Singapore is now world’s most expensive city

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Singapore shoppingSingapore has been named the most expensive city globally by the new Worldwide Cost of Living Survey released by the Economist Intelligence Unit (EIU) on March 4. The city state surpassed Tokyo and jumped five spots to top as a stronger currency and price increases made it costlier to live in there.

The country beat Paris, Oslo, Zurich and Sydney, while Tokyo moved down to sixth position from first previously after the yen slid. The biannual report compares the price of products and services such as food, clothing, transport, private schools and domestic help between 131 cities using New York as a base.

Singapore, smaller in size than New York City, has seen home prices surge to records in recent years amid rising wealth and an influx of foreigners. The expansion of the island’s private banking industry and the presence of regional hubs for global companies have drawn more top talent, and senior executives in Singapore are earning more than those in Hong Kong, according to human resources consultant Towers Watson & Co.

“Singapore’s rise is partially attributable to the continued strength of the Singapore dollar, but the city has seen price rises too which have no doubt been compounded by a reliance on imports,” Jon Copestake, editor of EIU report, said in a statement.

The Singapore dollar has gained more than 35 per cent over the past decade. Annual inflation has averaged 2.8 per cent in the past 10 years, compared with 1 per cent in the previous decade, according to data compiled by Bloomberg. The Southeast Asian nation was ranked the fifth-most expensive location for expatriates out of 214 cities in Mercer LLC’s 2013 Cost of Living Rankings.

The city’s transport costs are almost three times higher than New York and it is the most expensive place to buy clothes globally as retailers import luxury European brands, the EIU said. Car buyers in Singapore must pay for excise and registration duties that more than double the vehicle’s market value. They must also bid for a limited number of permits that are auctioned by the government, a tool it uses to control pollution and congestion.

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Singapore has been named the most expensive city globally by the new Worldwide Cost of Living Survey released by the Economist Intelligence Unit (EIU) on March 4. The city state surpassed Tokyo and jumped five spots to top as a stronger currency and price increases made it costlier to live in there. The country beat Paris, Oslo, Zurich and Sydney, while Tokyo moved down to sixth position from first previously after the yen slid. The biannual report compares the price of products and services such as food, clothing, transport, private schools and domestic help between 131 cities using New York...

Reading Time: 2 minutes

Singapore shoppingSingapore has been named the most expensive city globally by the new Worldwide Cost of Living Survey released by the Economist Intelligence Unit (EIU) on March 4. The city state surpassed Tokyo and jumped five spots to top as a stronger currency and price increases made it costlier to live in there.

The country beat Paris, Oslo, Zurich and Sydney, while Tokyo moved down to sixth position from first previously after the yen slid. The biannual report compares the price of products and services such as food, clothing, transport, private schools and domestic help between 131 cities using New York as a base.

Singapore, smaller in size than New York City, has seen home prices surge to records in recent years amid rising wealth and an influx of foreigners. The expansion of the island’s private banking industry and the presence of regional hubs for global companies have drawn more top talent, and senior executives in Singapore are earning more than those in Hong Kong, according to human resources consultant Towers Watson & Co.

“Singapore’s rise is partially attributable to the continued strength of the Singapore dollar, but the city has seen price rises too which have no doubt been compounded by a reliance on imports,” Jon Copestake, editor of EIU report, said in a statement.

The Singapore dollar has gained more than 35 per cent over the past decade. Annual inflation has averaged 2.8 per cent in the past 10 years, compared with 1 per cent in the previous decade, according to data compiled by Bloomberg. The Southeast Asian nation was ranked the fifth-most expensive location for expatriates out of 214 cities in Mercer LLC’s 2013 Cost of Living Rankings.

The city’s transport costs are almost three times higher than New York and it is the most expensive place to buy clothes globally as retailers import luxury European brands, the EIU said. Car buyers in Singapore must pay for excise and registration duties that more than double the vehicle’s market value. They must also bid for a limited number of permits that are auctioned by the government, a tool it uses to control pollution and congestion.

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