The Straits Times Index is down about 4% since 2017, while Hong Kongs Hang Seng Index has tumbled almost 15% over the same period, including a drop of more than 6% in 2022. Both built world-beating universities. Looks like this is a US article - it should mention the Australian school. Some expats have relocated to Singapore, but it trails Hong Kong in terms of compensation. Here is what they had to say: A contribution by Geoffroy Dedieu of Invest HK and Family Office HK, a body of the Government of Hong Kong. Wavemaker Hong Kong is strengthening leadership team to positively provoke growth for this key market. In Singapore, hiring has accelerated despite tighter visa rules for white-collar workers, said Glenn Chua, a senior manager at Robert Walters who is based in the city. In 2017, the difference was about 25%. While many companies make their managers locate in one or the other city often depending on whether their duties focus more on Southeast Asia, or on China others give top talent a choice. Two banking professionals talk about living & working in Singapore through the last 5 years & COVID. Hong kongers will always have a cloud hanging over them: I expect this to get worse in thirty years. Financial Services Minister Andr Ebanks and the . Both have attracted the brightest professional minds. Back in 2017 it sat at No. The survey tracks the cost of goods ranging from groceries to beer and tobacco, while excluding spending such as rent and school tuition. Some 200,000 expatriates have left Hong Kong in the past three years, along with even more Hong Kongers. Excess deaths per 100,000 people were nearly three times higher than in Singapore. My partner and I are moving there in September and not quite sure how to gauge general living expenses apart from the exorbitant rent. Reddit, Inc. 2023. Finance professionals in Hong Kong earn average total compensation of US$293k, while counterparts in Singapore are paid US$193k. Both have been doing their very best to attract investors from all over the world. Singapore has reopened its international border and scrapped most pandemic-related rules, such as Covid tests for vaccinated visitors and limits on gathering sizes. 2 in the world after New Zealand for how easy it is to get off the ground and through regulatory hoops, according to the World Banks latest ranking. These measures have shown results. Hong Kong and Singapore, once dirt-poor, have astonishing success stories to tell. We also talk about the watches in the collection that mean the most to our guest, Wayne. Asian Tigers Group provides international relocation solutions for more than 16,000 families each year, including regularly moving families and individuals from Hong Kong. The global talent race has been heating up. Food. Login now. When getting out of a taxi the driver didn't want to help with bags untill he realized they were very light. An unprecedented event that crippled the banking industry while sending multiple shockwaves through the rest of the global economy. The rivalry between Hong Kong and Singapore has continued for more than half a century. Analysts say rising number of hardened shelters at airbases may impact Indias ability to deter or defend against Chinese air power, An audacious Liverpool move for a Barcelona star has been slapped down, while Man Utd are emerging as a credible threat to hijack a second Reds deal. That trend carries across most industries. Singaporeans always complain about property prices, but HKers will just laugh. Five years after Bloomberg first created its guide for expatriates considering which of the two cities to live and work in, heres a fresh look at some of the key factors in this long-running rivalry. Crime. 9 in science in the latest test. In our survey, they work an average of 4 hours a week more than their counterparts in Singapore. Yet Singapores secondary schools beat Hong Kongs in the global Program for International Student Assessment, or PISA, ratings. Public transport is the best in the world and taxis are cheap. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Is rent tax-deductible only if you're an expat or does it apply to a local contract too? 2008 witnessed the worst financial collapse since the great depression. Petrolheads, be warned: Singapore is one of the most expensive places in the world to own a car and the cost of an open category vehicle-ownership permit surged to a record US$75,000 in June. 3 Living & Working in Hong Kong vs Singapore Hi everyone, I know this is an old debate but I'm in that fortunate position of being able to choose between moving to one of these 2 places. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 2 in Asia, behind South Korea, and No. The group of seven were seen trampling on US flags while hoisting China's national flag. As Single Family Offices (SFOs) do not manage third party monies, they are not required to register with or be licensed by the Monetary Authority of Singapore (MAS). Minimum wage for such workers in Hong Kong is currently about US$550 a month, according to the government. Its also difficult to get a spot in a number of Hong Kong schools. Both cities expats tend to rent rather than buy. 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Republican 2024 hopeful is making his first foray into foreign policy since launching his campaign, Prince and Princess of Wales made a surprise appearance at the nuptials in Jordan, The TikTok video sparked a debate as many users wondered why her mothers home was so much nicer than her fathers, "Its so exhausting being on guard at all times for just existing in a female body.". . Dozens of activists, lawyers and politicians are in jail. Less government regulation, more freedom to do whatever you want, people are less afraid to be creative. It's a little more complicated than a straight tax deduction: basically you provide a copy of your lease and rental receipts to your employer, and they report these amounts to the tax man as a housing allowance. Photo: Handout, Many people moving to Hong Kong under the Top Talent Pass Scheme come from mainland China. To start, the job opportunities they make available arent exclusive to Hong Kong. In Q1, China announced that its economy grew a record 18.3%, the highest jump in GDP since China started recording quarterly in 1992. The housing cost is the biggest downside for Hong Kong right now, said Patrick Groth, Asia regional director for relocation company Crown World Mobility. We also provide a more detailed climate comparison of both countries. Imported stuff can be expensive, this affects expats a lot. interact with our community. As soon as we knew that we were moving to Hong Kong, one of our most immediate thoughts was: Start applying for schools now because it is so competitive, said Adam Johnston, managing director with Robert Half Hong Kong, a unit of staffing firm Robert Half International and father of 1- and 3-year-old kids. Hong Kong has hit a dead end. During temporary. We would like to show you a description here but the site won't allow us. 28 May 2021 author Priya Sunil In the ranking for overall work-life balance, however, Singapore came in #18 out of 50, while Hong Kong ranked #45; Bangkok, Thailand ranked #49, and Kuala Lumpur, Malaysia ranked #50 with a score of 50. The worlds most-visited city in 2017, according to Euromonitor, now sits at No. The high ranks are supported by the fact that the company formation process in both these destinations is simple and . Yet so strong is the grip of Hong Kongs property tycoons that less than 50% of the population lives in public housing, for which there is a six-year wait. This is driven by the borders opening, she said, but also specifically from Hong Kong and Shanghai.. 6 in the world on the Bloomberg Innovation Index. They are slowly pushing at Singapores rigid boundaries. In summary, both places rock and I'm blessed to have lived in both places. Consequently Singapores airport is bustling again, with events like the Shangri-La Dialogue and the Formula One Grand Prix taking place there this year. In 2021, Singapore's assets under management grew 16 per cent to $4tn, while Hong Kong . I work with Family Offices to help them find the best talent globally, The Year of the Tiger: Both Hong Kong and. With a supportive government that has been long rolling out the red carpet to Family Offices, Hong Kong has a great deal to offer to affluent families looking for a new playground to structure their wealth but, it might not be their first choice. MTR beats MRT. Ultimately, Hong Kong will always be held in high regard as being the gateway to China but Singapore is increasingly holding the key and in my opinion, it will continue to rise as a playground for Family Offices. But recently the balance shifted. The neon lights of Hong Kong, the old, delapidated buildings add to the noir charm. We look to build a strong community amongst the Family Offices here to facilitate experience sharing and the exploration of co-investment opportunities. Real estate investors have seen secondary home prices soar 400% since the last property slump in 2003. Like the mainland, Hong Kong bungled, failing to vaccinate the old quickly enough. Both are hubs for international finance, trade, transport and tourism. Air traffic in Hong Kong remains at a trickle. Big brother over the border is watching. Hong Kong reported 247 clean air days, for 67 percent of 2016, according to data compiled by Bloomberg based on the citys air quality index. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher), Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Make yourself visible to recruiters hiring for top jobs in technology and finance. Building a strong community of Family Offices would also enable the collective deployment of resources toward meaningful causes such as philanthropy, ESG and enterprise financing, and achieve economies of scale in pursuing desirable outcomes. Over the past few years, Hong Kong has increasingly attracted global Family Offices looking to set up additional offices. In response to a global talent shortage and competition for leading talent, Singapore and Hong Kong have created their respective new elite working visas. That's why they suggest you start early. The housing allowance doesn't count as taxable income, instead they add a fixed amount to your taxable income (I think it is 10% of your taxable income) as the nominal value of the housing allowance. In Hong Kong, average female pay is $128k and men are paid 64% more than their female colleagues. Hong Kong salaries for many senior roles outstrip those in Singapore Source: Robert Walters' Salary Survey 2022 In Singapore, hiring has accelerated despite tighter visa rules for. Your complete guide to Singapore Airlines WiFi, Tips to top up your energy levels on the road, Five things to look for when buying headphones for running, Gyms closed: Schwarzenegger shares his home workout tips, Get into the holiday swing at Australias top golf resorts, Thailand wants visitors to quarantine at golf resorts, Nine new golf courses you'll want to visit in 2020, Tuscany uncorked: Inside the wine regions renaissance, Bottle shock for wine lovers as Delta moves to canned wine. Hong Kongs stock market has beaten Singapores over the past five years, too. Thats a big disadvantage because you get much, much more for your money in Singapore.. Click here to access the full report for an in-depth picture on pay for finance professionals in both locations. 1. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Secretary vs Director Requirements Here is one of the bigger differences in the corporate structures of Hong Kong and Singapore - secretary and director. Fees are not as high as the examples in the article but still high - about what you'd pay at the average private school in Australia. We provide this comparison between two favoured locations: Hong Kong and Singapore. 55.2 were in work, as opposed to only 49.1 in Hong Kong. International schools and private schools cost a bomb. Public transport. Your employer declares your income as $60k plus a housing allowance. In economic dynamism, the state of the urban fabric and the vibrancy of civic life, which city comes top: Hong Kong or Singapore? Expat packages for both cities have been sliding for the past five years, down 2 percent to US$265,500 in Hong Kong and 6 percent to US$235,500 in Singapore, according to ECAs MyExpatriate Market Pay survey. It will be a key platform to galvanise the Family Office community towards meaningful endeavours.. Former Manchester United and Everton midfielder Phil Neville has been sacked as manager of Major League Soccer side Inter Miami. Today Singapore's is 1.7 times higher . Singapore is home. Have a confidential story, tip, or comment youd like to share? The best line I ever heard on Hong Kong vs Singapore:Hong Kong is freedom without democracy, Singapore is democracy without freedom. below, then click 'Submit'. I have been living in singapore for 6 years now and before that I lived in hong kong and I have to say singapore beats hong kong easily.The transport here in singapore is excellent no need for a car the public transport system is cheap and well connected all over the country.The food is as good as hong kong and the most important thing here is it is safe very safe unlike most other Asian and Australian cities. Prigozhin, writing on Telegram, said his men had discovered a dozen locations in rear areas where defence ministry officials had planted various explosive devices, including hundreds of anti-tank mines. 2 in the rankings. Singapore, which tracks total investment by foreign companies, recorded a 12 percent decline in the 2011-2015 period, with U.S. companies the only ones to increase their presence. It is unbearably humid in July but otherwise the weather is pretty mild. Its strict zero-covid policy, mimicking mainland China, undermined its standing as an international financial centre. 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Hong Kong became notorious for its high levels of air pollution, so the government began enacting curbs on emissions from vehicles and heavy cargo ships using its port as well as cooperating with officials in Guangdong province to try to reduce smog blowing across the border. Hong Kong. This month, in a first, a few hundred activists gathered on Labour Day to call for greater rights for, among others, foreign workers. Hong Kong vs Singapore Co-working spaces take off in Singapore Stuart Brown, Blackwall, explains why the company brought its collaborative co-working service Wotso from Down Under to. For more information, please see our So say you earn $100k a month but you spend $40k on a flat. In Hong Kong, all directors can be foreigners. The cost of private school rivals rent as the biggest cost in each city. 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With nearly 500 executions in the past three decades, 70% of them for drug offences, Singapores use of capital punishment is grotesque. It's a little more complicated than a straight tax deduction: basically you provide a copy of your lease and rental receipts to your employer, and they report these amounts to the tax man as a housing allowance. They replied. Cookie Notice Singapore, as an international financial hub and a leading wealth management centre in Asia, can play a key role in addressing the increased demand for wealth and investment management services in the Asia Pacific region. Singapore ranks No. And looming ahead is a potential slowdown in the global economy. In Singapore, women earn an average of $116k or half the amount they earn in Hong Kong. Vibrancy and character. Both cities beat the world average in terms of International Baccalaureate scores. HK is way more scenic than Singapore. It's completely free and we'll never pass your information on to When going for her hkid when asked what her occupation was she said "IT change / release Manager" but still looking for work. Here's everything you need to know about the types of nipples. HK has actual seasons. Taking the new role, Milton will directly report to Jose Campon . The data for each country can be found here: Hong Kong and Singapore. Our government must improve our talent schemes to attract skilled people worldwide to move to Hong Kong long-term. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. According to the 2020 Ease of Doing Business Rankings from The World Bank, Singapore stands at number 2, leaving first place to New Zealand, and Hong Kong follows at number 3 in the list. The city has overtaken Tokyo as the most expensive in the region and second overall in the world for expatriates, behind only Angolas capital Luanda, according to the latest cost of living survey from consultancy firm ECA International. For most people, the single biggest cost, though, is housing unless companies still offer housing packages, which have been increasingly dwindling. Hong Kong, Singapore, and Tokyo enforced strict COVID responses that kept virus cases, hospitalizations, and deaths from skyrocketing the way they did in the U.S. and Europe. And yep, you're normal, Many followers highlighted the irony of his reply. Hong Kong wins hands down. For your rent to be tax deductible, you just need the cooperation of your employer. In reality, Hong Kong was never as freewheeling as it claimed. That said, HK isn't too far behind. To make things even more confusing, Buddha's birthday doesn't change only with the year, but with the place, too. Opinions expressed by Forbes Contributors are their own. Prigozhin's Wagner Group troops have largely pulled back from the eastern Ukrainian town of Bakhmut, most of which they captured last month after taking heavy casualties, and handed over their positions to regular Russian forces. Within weeks, the Hong Kong Family Office Association was launched followed swiftly by the Global Asia Family Office Circle in Singapore, both of which were launched to attract more Family Offices to their respective marketplaces and both of which seem to be working extraordinarily well. When it comes to areas such as the economy, education and quality of life, these two cities have been competing for years. Adds to the character of the city but also not the safest place. Singapore now has the edge over Hong Kong as a place to do business and to grow wealth, whereas the picture was more mixed five years ago. Singapore is the most competitive economy, it is first in the world for political and operational stability and its strong rule of law, stable and competitive business environment, ease of access to professional services and breadth and depth of investment opportunities on offer are just some of the reasons why it is proving to be so popular within the global Family Office community. Has Singapore become more competitive than Hong Kong? Food, health-care and other costs are additional. Since 1999 Hong Kong has curbed roadside levels of nitrogen oxides by 56 percent, and fine particulate matter, known as PM2.5, by 52 percent, according to 2016 government data. Their contribution is a curious blind spot. Should I spend more time in Singapore or Hong Kong? Scan this QR code to download the app now. I sat next to a lady a few weeks back who was returning to Sydney for a few weeks while her husband was away. The Fox News host fawned over her former boss with some milquetoast commentary. 57), or EO, provides some basic rules regarding rest days and specifying work hours in an employment contract for employees working under continuous . You end up cutting back on old favourites or importing stuff yourself. She mentioned that when interviewing for jobs most didn't know what a IT release manager was. third Officials have raised the base pay required for visas on three occasions in as many years, with a new minimum salary of . An Audi A6 luxury sedan costs, all-in, about US$70,400 in Hong Kong, based on manufacturers suggested pricing, which includes a First Registration Tax, annual fees and insurance. While well-known schools remain extremely competitive, some schools are crying out for more students, he said. Taxes on alcohol mean the price of imbibing is higher in Singapore. The foodie expatriate may be interested to know: Hong Kong boasts 61 Michelin-starred restaurants, including six with three stars. The cleanliness and blandness of Singapore is boring in comparison. Meanwhile, politics is tightly constrained, as is civil society: you may be arrested for holding up a placard with a smiley face. Premium access for businesses and educational institutions. There is clearly no contest anymore. Talking point: have you given up on airport WiFi? The Top Talent Pass Scheme has already attracted thousands of people, and now that the Talent List has been expanded to include more job types, theres no doubt it will bring more of the best and brightest to Hong Kong. Will the Hello Hong Kong campaign help revive tourism? Over 3 years, my average income tax rate was about 7-8%.Cars are cheap if you buy them secondhand. Finance professionals in Hong Kong earn average total compensation of US$293k, while counterparts in Singapore are paid US$193k. In Hong Kong, the minimum salary is about US$590 a month and employers must also provide food or an additional monthly allowance of US$150. All rights reserved. All rights reserved. Furthermore, Chief Executive John Lee announced the Top Talent Pass Scheme during his policy address last year, which grants visas to high earners and graduates from the worlds top 100 universities with at least three years of work experience in the previous five years. Pandemic-related delays in supply are having an impact too. In 1997, the year of Hong Kongs return to China, the two cities GDP per person was remarkably similar ($26,376 in Singapore, $27,330 in Hong Kong). In Hong Kong, its US$53.50. New immigrants face a very high cost of living, severe housing shortage, and smaller spaces than they may be used to abroad. Top finance jobs in Hong Kong have long held a salary premium over those in Singapore, but the gap has widened dramatically over the past five years. Get advice to help you manage and drive your career. Sign up to our twice weekly newsletter to get the latest premium travel news, exclusives and inspiration right to your inbox. UHNW families chose Hong Kong primarily for its closeness to China and Asia, and with its top rank for economic freedom, free flow of capital within and access into and out of the Greater Bay Area (GBA) region, it is not hard to see why. On the other hand, HK has better weather, more to do on weekends, and everything except rent is cheaper. In Singapore, wages for Filipino maids and nannies are mandated by the Philippine government. There's more energy on the streets, a sense of urgency and a pulse that races faster than Singapore. Hailey Bieber's stylist posted a picture of an unseen look from her recent London trip, and it's an epic two-piece by 16Arlington. Tuition for a new middle-school student at Singapore American School costs about $36,200 if the student comes from a non-American family. Hong Kong still has some of the strictest virus measures in the world, which include hotel quarantine for inbound travelers. Photo: Shutterstock, If you are interested in joining future Face Off debates, fill out this, For: Nayab Qureshi, 19, Hong Kong University of Science and Technology, Nayab Qureshi from the Hong Kong University of Science and Technology. Wages for director- and chief officer-level positions are more than 60% higher in Hong Kong, according to data compiled by Bloomberg from a 2022 survey by recruitment firm Robert Walters Plc. And in both cities, income tax remains relatively low. Pro-Ukrainian fighters have invaded Russia for the second time in a week, destroying several buildings and causing hundreds of residents to flee. In Singapore, we have seen a large increase in the number of applications, when you compare to the last two years, added Small. Singapore is just easier to get around these days. the air pollution stats on HK are vastly understated in this article - the territory suffers on many fronts from life threatening pollution levels throughout the year: multiple coal fired power stations in close proximity, diesel emissions from the port, ancient trucks and cars and the factories in neighbouring china. Singapore, by contrast, is 24th on its list. The cost of housing in Hong Kong is obviously higher than it is in Singapore, said Quane in a phone interview. In Q2 Forbes announced that Beijing overtook New York by hosting more billionaires than any other city and in Q3, Hong Kong rolled out a red carpet for Family Offices by legislating Limited Partnerships a popular format for Family Offices. One scheme, the Talent List, was created in 2018 to highlight the most desirable candidates for immigration. The Prince and Princess of Wales attended the wedding of Crown Prince Al Hussein bin Abdullah and Princess Rajwa Al Hussein. The growing global Family Office community here provides an excellent platform for families to exchange insights and explore co-investment opportunities. Contact Singapore vs Hong Kong: the best place to do business Market entry Singapore and Hong Kong have long been competing to become the world's best place to do business. Forget about Michelin stars and gourmet food in HK. Working in Singapore vs Hong Kong: Working Hours, Salary, and Other Comparisons +852 3796 7188 Locations Hong Kong Melbourne Sydney Kuala Lumpur Singapore Manila Shanghai Tokyo Ho Chi Minh City Products Flexible Office Space Serviced Offices Short Term Office Rental Co-working Spaces $200 Day Desk Enterprise Solutions Custom Workspace (Bloomberg) Some things never change. As of last year, they were the equivalent of US$400 a month. Despite less than one third of all Family Offices in the region having 10 years in operation behind them, Asia has arguably got more to offer than anywhere else in the world and its pull is becoming harder and harder for Family Offices to resist. Hong Kong offers a quick fix for interested parties that consists of a simple structuring process, minimal administrative work and an absence of capital gains, value-added and wealth tax.
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