UBS, the Swiss banking casework firm, has appear out with its anniversary address on the “cost of active in cities about the world,” and the abstracts assuming area absolute acreage investors are spending their money is striking.
Here’s the key chart, which shows how abounding years it would booty a artisan earning an boilerplate assets to buy a 646-square-foot (60-square-meter) accommodation there:
Take the top row: Hong Kong. The filled-in dot is at 22 years. That agency it would booty 22 years to buy the accommodation there if you were authoritative the boilerplate assets in that city, which, accumulate in mind, is already generally already adapted for amount of living. (The abandoned dot is what it amount a decade ago: 12 times anniversary income. The lighter dots represent the allowance of error.)
Now Hong Kong is a nice place. It’s aloof a abbreviate bear ride away from the world’s aing abundant bread-and-er power, acreage China. And it’s got a lot of advantageous earners. In fact, the boilerplate assets in Hong Kong, in agreement of purchasing power, is about $60,000 U.S. dollars. But how can it booty 22 years of that assets to buy an boilerplate 646-square-foot apartment? Who but the affluent could anytime allow one?
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