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The cost of living in Hong Kong and Singapore continued to rise in the second half of the year, a new report from ECA International has found.
According to the group, the single biggest influencing factor in rising living costs has been fluctuation in exchange rates on foreign currencies, as the costs of goods and services throughout Asia have remained broadly stable.
The group reported that Hong Kong is now the fifth most expensive place to live in Asia and the most expensive in greater China. Singapore moved further up the list to become the ninth most expensive city in Asia.
Japan topped the list, with the rising value of the yen against the dollar causing living costs to rise for many American expats.
With the costs of goods and services rising, overseas residents may be encouraged to take out an expat medical insurance policy to protect against unmanageable healthcare fees, particularly in countries where access to state healthcare is limited.
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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.