Singapore has been found to be the world’s most expensive city for the fifth straight year in the Economist Intelligence Unit’s latest Worldwide Cost of Living report, with Paris and Zurich tied for second place.
Asia Pacific and European destinations took over the survey rating highly as the most costliest cities identified in the report released this week, including, but not surprisingly, Sydney rising 4 spots to be ranked as the 10th most expensive city in the world.
The EIU survey is designed to help companies calculate cost-of-living allowances and build compensation packages for expatriates and business travellers.”Currency fluctuations continue to be a major cause for changes in the ranking,” the EIU said.
A week dollar in the US meant no American cities made the top 10, despite a relative rise in the cost of living.
Paris is the only European city that made the survey even as the euro held in the last quarter. The EIU said the French capital remained “structurally extremely expensive to live in, with only alcohol, transport and tobacco offering value for money compared with other European cities.”
Car ownership was a factor behind Singapore’s top ranking. However, the report noted that the city-state remains significantly cheaper than its peers in terms of household goods and hiring domestic help.