Singapore is now the world’s most expensive city to live in, according to the Economic Intelligence Unit (EIU). The city-state beat the likes of Paris, Oslo, Zurich and Sydney to clinch the top spot.
The lion city moved five spots up from the same list last year. Currency appreciation, rising utility bills and high car costs contributed to Singapore’s latest ranking.
“In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs,” said an EIU press release.
“Equally, the proliferation of expensive malls and boutiques on Orchard Road (Singapore’s retail hub) import luxury European brands to satisfy a wealthy and fashion conscious consumer base. This means that Singapore is the priciest place in the world in which to buy clothes.”
The EIU’s findings may not come as a surprise to some considering how the Singapore Budget 2014 seemed to have shed light to the country’s higher costs of living. An example is the one-off U-Save Special Payment, a S$110 million programme to be paid out on top of the regular U-Save payments. Households in a two-room flat will now receive an additional S$260 on top of the current U-Save payment of the same value (total of $520).
Meanwhile, at the other end of the EIU table, cities like Mumbai, Karachi, New Delhi, Damascus and Kathmandu form the top five cheapest cities to live in.
The results were generated from the Worldwide Cost of Living survey conducted by the EIU, comparing more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills and private schools.