for an uninsured patient is USD$81, and a private hospital stay per day including nursing care, medications, diagnostic tests, food, and related costs is USD$2,501.
- Tax levels: Hong Kong has a favorable tax system with relatively low-income tax. Hong Kong has a world-class corporate and financial sector as is a prestigious and well-regarded tax haven with strong corporate laws, wide-ranging investment opportunities with a company formation market that is among the world's most renowned markets for non-resident business incorporation.
- Salary levels: Average salaries are generally high, but the high cost of living can affect purchasing power. The average annual salary in Hong Kong SAR in 2023 isย above HK$435,000. Full-time workers in Hong Kong SAR on average make HK$36,583.33 a month, equating to HK$439,000 a year.
- Cost of living index: The cost of living for expatriates in Hong Kong as of April 2023 is very high in comparison to other places in the world, with an overall Cost of Living Index (COLI) of 123.08 (New York =100).
- Quality of life rating: Hong Kong ranksย 46th out of 50 cities in the Expat City Ranking 2022. It is the city where expats are overall unhappiest with their life abroad: 32% are generally unhappy, compared to 13% globally. One reason for this could be the low Quality of Life, with Hong Kong ranking 46th in this index.
- Housing costs:ย Japan is notorious for its high cost of living, particularly in Tokyo, which features every year in the list of the ten most expensive cities in the world. Rent tends to account for a large proportion of the cost of living in Japan, although it can vary from tiny, cheap flats of around 10 square metres to exorbitantly expensive luxury flats in the most sought-after areas. Outside central Tokyo, housing costs are significantly lower, particularly in the suburbs, surrounding prefectures, and other regions and cities of Japan.
The average monthly rent nationwide, excluding utilities, for a one-room flat (20 to 40 square metres) is between 50,000 and 70,000 yen. Rents for similar-sized flats in central Tokyo and nearby working-class districts generally start at around ยฅ100,000.
- Cost of consumer goods:ย Japan's all-items index of consumer prices in 2022 was 102.3ย (2020=100), up 2.5% from the previous year.
- Cost of transport: Commuters can buy train passes for an unlimited number of journeys between their home and office/school for one or more months.
Cycling is a very economical way to get around, especially if you live in the city. There are cycle parks near most stations and shopping centres.
Taxis can be found in almost every city near train stations and may be the only way to get around once the trains and buses stop at around midnight. They can also be an economical option over shorter distances if you are travelling in a group of three or four people.
Owning a car in Japan is relatively expensive due to compulsory six-monthly checks (shaken), compulsory insurance, a car tax, and the fee for a parking space (in major cities). The cars themselves, however, are relatively inexpensive, with smaller new cars starting at around 1.3 million yen (โ9200 dollars).
- Cost of services: Medical services, education, and leisure tend to be expensive. The cost of healthcare in Japan will vary according to the medical treatment required, the time spent in a doctor's surgery and the type of doctor you see (general practitioner or specialist). However, in general, if you have health insurance, you can expect to pay between 5,000 and 10,000 JPY (45 and 90 USD) for a consultation in a clinic and 10,000 and 15,000 JPY (90 and 140 USD) in a hospital. Without insurance, these costs will rise to JPY 20-50,000 (USD 180-460). Follow-up appointments should cost less.
- Tax levels: Japan has a low VAT rate of 10 percent. The consumption tax base is relatively broad, covering 65 percent of consumption. Japan's personal income tax rate on dividends is 20.3 percent, below the OECD average of 24.2 percent.
- Salary levels: The average monthly salary for employees in Japan can range from approximately 130,000 JPY (958 USD) to 2,300,000 JPY (16,944 USD).
- Cost of living index: The cost of living in Japan is 1.23 times more expensive than the world average. Japan ranked 24th out of 197 countries in terms of cost of living, with 89.8 on the cost index.
- Quality of life rating:ย Japan is the 11th best country in which to live. However, when asked to rate their general satisfaction with life on a scale of 0 to 10, the Japanese gave it an average score of 6.1, below the OECD average of 6.7.
South Korea
- Housing costs: Most people live in small flats, and a one-room flat can cost you anywhere from 300,000 won ($265.60) a month to over a million won a month, depending on the location of the flat (Gangnam being one of the most expensive). ), the facilities and whether it is a new or old building.
The average cost of living in Seoul for one person is 1,600,000 won ($1,411). Seoul is one of the 30% most expensive cities in the world.
- Cost of consumer goods:ย In 2022, the consumer price index (CPI) in South Korea was 107.7 points. The base year was defined as 2020=100. It has increased sharply compared tp the previous year at around 102.5 index points.
- Cost of transport: The standard bus or metro journey will cost between 1,250 ($1.11) and 2,000 ($1.77) won depending on the distance, and transfers between different types of transport are free. If you're travelling across the country, buses from Seoul to Busan often cost between 20,000 ($17.70) and 30,000 won ($26.60) one way depending on the type of coach you take. A KTX train will cost just over 50,000 won ($44.30) for the same journey. A taxi ride halfway across Seoul (say from Itaewon to Jamsil) usually costs around 15,000 won ($15.30). Taxi fares are more expensive after midnight.
- Cost of services: However, basic medical insurance does not cover everything. You will have to pay a small amount to see the doctor, have X-rays, etc. You will also have to pay a small amount to the pharmacy for your medicines. You'll also have to pay a small amount to the pharmacy for your medication. Each of these costs is generally between 5,000 won ($4.50) and 20,000 won ($17.70). Anything extra, such as MRIs or major operations, will see your medical bills start to rise quite quickly. If you suffer from a serious illness, this can be financially onerous. Comprehensive medical insurance (Allianz, etc.) can be purchased and usually costs between 100,000 ($88.55) and 200,000 won ($177.00) per month depending on the age and general state of health of the applicant.
- Tax levels: ย The tax wedge for the average single worker in Korea increased by 0.4 percentage points from 23.8% in 2021 to 24.2% in 2022. The OECD average tax wedge in 2022 was 34.6% (2021, 34.6%). In 2022, Korea had the 32nd lowest tax wedge among the 38 OECD member countries, occupying the same position in 2021.
- Salary levels: On average, South Korean salaries can range from about 983,000 KRW per month (USD 745) on the lower end to 17,400,000 KRW per month (USD 13,181) on the higher end.
- Cost of living index: South Korea is often ranked as a high-cost country in international indices. South Korea is ranked 30th in the world in the ranking of countries with the highest Cost index.
- Quality of life rating:ย Seoul is classified as a difficult location. The hardship allowance for Seoul for an expatriate from Perth, for example, is 10%, i.e. a host location allowance (Seoul) of 20% minus a home location allowance (Perth) of 10%. Quality of life index: 137.54 (moderate index)