According to the latest study on Worldwide Cost of Living conducted by the Economist Intelligence Unit (EIU), Singapore has been dubbed the world’s most expensive city for the fifth year running, while Zurich and Paris tied in the second position. The survey was conducted basing on 160 items across 133 countries globally.
The data also reveals that the Asia Pacific and European destinations are the most costly cities in the world. However, Tokyo and Osaka were reported missing from the top 10 most expensive cities particularly due to low inflation experienced in their countries. The currency fluctuations were a major cause of drastic changes in the ranking.
In 2013, Tokyo was ranked the world’s costliest city to live in but the recent findings reveal that the city has dropped to 11th position in last year. Hong Kong slipped to fourth place from the second position in the previous survey. Sydney stretched four notches to be ranked among the top 10, with Oslo, Geneva, and Copenhagen also climbing the list.
The EIU 2018 survey disclosed that Singapore is ahead of New York City, London, and Los Angeles, which did not even feature among the top 10 costliest cities across the globe. The EIU annual ranking compares the prices of over 150 items including the perishables such as bread, wine, cigarettes and petroleum products in 133 cities around the world. The survey is conducted to enable the company employers to calculate fair salaries for its workforce, especially when relocating them overseas.
Singapore recent ranking reflects on the region’s trend, with the cost of living increasing significantly due to the expanding economies. The Asian countries are rapidly developing including Hong Kong and Sydney. However, the world’s cheapest cities are still in Asian continent including India and Pakistan. Other bottom 10 cheap cities include Bangalore, Chennai, Karachi, and New Delhi; followed by Damascus, Caracas, Almaty, Lagos, Algiers, and Bucharest in that order.
Europe continues to soar higher on the rank with cities such as Paris, Zurich, Oslo, Genera, and Copenhagen climbing up the ladder. Tel Aviv is the only city that appeared in the top 10 that is neither in Europe nor Asia.
At the same time, the weak performance of the US dollar especially last year has made the New York City and Los Angeles to drop to 13th and 14th positions respectively. Due to weakening US dollar, there was no American city that featured among the top 10 on the list.