Singapore has topped Tokyo to become the world’s most expensive city, according to a cost of living survey from the Economist Intelligence Unit (EIU).
In its 2014 Worldwide Cost of Living Survey, the EIU said the world’s ten most expensive cities to live in are: Singapore, Paris, Oslo, Zurich, Sydney, Caracas, Geneva, Melbourne, Tokyo and Copenhagen, respectively.
Singapore, which was the world’s 18th most expensive city ten years ago, has steadily crept up the rankings on the back of a strong currency, the high cost of owning a car and soaring utility bills.
“Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car,” the EIU said in its report.
“As a result, transport costs in Singapore are almost three times higher than in New York. In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs,” it added.
And according to the EIU, Singapore is also the most expensive place in the world to buy clothes given an influx of luxury brands and expensive shopping malls and boutiques… see more