According to the latest edition of the cost of living survey issued by Economist Intelligence Unit, Singapore has been named the most expensive city for the fifth consecutive year.
Singapore has an index score of 116 followed by Paris and Zurich with a score of 112 each.
Hon Kong, Tel Aviv, Sydney, Copenhagen are some of the other cities which feature in top 10.
The survey was conducted across 133 major cities in the world. The index was calculated based on prices of basic 160 goods and commodities in each city. These basic commodities and products include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.
The currency devaluation was also considered during index evaluation.
Singapore is undoubtedly one of the strongest economies of the world. The Singaporean government is open to foreign investment. One-third of the workforce in the country comprises of foreign nationals. This has inevitably raised the cost of living and some of the basic commodities.
Also, Singapore city is a country too. With the constraint for land space, the accommodation prices have gone up. Most of the food products are imported. The public transport is cheap though but the price of cars in extremely high making it the most expensive commodity. It is not easy for an ordinary citizen of Singapore to own a car. It would take the minimum of $100,000 to buy a sedan. Also, the fossil fuels are being imported. The taxes are also high whereas the education is cheap.
The survey also includes top 10 cheapest cities to live in. Damascus (Syria) is the cheapest city to live in and Chennai, Bangalore, and New Delhi features in this list of top 10.