A new city can take you by surprises; and with such constant fluctuations in economies, the same can happen in a city you’ve known for years. One month you’ve saved enough and in the next you’ve barely made it through the month. It happens in businesses too. Even if you’re sure you’ve made no unnecessary expenditure, you have left clueless.
Well, it’s because the economy doesn’t work according to us. Getting to grips with the cost of maintaining a certain standard of living can be difficult. In this article, we bring to you some of the most expensive cities to live in and if it’s a good idea then you should move yourself or your business there.
Collected through Qlik® this web-based app for consumers allows them to quickly and easily compare the cost of living across eight key cities in Asia Pacific (APAC) – Mumbai, Hong Kong, Kuala Lumpur, Seoul, Shanghai, Singapore, Sydney and Tokyo. The app incorporates a broad cross-section of goods such as property, transport, education, entertainment, utilities, food, restaurants and clothing, in addition to allowing users to select ‘Budget’, ‘Mid-range’ or ‘Expensive’ across any cost category. According to this data, these are the most expensive cities to live in.
Mumbai might be the most expensive city in India, but fortunately we’re still way behind than other cities like Shanghai. According to Qlik, the city is 53% less expensive below the APAC average. For example, a Mercedes CLS is 20% more expensive in Mumbai compared to one in Tokyo. Similarly, a round of golf (9 holes) is more expensive in Mumbai when compared to Sydney.
From alcohol and entertainment to clothing and household essentials, this app has all figures out. Some great insights from the research were:
- There are some major cost disparities. For example, the cost of sending one student to an international school in Shanghai (US$45,229) is the equivalent of sending 22 to an international school in Mumbai (US$2,016).
- In Mumbai, secondary and higher education is 68% less expensive than the APAC average while food is 61% less expensive.
- Although Shanghai’s cost of living data places it 11% lower than the APAC average, it is the most expensive city to stay in shape, with a monthly gym membership costing US$157 and a session with a personal trainer costing US$393. In contrast, although Seoul has a similar overall cost of living to Shanghai coming in at 10% lower than average, a monthly gym membership will set you back just US$30, while a personal trainer session costs only US$72.
- While Sydney is known for being a gourmet paradise, it is also the priciest place in APAC to eat out in hotel restaurants, with a meal for two costing up to US$247. That is about twice what it costs in Shanghai (US$133) or Tokyo (US$116), while Seoul is the cheapest choice (US$53), followed by Mumbai (US$61) and Hong Kong US$70).
- In terms of finding a place to live, Kuala Lumpur is most attractive option for people who like to live in the city center, with property costing US$331 per square feet to buy and US$1.11 per square feet to rent. Hong Kong tops the city center list at US$2,002 per square feet to buy and US$6.52 per square feet to rent. On the other hand, if you are interested in renting in the inner suburbs, then Mumbai (US$0.24 per square feet), Kuala Lumpur (US$0.41 per square feet) and Sydney (US$0.9 per square feet) are the most attractive choices.