Living in Asia’s top cities most expensive, Singapore, Hong Kong remain on top
Cities in Asia are becoming more and more expensive to live for expatriates and locals alike, the newly released Worldwide Cost of Living report 2017 by the Economic Intelligence Unit (EIU) shows. Asia now accounts for half of the ten most expensive cities ranked worldwide.
Singapore “defended” its title as the world’s most expensive city to live in for the fourth consecutive year and Hong Kong remains second, closely followed by Zurich. The latest survey has also seen a return to the top ten most expensive cities for Tokyo and Osaka. The Japanese capital, which was the world’s most expensive city until 2012, has moved seven places up the ranking owing to a sustained recovery in the strength of the Japanese yen. The fifth most expensive city in Asia in the list is Seoul.
The EIU determines the cost of living in the cities by comparing more than 400 individual prices across 160 products and services, including food, drink, clothing, household supplies and personal care items, home rents, transport and car costs, utility bills, private schools, domestic help, recreational costs and relocation expenses for expats.
“Singapore remains the most expensive place in the world to buy and run a car, as well as the second-priciest destination in which to buy clothes,” the report said, but noted that for categories such as personal care, household goods and domestic help, Singapore remains “significantly cheaper” than its peers.
In terms of food and drink the cost of living in Singapore is on a par with that of Shanghai in China. Seoul, Tokyo and Osaka present the three most expensive places in the world to buy staple goods. In Seoul, topping up a grocery basket is almost 50 per cent more expensive than in New York.
The rise in the relative cost of living in Seoul has been significant over the past decades. The South Korean capital, which ranked as low as 50th just seven years ago, now occupies place six. This rise contrasts with a fall among Chinese cities, where weakening consumption growth and a steady devaluation of the renminbi has resulted in China’s urban centers moving down the ranking by between five and 16 places each.
New York is the lone North American representative in the top ten, while Western Europe accounts for a further four cities, Zurich, Geneva, Paris and Copenhagen.
The five cheapest cities to live in the EIU ranking are Almaty, Lagos, Bangalore, Karachi and Algiers.
Cities in Asia are becoming more and more expensive to live for expatriates and locals alike, the newly released Worldwide Cost of Living report 2017 by the Economic Intelligence Unit (EIU) shows. Asia now accounts for half of the ten most expensive cities ranked worldwide. Singapore "defended" its title as the world’s most expensive city to live in for the fourth consecutive year and Hong Kong remains second, closely followed by Zurich. The latest survey has also seen a return to the top ten most expensive cities for Tokyo and Osaka. The Japanese capital, which was the world’s most expensive...
Cities in Asia are becoming more and more expensive to live for expatriates and locals alike, the newly released Worldwide Cost of Living report 2017 by the Economic Intelligence Unit (EIU) shows. Asia now accounts for half of the ten most expensive cities ranked worldwide.
Singapore “defended” its title as the world’s most expensive city to live in for the fourth consecutive year and Hong Kong remains second, closely followed by Zurich. The latest survey has also seen a return to the top ten most expensive cities for Tokyo and Osaka. The Japanese capital, which was the world’s most expensive city until 2012, has moved seven places up the ranking owing to a sustained recovery in the strength of the Japanese yen. The fifth most expensive city in Asia in the list is Seoul.
The EIU determines the cost of living in the cities by comparing more than 400 individual prices across 160 products and services, including food, drink, clothing, household supplies and personal care items, home rents, transport and car costs, utility bills, private schools, domestic help, recreational costs and relocation expenses for expats.
“Singapore remains the most expensive place in the world to buy and run a car, as well as the second-priciest destination in which to buy clothes,” the report said, but noted that for categories such as personal care, household goods and domestic help, Singapore remains “significantly cheaper” than its peers.
In terms of food and drink the cost of living in Singapore is on a par with that of Shanghai in China. Seoul, Tokyo and Osaka present the three most expensive places in the world to buy staple goods. In Seoul, topping up a grocery basket is almost 50 per cent more expensive than in New York.
The rise in the relative cost of living in Seoul has been significant over the past decades. The South Korean capital, which ranked as low as 50th just seven years ago, now occupies place six. This rise contrasts with a fall among Chinese cities, where weakening consumption growth and a steady devaluation of the renminbi has resulted in China’s urban centers moving down the ranking by between five and 16 places each.
New York is the lone North American representative in the top ten, while Western Europe accounts for a further four cities, Zurich, Geneva, Paris and Copenhagen.
The five cheapest cities to live in the EIU ranking are Almaty, Lagos, Bangalore, Karachi and Algiers.
