Under The Angsana Tree: Singapore is world’s most expensive city 2019

Update 4 Dec 2021: World’s most expensive city 2021

All over the world, it's been a tough year on wallets

Supply-chain blockages and changing consumer demand have pushed up the cost of living in many of our biggest cities, according to new research published Wednesday, and inflation is the fastest recorded over the past five years.

One city has been experiencing more rapid change than most, jumping from fifth place to first in this year's Worldwide Cost of Living index released by the Economist Intelligence Unit (EIU). The Israeli city of Tel Aviv topped the rankings for the first time, overtaking last year's leader Paris, which is now tied in second place with Singapore.

The EIU attributes Tel Aviv's sharp rise on the index to increases to grocery and transport prices and the strength of the Israeli shekel against the US dollar.

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Singapore is holding on to its title as the most expensive city in the world — but this time, it’s sharing the No. 1 spot with 2 other cities

Singapore held its No. 1 position for the fifth consecutive year

The Economist Intelligence Unit recently released its annual report, which lists the most expensive cities. This year, the No. 1 spot is occupied by a three-way tie between Singapore, Paris, and Hong Kong.

Singapore has maintained the top position for the past five years, while Paris and Hong Kong both rose their standings to share the top seat.

The Economist Intelligence Unit announced the updated standings in their annual Worldwide Cost of Living report. The report compares prices of more than 160 items across 133 cities around the world to determine its final rankings.

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World's most expensive cities revealed

It's the first time three cities have shared the top spot in the 30-year history of the annual Economist Intelligence Unit survey, which compares prices in 133 cities globally.

The French capital - which was ranked second most expensive last year - is the only eurozone city in the top ten. The survey compares the cost of common items, such as bread, in 133 cities.

It then tracks whether prices have gone up or down by comparing them to the cost of living in New York, which is used as a benchmark.

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Three cities named the world's most expensive; Australia, NZ more affordable

Hong Kong and Paris have joined Singapore as the world's most expensive cities to live in

It is the first time three cities have shared the unenviable title, according to The Economist Intelligence Unit's (EIU) 2019 Worldwide Cost of Living Survey.

The report also found that the weaker dollar had made it more affordable to live in Australia's five major cities as well as Auckland and Christchurch.

To rank the countries the EIU compared the prices of 160 products and services in 133 cities in 93 countries — all cities are benchmarked against New York, which has an index set at 100.

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Think San Francisco And New York Are Expensive? Good Luck In Hong Kong And Singapore

Marina Bay and Financial district in Singapore. If your city is a tech hub, a finance hub, or known for being an epicenter of high culture, media and entertainment, then real estate prices are likely to be prohibitive for the vast majority of the city's employees. (Getty Images)

Face it, if your city is home to high culture, high finance, or a national hub for media and entertainment, it is going to require a six-figure salary to buy a house and maybe one very close to that just to rent one.

According to a survey on the world's costlier cities, released on Monday by The Economist Intelligence Unit (EIU), Singapore, Paris and Hong Kong are top three most expensive places to live. The two most expensive U.S. cities come in the bottom half of the richest 10 urban areas, with New York (No. 7) edging out Los Angeles (No. 10). Both cities did move up more a few notches in the cost of living index, however, with New York going up six spots on the list and LA going up four. It's probably not a list that anyone but a real estate agent and existing homeowners care to see their cities on. Newcomers and American dreamers in these global cities will need to some creative financing to be able to afford properties that easily go for over $1 million.

The top 10 cities are divided between Asia and Europe. Singapore is the only city in the top 10 that has maintained its ranking from the previous year.

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Worldwide Cost of Living 2019

For the first time three cities share the title of the world's most expensive city – Singapore, Hong Kong and Paris. This year's top ten is largely split between Asia and Europe, with Singapore representing the only city that has maintained its ranking from the previous year. Download the free report to see where your city ranks.

The Economist Intelligence Unit helps business leaders prepare for opportunity, empowering them to act with confidence when making strategic decisions. We are renowned for our comprehensive global coverage and use the best analytical minds to examine markets, countries and industries with a level of insight you cannot find elsewhere.

Uncompromising integrity, relentless rigour and precise communication underpin everything we do. We are meticulous with every analysis, every study, every projection and every commentary that carries the EIU brand. Our reputation for trusted business intelligence depends on it. Crystallise your thinking and see greater possibilities with business intelligence from the EIU–the most assured way to prepare for opportunity.

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The Singapore Story:
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Singapore: Best Place to Live and Work
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Singapore is the world's most expensive city 2018
Singapore ranked 34th in World Happiness Report 2018
What is happening in ‘Clean’ Singapore?
The Surprising Truth About The Homeless In Singapore
Tent Village: Singapore’s nomad families
Why do people hate Singapore?