Singapore becomes world’s most expensive city to live in 2014
Singapore is the world’s most expensive city to live in 2014, according to an Economist Intelligence Unit (EIU) survey.
The city has topped 131 cities globally on the EIU list.
Singapore’s strong currency combined with the high cost of running a car and soaring utility bills contributed to its topping the list.
The city is also the most expensive place in the world to buy clothes.
Singapore replaces Tokyo, which topped the list in 2013.
Other cities making up the top five most expensive cities to live in are Paris, Oslo, Zurich and Sydney, with Tokyo falling to sixth place.
The EIU’s Worldwide Cost of Living Survey is a relocation tool that uses New York City as a base. It looks at more than 400 individual prices.
The top 10 cities this year have been dominated by Asian and Australasian cities as well as some in Europe.
Most Asian cities that top the list are there for predominantly higher costs of groceries. Tokyo is still at the top of the list for everyday food items.
Singapore is the world’s most expensive city to live in 2014
However, not all Asian cities are tough on the wallet.
India’s major cities – including Mumbai and New Delhi – were found to be among the least expensive in the world.
Mumbai’s prices are kept low by large income inequality.
The low wages of many of the city’s workers keep spending low, and government subsidies have helped them stay that way.
Outside of the subcontinent, Damascus in Syria saw the largest drop, becoming the fourth cheapest city in the world as the country’s ongoing conflict has led to plummeting prices.
While the EIU’s survey takes into account the cost of living, other firms employ different research methods.
Mercer conducts research to determine the most expensive cities for expatriate living.
It found that in 2013, Luanda, Angola was the hardest on expatriate wallets due to the difficulty of finding adequate secure housing, and the high price of imported goods.
Top 5 most expensive cities:
- Singapore, Singapore
- Paris, France
- Oslo, Norway
- Zurich, Switzerland
- Sydney, Australia [youtube 1hIpf76Re50 650]