The cost of raising a child in Hong Kong soared to a staggering nearly $3,500 per month, topping costs in the United States and other advanced countries.
A June survey conducted by Hang Seng Bank, after questioning 633 Hong Kong residents with liquid assets of HK$1 million ($130,000) or more, found that it costs an annual average of HK$284,000 ($36,000) to raise a child in Hong Kong.
The cost of raising a child to the age of 18 is estimated to be approximately HK$5.87 million ($750,000) in Hong Kong, with an average expense of about HK$326,000 ($41,600) per year, or HK$27,158 ($3,472) per month.
Education and tuition are a large part of that number. According to a 2018 HSBC report, parents spent an average of HK$400,000 (about $50,900) on their children’s post-secondary education and daily living expenses….