Singapore ranked world’s most expensive city by EIU
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SINGAPORE: Singapore has jumped to the top of the Economist Intelligence Unit's (EIU) ranking of the world's most expensive cities, overtaking the likes of Tokyo and Osaka as the Singapore dollar appreciated against the yen.
Singapore was ranked sixth in the EIU's survey last year, behind the two Japanese cities, Sydney, Oslo and Melbourne.
According to the EIU, Osaka and Tokyo fell off the top of its cost of living ranking because of the weaker yen.
Tokyo, the most expensive city to live in for 2013, fell to joint sixth place alongside Caracas, Geneva and Melbourne, while Paris is second, ahead of Oslo, Zurich and Sydney.
Ten years ago, Singapore was number 18 on the list.
The EIU report compares the price of products and services such as food, clothing, transport and domestic help among 140 cities with New York city as a base.
According to the survey, Singapore's curbs on car ownership, which include a quota system and high taxes, make it the most expensive city to run a car.
A new Toyota Corolla Altis, for example, could cost as much as US$110,000 in Singapore but only US$35,000 in Malaysia.
And overall transport costs in Singapore are almost three times higher than those in New York.
But the survey does not include public transport, which is most commonly used by Singaporeans.
In addition, the lack of natural resources and energy supplies means Singapore is the third most expensive city for utility costs.
The survey also shows that Singapore is the priciest place in the world to buy clothes, as shopping malls along the prime Orchard Road shopping belt import luxury European brands.
As for housing, Singapore, being smaller in size than New York City, has seen home prices jump to record highs in recent years amid rising wealth and an influx of foreigners.
But the survey does not include public housing.
And it must be noted that the EIU survey is aimed at helping companies and HR managers calculate allowances for executives or expatriates being sent overseas.
This means that their spending patterns may differ from locals. Hence, while cars and utilities are expensive, public transport and hawker food in Singapore are cheaper than in most developed cities.
And latest data also show that in January, consumer prices in Singapore rose at their slowest pace in four years, rising by 1.4 per cent from a year ago.
- CNA
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Excellent and joyful news for auncle lee hsien loong. Win tokyo, sing dollars made very strong that has to do with MAS controlled by auncle loong. Loong = insatiable greed for $$$$$.
Bad news for those non elites who are struggling to make ends meet. Reminder, PAP Town Council service and conservancy charge and transport fares going to increase in April . Happy paying ..... hahaha!
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More companies will close their operations here and invest in other countries...
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we are not expensive lah.
really.
hdbs are affordable.
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win liao loh
literally.
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survey does not include public transport and public housing
survey aims at calculating allowances for expatriates
evil
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Many great cities of the world do not want to become the most expensive city in the world...Singapore becomes the "scape goat" it seem.
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ppl from all over the world will think Singaporeans are rich.. which is not the case. The rich gets richer and the poor just gets poorer.
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Foreigners who are working in Singapore now or in the past know that Singaporeans are not rich......the world already knows about it too....and they laugh at Singapore and Singaporeans....
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True there is a huge gap between the rich and poor. Singapore being falsely advertised to the world leh.
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Yes because Singapore got all the fundementals wrong.
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Poor me... I left Geneva thinking It was the most expensive place in the world.. And after moving here I realize how this place is much more expensive :p
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so you going back? or elsewhere? tokyo?
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Are we supposed to be cheaper better faster or more expensive?
I am confused now.
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chop expats carrot head
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Your posts all damn cryptic.
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Originally posted by FireIce:
chop expats carrot head
no wor this repork will justify their increased allowances
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Last time, we used to joke about Sg being the most expensive country in the world to live in, about beating HK and Tokyo.
Now, it really happened.
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:lol: not now, but in the forseeable future
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Govt has finally made it to the top. What's next?
Make it to the top for creaTing the greatest income gap ?
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Originally posted by TehJarVu:
no wor this repork will justify their increased allowances
and then come here throw money on this and that and spoil market
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They can come up with world's greediest govt, singapore sure 100 percent top the list .
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Originally posted by charlize:
Are we supposed to be cheaper better faster or more expensive?
I am confused now.
Sg taxis run on 2 meters, cheaper if base on one meter and expensive if you get the surcharge. confusing?
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Firelce> I go where my company ask me to go... Sometimes I would like to be like these banksters that I cross in Raffles place, the pocket full of money... ready to throw it for fun in hype places... But I'm not this kind of expat, I' m just a modest engineer... So, If tomorrow my firm ask me to go in Tokyo to open an office, I'll go, even if my wallet will suffer again ;)
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Originally posted by rØgnVald:
Poor me... I left Geneva thinking It was the most expensive place in the world.. And after moving here I realize how this place is much more expensive :p
Geneva is a nice place not so crowded.