In our new article, “The Most Expensive City in the World,” you’ll discover that Singapore retains its title as the world’s most expensive city for the third year in a row, according to the latest cost-of-living survey by the Economist Intelligence Unit (EIU), a division of London-based The Economist magazine.
The newly-released study shows that Singapore – in spite of its most expensive city ranking – still offers relative value in some of the categories measured by EIU. For general basic groceries, Singapore offers the same value as New York, for example.
If you want to purchase and operate a car in Singapore, though, get ready for sky-high prices. Singapore is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement system, the study says.
Overall transport costs in Singapore also are expensive, 2.7 times higher than New York. On top of all that, Singapore is a very expensive city in which to buy clothes and pay for utility costs.
Jon Copestake, who has been editing the “Worldwide Cost of Living” study for EIU since its inception, told us that Singapore’s high prices are driven mainly by high real estate prices, retail rents and a wealthy population.
Chasing Singapore for the most expensive city in the world title are Zurich and Hong Kong, tied for second place. The cost of living in Hong Kong has shot up significantly over the last 12 months, moving Hong Kong up seven places in the rankings.
London, New York and Los Angeles moved up in the rankings this year to sixth, seventh and tenth place, respectively, displacing Sydney, Melbourne and Oslo. New York is in its highest position in the ranking since 2002 and has risen 42 places just since 2011, when it was barely among the 50 most expensive cities.