Hong Kong living standard
 

Hi all

I'm sure this subject has been done to death , but would love some advise please.
I will be offered a job of 130k usd at a major investment bank in Hong kong. This is for a VP role. Is this a good salary?
I know it works out at just over 1m hkd year as the usdhkd does not fluctuate too much. Could I have a good standard of living for that? ( me , wife and child)
What max rent would you recommend for that to live the month comfortably
I'm aware too that pre prebrexit cable rate @ 1.5 it equals around 86k. Should I be looking at the gbp conversion, or Is it best to ignore that?

Thanks vey much
John

Re: Hong Kong living standard
 

John

You should get about HK$9.80 per GBP1 just now.

HK$1m per month should be around GBP100k per month.

One more thing - in Hong Kong, unlike the UK, wages are paid gross, so you will need to settle your tax bill with the Hong Kong Inland Revenue at the end of the year.

Re: Hong Kong living standard
 

Thanks for the reply hkg3
It will be 130k usd for the year unfortunately lol
Should all be ok per advice received
John

Re: Hong Kong living standard
 

Hi John
Rent is the killer in HK.

I assume your work will be based at either Central or Admiralty, which means you will want to be on Island to be close to work and not have to deal too much with the stress of rush hour travel.

Nice apartments you will be looking at anything between 30-50k (HKD) per month, which will still be a small apartment.

If your employer wants you, then approach the rent issue.. Will they fund the first 3/6 months/ a year? Will they put you in something for a month or two when you arrive until you sort yourself out?

On a salary note, if this is an International Investment bank, 130k USD seems low, very low for a VP role. Negotiate, hard..

Re: Hong Kong living standard
 

Are you single or married? For a family this is tougher.

The USD and the HKD are pegged as you know, so if you are being paid in USD (or equivalent) it won't change. If paid in GBP then you're up / down with the prevailing winds of exchange rates.

$130,000 USD is $1,000,000 HKD, or $85,000 HKD a month. The tax is about 15% and then rent could easily take up 50% of this. A live-in maid will be $5000. International schools would be $10,000 a month per kid, which is why I mentioned the problems in doing this as a family.

Are their bonuses or a relocation package included? I think the average 'expat' in finance is making about $175,000 USD according to a recent HSBC survey of expats.

Re: Hong Kong living standard
 

Very good post.