Singapore has been ranked the World’s Most Expensive City to Live In by the Economist Intelligence Unit, for the fifth year in a row.
Singapore beat out countries such as Zurich, Switzerland, Paris, France and Seoul to be ranked the world’s most expensive city in 2018.
The results were based on the Worldwide Cost of Living surveys, which is conducted twice a year, every March and September.
The basket of goods and services used for comparison included over 400 individual prices across 160 products and services.
These include, but are not limited to:
– Household supplies and personal care items
– Home rent
– Utility bills
– Private schools
– Domestic help
– Recreational costs
Singapore ranked especially high in terms of buying clothes – we are the 3rd most expensive city to purchase clothes in – and, of course, car prices.
Singapore is, once again, officially ranked the most expensive city in the world to buy cars.
Not least because the government just announced its plans to achieve zero-car growth last year, in hopes of curbing traffic jams and strain on public roads.
The latest COE prices, following the 8 March 2018 bidding prices, can bee seen here:
Apart from car prices, the report also found that Asian cities tend to be the “priciest locations for general grocery shopping” while European cities tend to charge more in the household, personal care, recreation and entertainment categories.
In 2014, the first year Singapore topped EIU’s most expensive city list (this is, as mentioned, our 5th year running on top of the list), DPM Tharman reminded the public that costs of living in EIU’s survey do not accurately reflect costs for locals.
He pointed out that EIU’s basket of goods and services included expensive branded items that Singaporeans could do without. For example, S’pore was ranked 3rd for cost of purchasing clothes, but the ‘clothes’ included ones from designer brands, and not, say, Uniqlo or pasar malam.
Nonetheless, in spite of its high costs, Singapore has also been ranked the best city to live in the world – for expats.