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▲The salaries and benefits packages for expatriates in Hong Kong are decreasing. Photo: Jelly Tse
According to data released on Wednesday by ECA International, the UK continues to be the most costly country to relocate to for expatriates, with an average income and benefits package of USD 441,608 in 2022—roughly the same amount as in 2017.After Japan and India, the Chinese mainland maintained its ranking as the region with the third-highest expatriate packages in Asia and fourth overall. However, in 2022, the salaries of foreigners in China decreased by 5% in USD terms.Since many expatriates receive some or all of their pay in other currencies, the yuan's value increased relative to most major currencies compared to 2021, which led to a decrease in the average expat salary in yuan.2022 saw a decline in the value of the Chinese yuan relative to the US dollar, with the yuan/USD exchange rate falling from 6.37 at the start of the year to 6.98 at its conclusion.Despite salaries declining 2% from 2021's statistics, Hong Kong has re-entered the top five global cities with the highest expat pay and benefits packages, according to a report by a human resources firm.The increase in wage and benefits packages for expatriates was offset by the strength of the Hong Kong dollar, which helped the city move up three spots to rank fifth.
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