A few weeks ago we pointed out how average tuition at international schools in Beijing has risen to the equivalent of over USD 35,000 a year. But don’t think that it’s just expat schooling that’s getting pricier in China’s burgeoning capital — local parents are shelling out big time as well.
In what amounts to be an openly accepted (but officially frowned upon) custom, local parents are now paying up to RMB 87,000 (USD 13,600) in "entrance fees" to place their children in selective middle schools outside their local schooling district.
Even more enlightening is that Beijing parents typically spend between RMB 30,000 and RMB 80,000 (USD 4,700 and USD 12,500) per year on additional tutoring.
I suppose it comes as no surprise in a city that now features more RMB-denominated millionaires than any city in China — 170,000 individuals, to be exact.
We’re also not shocked to learn that European bankers UBS have listed Beijing as the 58th most expensive city in the world in their recent report on the international cost of living.
On the bright side, it’s good news that Shanghai (49th) is still ranked as more expensive than the ‘Jing, while both mainland powerhouse cities are far behind New York City (14th) and Oslo (1st).