Get All Access for $5/mo

Look Out, You Might Be Moving Your Business To An Expensive City A Mercedes CLS is 20% more expensive in Mumbai compared to one in Tokyo. Know why

By Ritu Kochar

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

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.
Ritu Kochar

Former Staff, Entrepreneur India

Ritu used to work as a Feature writer for Entrepreneur India.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Living

70% of Small Business Owners Experience Monthly Burnout. Follow These 3 Rules to Avoid the Same Fate.

Here are three guidelines to help entrepreneurs achieve balance, growth and success in both their professional and personal endeavors.

Franchise

Kick-Start Your Small Business With These Cost Effective Strategies

Starting a small business is an exciting adventure, brimming with both opportunities and challenges. A key to success is effectively managing costs from the outset.