Singapore ranked world’s priciest city for fourth consecutive year

Singapore
Singapore [Photo Credit: ASEAN Inter-Parliamentary Assembly]

Singapore has been ranked the most expensive city in the world for expatriates for the fourth consecutive year, according to a report published on Monday by the Economic Intelligence Unit, EIU.

The Worldwide Cost of Living 2017 report saw Asian cities take five of the top ten spots, thanks to a sustained recovery in the strength of the Japanese yen that propelled Tokyo and Osaka back into the top ten, alongside Singapore and Seoul.

Western Europe accounted for a further four cities, with stalwarts Zurich and Geneva in third and seventh position respectively.

Paris, the only Eurozone city, came in eighth position and the Danish capital Copenhagen, which pegs its currency to the Euro, rounded off the top ten.

New York was the lone North American representative, falling to ninth position owing to a slight weakening of the U.S. dollar, which also affected the position of other US cities.

In spite of topping the ranking, “Singapore still offers relative value in some categories, especially compared with its regional peers,” the report said.

It remains significantly cheaper for categories such as household goods, personal care and domestic help, but is still the most expensive place in the world to buy and run a car, the report found.

In contrast, Seoul, Tokyo and Osaka were the three most expensive places in the world to buy staple goods.

The Worldwide Cost of Living is a twice-yearly survey that compares more than 400 individual prices across 160 products and services that include food, rent, transport and recreational costs, among others.

(dpa/NAN)


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