If you’re considering a move in the new year, here’s how five of Asia Pacific’s biggest financial hubs measure up in terms of the cost of living. Tokyo emerged as the top choice in a Bloomberg analysis of 10 metrics, including potential salary increase, rent, personal taxes, and education costs. The Japanese capital offers relatively low international school fees and steady rents, and residents can purchase a Tesla Model Y Performance for about $50,000.
1. Tokyo
– Finance manager’s annual pay:$98,094 (based on Michael Page 2023 projections)
– Michelin-starred restaurants: 183
– Notable: Taylor Swift, Coldplay concerts – Yes
Many living costs in Tokyo are lower than in other financial hubs in the region. Tokyo also boasts the highest number of Michelin-starred restaurants among the compared cities.
2. Hong Kong
– Finance manager’s annual pay: $92,307
– Michelin-starred restaurants: 78
– Notable: Taylor Swift, Coldplay concerts – No
Despite experiencing an expat exodus since the pandemic, Hong Kong ranks second. It offers the lowest personal income tax rate and the biggest expected pay bump among the five cities.
3. Shanghai
– Finance manager’s annual pay: $53,439
– Michelin-starred restaurants:51
– Notable:Taylor Swift, Coldplay concerts – No
Shanghai, with its dynamic community and decreasing cost-of-living expenses, holds its ground. The city has seen some expats leaving during the pandemic, but others find it still vibrant and energetic.
4. Sydney
– Finance and accounting plant manager’s annual pay: $114,189
– Chef Hat restaurants: 141
– Notable: Taylor Swift, Coldplay concerts – Yes
Sydney, geographically distant from other financial centers, offers an appealing lifestyle with English as the majority language. However, it has the lowest salary bump and relatively high taxes.
5. Singapore
– Finance manager’s annual pay: $84,109
– Michelin-starred restaurants: 55
– Notable: Taylor Swift, Coldplay concerts – Yes
Singapore, with its low tax rates and reputation for safety, has attracted many expatriates since the pandemic. However, rising prices and visa challenges are noted concerns.
While each city has its unique appeal, expats weigh factors such as lifestyle, language, and overall opportunity when considering a move.
