Singapore is world's most expensive city... London 15th
Study finds that Singapore, Paris, Oslo, Zurich and Sydney are the costliest places to live
SINGAPORE is the most expensive city in the world to live, according to a new survey by the Economist Intelligence Unit (EIU).
Singapore replaced Tokyo at the top of the list, with Paris, Oslo, Zurich and Sydney rounding out the top five. Tokyo, last year's most expensive city, came in sixth position this year.
The study gathers detailed information on the cost of more than 160 common expenses – from food, toiletries and clothing to domestic help, transport and utility bills.
The strength of the Singaporean dollar, coupled with huge hikes in utility bills and high petrol prices contributed to the city-state's position at the top of the table, the BBC reports.
London is the world’s 15th most expensive place to live, according to the study. Manchester, in 49th place, was the only other British city on the list.
EIU collates the data for its Worldwide Cost of Living survey, an online service that helps users determine whether they will be better or worse off in a selection of major cities around the world.
Jon Copestake, the report's editor, noted that Asia was home to some of the most expensive cities to the list, but also contributes some of the cheapest cities: "Improving sentiment in structurally expensive European cities combined with the continued rise of Asian hubs means that these two regions continue to supply most of the world's most expensive cities. But Asian cities also continue to make up many of the world's cheapest, especially in the Indian subcontinent," he said.
The Singaporean dollar has gained more than 35 per cent over the past decade. Inflation has also gone up, averaging 2.8 per cent in the past ten years as opposed to one per cent in the ten years before, according to data published by Bloomberg.
"Singapore's rise is partially attributable to the continued strength of the Singapore dollar, but the city has seen price rises too which have no doubt been compounded by a reliance on imports," Copestake said.
The ten most expensive city's according to the EIU:
1 Singapore, Republic of Singapore
2 Paris, France
3 Oslo, Norway
4 Zurich, Switzerland
5 Sydney, Australia
6 Tokyo, Japan
7 Geneva, Switzerland
8 Melbourne, Sydney
9 Caracas, Venezuela
10 Copenhagen, Denmark
The 10 least expensive cities according to the EIU:
1 Mumbai, India
2 Karachi, Pakistan
3 New Delhi, India
4 Damascus, Syria
5 Kathmandu, Nepal
6 Algiers, Algeria
7 Bucharest, Romania
8 Panama City, Panama
9 Jeddah, Saudi Arabia
10 Riyadh, Saudi Arabia