HK ranks third most expensive city for cost of living in Asia

Hong Kong is ranked as the third most expensive city to reside in across Asia, while Shenzhen is positioned at 211th place, according to the world's largest cost-of-living database Numbeo.

The ranking is based on data including prices for groceries, restaurants, transportation, and utilities, excluding housing costs such as rent or mortgages, while applying the price of New York City, US, as its benchmark.

According to the rankings, Hong Kong follows Singapore and Tel Aviv-Yafo, Israel -- which is listed 11th and 15th globally -- is the third most expensive city and ranks 23rd worldwide.

Hong Kong's ranking has climbed five places compared to last year, leading as the most expensive city in Greater China, which is significantly higher than Suzhou (189th), Taipei (150th), and Shenzhen (211th).

Additionally, the statistics show that cities in Switzerland and the US occupy nearly all of the top ten most expensive cities globally, with Zurich ranked first.