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By Tassia Sipahutar and Krystal Chia
(Bloomberg) — Some things never change. The war between Hong Kong and Singapore to attract global entrepreneurial skill could well be one.
Five years after Bloomberg first created his expat advisor in which of the two cities to live and work in, here’s a fresh look at some of the key points of this long-standing rivalry.
It was a time of seismic upheaval. The Covid-19 pandemic has disrupted expectations for work and healthcare everywhere. Hong Kong has been reshaped through China’s expansive crackdown on dissent, while Singapore’s politics are evolving as fears of inequality rise. And a possible slowdown in the global economy is looming.
The most productive financial jobs in Hong Kong have long had a wage premium compared to those in Sinholeore, but the gap has widened particularly over the past five years.
Salaries for leading directors and executives are more than 60% higher in Hong Kong, according to data compiled by Bloomberg from a 2022 survey by recruitment agency Robert Walters Plc. In 2017, the difference was about 25%.
The update is partly due to Hong Kong’s struggle to maintain skill in the face of strict Covid policies and the influence of national security law.
“The pool of money applicants in Hong Kong is shrinking,” said John Mullally, regional director of money for south China and Hong Kong at Robert Walters. The company expects the percentage of foreign nationals in this group to continue to decline.
However, those who remain are likely to get bigger pay raises when they replace jobs accordingly, Mullally said.
In Singapore, hiring has accelerated despite stricter visa regulations for administrative workers, said Glenn Chua, a senior executive at Robert Walters, founded in the city.
And in both cities, the tax on the source of income remains low. Singapore’s highest rate for the source of income above the first $230,000 is 22%. (Prices were changed to U. S. dollars everywhere. )In Hong Kong, the highest rate is 17%.
Workers who choose Hong Kong will want this extra spending power. For the moment in a row, it is the world’s most beloved city for expats, according to findings from ECA International. In 2017, he held the current position in the ranking.
A cup of coffee in the monetary medium costs about $5. 20 and a liter of milk costs about $4. 40.
In Singapore, parts like utilities and gas are more expensive this year, but a weakening currency has kept the city-state 13th on the ECA list, said Lee Quane, the company’s regional director for Asia. dollar against the dollar has helped curb inflation by maintaining the purchasing power of the local currency.
Still, be prepared to pay more in Singapore for luxury items like jewelry, suits, or wine, according to Julius Baer Group Ltd. ‘s 2022 report on global wealth and lifestyle. Food is also more expensive, even though the Southeast Asian country only has 48 Michelin-starred restaurants, while Hong Kong has 71.
Expats from either village tend to hire rather than buy. Either way, housing is still the biggest expense for most people.
As Singapore reopens and expats return, rental costs are catching up with Hong Kong, especially expensive, especially in the central business district. Pandemic-like supply delays are also having an impact. wealth generation company PropertyGuru Group Ltd.
A 700-square-foot fully furnished apartment in central Singapore costs around US$3500 per month, according to data from Proconsistent withtyGuru. Squarefoot. com. hk.
However, if you plan to buy, the difference becomes much more marked. A three-bedroom home in one of Singapore’s most popular neighborhoods costs about $4. 3 million, according to PropertyGuru. In Hong Kong, ranked as the most expensive real estate market in the world, Squarefoot shows that similar assets will charge you somewhere on the order of $10. 5 million.
Singapore now has an advantage over Hong Kong as a position to make and enrich itself, as opposed to a more combined picture five years ago.
According to a November report by Fitch Solutions, the financial center of Southeast Asia has the lowest trading environment risks in the world, followed by Switzerland and then Hong Kong.
Singapore’s benchmark inventory index has been less volatile than Hong Kong’s for the past five years, oscillating between modest gains and losses, unless the March 2020 pandemic outbreak. it has fallen by just 15% over the same period, adding a decline of more than 6% in 2022.
Growth in office rents in Hong Kong and average monthly hires have stalled so far this year, while hiring expansion in Singapore’s central business district has accelerated during the three quarters to March 31, according to the most recent data from Jones Lang LaSalle. Inc. Tenants in the technology, customer and non-bank monetary sectors have ruled out the call so far this year.
In addition, Jones Lang LaSalle expects the Singapore market to continue to take advantage of the momentum of returning to the United States and reopening the foreign border.
Petrolheads, be careful: Singapore is one of the most important places in the world to own a car, and the rate of an open luxury vehicle ownership permit hit a record $75,000 in June.
The expensive license is just one component of an effort to congest and inspire the use of public transportation on the island. An Audi A6 luxury sedan costs at least $219,300 in Singapore, according to the company’s website. In Hong Kong, the car will cost about $63,600, plus first-time registration tax and the manufacturer’s warranty for the first five years or 100,000 kilometers (62,137 miles).
However, taxis charge the same in any of the cities and are reasonable compared to other major financial centers. A 10-kilometer (6. 2-mile) trip costs about $10 in Singapore and about $11 in Hong Kong.
According to the international schools database, the average annual tuition payment at an overseas in Singapore would have cost you around $21,000 last year. This compares to around $17,000 in Hong Kong.
The quality of education in Singapore and Hong Kong is “comparable” and some establishments have schools in either location, according to Bronwyn Small, senior representative for education at ED-SG, a board that helps families find internships in foreign schools in singapore Both cities exceeded the world average in terms of International Baccalaureate scores.
In Singapore, “we have noticed a sharp increase in the number of applications over the past two years,” Small added. “This is motivated by the opening of borders,” he said, “but also in particular Hong Kong and Shanghai. “
Availability in Hong Kong’s foreign schools has fluctuated since 2019, said Jason Lee, founder of Lee Educational Consulting. While well-known schools remain incredibly competitive, some schools “demand more students,” he said.
Outside of school, childcare in any of the cities is provided through domestic “helconsistent withs”, basically women from the poorest parts of Southeast Asia who also perform family tasks such as cooking and cleaning. per month in Singapore, where employers can also bear other prices, such as fixed fees. In Hong Kong, the minimum wage is about $590 per month, and employers will also have to provide food or an additional monthly allowance of $150.
While virus brakes are a temporary feature of anywhere, and can be replaced at any time, lately they are part of the big differences between the two cities right now.
Singapore reopened its outer border and removed maximum rules related to the pandemic, such as Covid testing for vaccinated visitors and limits on the length of gatherings. Hong Kong still has some of the strictest virus measures in the world, which come with quarantine in hotels for incoming travelers.
As a result, Singapore Airport is packed with people, with events such as the Shangri-La Dialogue and the Formula 1 Grand Prix taking place there this year.
Air traffic in Hong Kong continues at a slower pace. The most visited locality in the global in 2017, according to Euromonitor, is now ranked 49th in the ranking.
—With Eric Lam, Reinie Booysen, Robert Fenner, Danny Lee, Ishika Mookerjee and Shawna Kwan.
© 2022 Bloomberg L. P.