Sky-high home prices are keeping Hong Kong near the top of the most expensive cities to achieve financial freedom, according to a recent report.
«Financial freedom» – defined as the ability to maintain a desirable lifestyle without having to earn an annual salary – costs $4 million in Hong Kong, according to data compiled by Chinese property firm Juwai.
Juwai defines this lifestyle as having a home with 120 square meters in a decent urban area; two good cars; and approximately $1.2 million in financial investments and $90,000 in household income after tax.
Hong Kong continues to rank high in cost of living despite recent turbulence caused by social unrest and the ongoing pandemic which caused the number of wealthy households to dip in 2019, according to a recent report by Hurun.
Most Expensive City
According to Juwai, London ranked at the top as the most expensive city to achieve financial freedom at $4.57 million, followed by Hong Kong.
Shanghai ranked third ($3.5 million) followed by New York ($3.44 million) and Tokyo ($3.36 million).
Singapore ranked seventh at $3.23 million.
