Skilled professionals who move to Hong Kong for work can expect some of the highest pay in Asia. The government has been actively recruiting foreign talent through its talent admission schemes, so the door is open to promising newcomers as well as seasoned specialists.
Income tax in Hong Kong is low and territorial, so you keep more of what you earn than in most Western countries. Salaries here are well above the global average, and expats who negotiate a good package can really get ahead. There are trade-offs though. The living spaces are smaller, the hours are long, the air quality can be poor, and the cost of living is famously high.
Expat jobs and salaries in Hong Kong
Finance is home to the best-paid expat jobs and salaries in Hong Kong; the major banks, asset managers, insurers, and accountancy firms do most of the hiring. Beyond finance, expats also find work in fintech, marketing and communications, human resources, IT, and professional services such as law and accountancy. Many younger expats get their start teaching English. The government’s Native English Teaching (NET) Scheme places qualified teachers in public schools, and private language centres hire around the year.
Senior specialists in finance, wealth management, law, and corporate advisory earn the most. English teachers and entry-level staff earn the least, while marketing, IT, communications, and HR managers fall in between. The headline salary is only half the story. For senior hires, allowances for housing, schooling, healthcare, and home leave are often worth as much as the base pay.
Working in Hong Kong
Business Culture in Hong Kong
Saving money in Hong Kong
How much you save in Hong Kong comes down to the gap between a high salary and an equally high cost of living. Expats on strong packages often bank a good chunk of their income and get ahead on long-term savings faster than they would at home. Those without a strong salary or generous allowances find it much harder, because the cost of living in Hong Kong is notoriously high.
The package you negotiate before you accept will be the single biggest impactor. You can save a lot by locking in a strong housing allowance and employer-paid school fees. Accommodation in Hong Kong is the biggest drain on any budget, and you can spend a large share of your take-home pay on rent alone. Education is the other major cost for expats with children. Private international schools charge high fees, and many also ask for a sizeable debenture or capital payment before they offer a place.
The days of gold-plated expat packages are largely gone. Western professionals are now competing with a growing number of highly qualified candidates from mainland China and across the region.
For globally mobile professionals, the light tax burden is the compensating draw. Income tax rates are among the lowest in the developed world, the system is territorial, there is no sales tax, and capital gains go untaxed.
Cost of Living in Hong Kong
Accommodation in Hong Kong
Education in Hong Kong
Taxes in Hong Kong