Singapore is now the most expensive city in the world to live in, according to the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living Survey this year.
It beat 131 cities globally including some of the most widely-known expensive locations including Melbourne, which shares the sixth place with Caracas, Geneva and Tokyo, Paris (2nd), Sydney (5th) and Zurich (4th).
The EIU survey acts as a relocation tool using New York City as a base and looks at more than 400 individual prices, including that of alcohol, food, tobacco and petrol.
In a summary of the survey, it is revealed that Singapore’s surge in ranking can be attributed to the 40 percent currency appreciation over the last 10 years, matched with solid price inflation.
The costs of running a car and buying clothes in Singapore are also the highest in the world, considering COE entitlement fees and the proliferation of high-end boutiques and malls here.
A city-state that relies on its neighbours for energy and resources, Singapore’s also third most expensive in the world in terms of utility costs.
Another strong factor that contributes to the ranking is the weaker yen, which has driven Osaka and Tokyo away from the top of the list, paving the way for Singapore.
Photo: AFP
