The Economist Intelligence Unit said that the Asian city of Singapore has been positioned as the world’s most expensive city. This is the second time the Singapore has retained its top position. In descending order the top most expensive cities are Paris, Oslo, Zurich and Sydney.
The survey by EIU has 133 cities across the globe and uses New York as its base. The study has compared the costs of more than 160 services and products including clothing, food and utility bills. For just the basic groceries, Singapore was found to be 11% more expensive.
The EIU said, “Most significantly, Singapore’s complex Certificate of Entitlement system makes car prices excessive, with Singaporean transport costs almost three times higher than in New York.” The information which is gathered for the survey is designed so that it could be used online as a means to calculate the cost of relocating and living for expatriates and business travellers.
The surveyor added that it was not so easy to have a new top five names on the survey due to the worldwide drop in oil prices. Fluctuation in the foreign currency and the falling oil prices do have an effect in the cost of living in many of the cities.
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