Saturday, 17 March 2018

Singapore is the world's most expensive city 2018

Singapore named the world's most expensive city

Singapore has been dubbed the world's most expensive city to live in for the fifth year running.

The city state marched in ahead of New York, London and Los Angeles, which didn't even feature in the top 10 priciest places in the Economist Intelligence Unit's (EIU) Worldwide Cost of Living 2018 survey.

The EIU's annual ranking compares the prices of over 150 items in 133 cities around the world, such as bread, wine, cigarettes and petrol. It is designed to help hiring managers calculate fair salaries when relocating their employees overseas.

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Car costs make Singapore world's most expensive city for expats for 5th year running: EIU survey
The high life: Singapore is the most expensive city in the world, for the fifth year running, according to an annual cost of living survey. (foto: AFP/Roslan Rahman)

The cost of owning a car in Singapore has contributed to the country being the world's most expensive city for expatriates to live in, for the 5th year in a row, according to survey results released by the Economist Intelligence Unit (EIU) on Thursday (Mar 15).

Paris came in joint 2nd with Zurich, followed by Hong Kong and Oslo, according to the Worldwide Cost of Living report covering 133 cities worldwide. Seoul and Geneva shared 6th place, while Copenhagen, Tel Aviv and Sydney rounded out the top 10 rankings.

Despite topping the ranking, Singapore still offers "relative value" in some categories, especially compared to regional peers, said the EIU.

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Singapore Ranked the World’s Most Expensive City for 5th Consecutive Year
Singapore has been ranked the most expensive city in the world for the 5th year straight

This, according to the Economist Intelligence Unit’s latest Worldwide Cost of Living Report.

French capital Paris and Swiss city Zurich were tied in 2nd place.

The EIU survey compares more than 400 individual prices across over 150 products and services.

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