Hong Kong is the fifth most expensive place in the world to employ expatriates, a study by an international consultancy has found.

ECA International said it surveyed 340 companies in about 140 countries and regions last year on the salary details of more than 10,000 expatriate employees.

It found a two percent drop in the pay and benefits enjoyed by those in Hong Kong. But with an average package of HK$278,020, the city moved up three spots in the annual ranking.

"The relatively strong performance of the Hong Kong dollar has moved the city's ranking up by three places, while other regions have seen a decline in the value of compensation and benefits packages due to currency depreciation," said Lee Quane, the company's regional director for Asia.

Quane added that the value of expat packages fell in numerous other places in the region, including the mainland, Japan and South Korea.

Britain tops the latest list, with average packages worth more than US$441,000 per year.