EIU’s (Economist Intelligence Unit’s) has released the latest Worldwide Cost of Living report, and the results show that Singapore, for the third consecutive year has topped the rankings as being the most expensive city to live in.
Singapore pipped Zurich and Hong Kong to the post as they took second and third place respectively, with Hong Kong climbing a surprising seven places to number three from 2015, although according to EIU, there is not much in it.
Next on the list came Geneva and Paris in fourth and fifth place. London and American cities New York and Los Angeles all received higher rankings, taking sixth, seventh, and eighth spot, moving Oslo, Sydney and Melbourne out of the top 10.
The report goes on to state that in spite of topping the list, Singapore still offers a relative value of standard of living, in that, even though the cost of living may be much higher, average salaries on the island are generally much higher, especially in comparison to its regional peers.
For general supermarket goods, Singapore actually offers the most similar value to New York. Compared to Seoul, which is considered to be on average 33% more expensive, surprisingly.
However, the reason for Singapore’s top spot is because the island is consistently expensive in other categories. It is the most expensive city in the world by far to buy and maintain a car (petrol, insurance etc.) as a result of the complex Certificate of Entitlement system in Singapore. Additionally, alongside Seoul, Singapore is an extremely expensive city to purchase goods and services such as clothes and paying for utility bills.