Why Singapore Was Named World's Most Expensive City To Live In 2014
Singapore topped 131 cities globally and was named the world's most expensive city to live in 2014 by the Economist Intelligence Unit (EIU).
By Melody Oei — 04 Mar 2014, 10:01 AM — Updated over 10 years ago
Out Of 131 Cities Globally, The Economist Intelligence Unit (EIU) Named Singapore The World's Most Expensive City To Live In 2014
The survey is based on a compilation of price information of more than 160 items-from food, toiletries and clothing to domestic help, transport and utility bills in 131 cities.
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Singapore has topped 131 cities globally to become the world's most expensive city to live in 2014, according to the Economist Intelligence Unit (EIU).
Due To The 40% Currency Appreciation, Coupled With Inflation, Singapore Has Been Pushed Up The Ranking
The report by EIC states that Singapore’s claim of the world’s most expensive city is nothing much of a surprise as the city state has been moving steadily up the ranking over the last decade and even seen the cost of living compared with New York City declining over the span of the last 12 months.
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"As A City-State With Very Few Natural Resources To Speak Of, Singapore Is Reliant On Other Countries For Energy And Water Supplies, Making It The Third Most Expensive Destination For Utility Costs"
The proliferation of expensive malls and boutiques on Orchard Road also make Singapore the priciest place in the world in which to buy clothes,” says an EIU press release.
theindependent.sg
It Is Also The Most Expensive Place In The World To Buy Clothes
“Equally, the proliferation of expensive malls and boutiques on Orchard Road (Singapore’s retail hub) import luxury European brands to satisfy a wealthy and fashion conscious consumer base. This means that Singapore is the priciest place in the world in which to buy clothes.” – EIC
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Tokyo, Which Traditionally Hogged The Dubious Title Of Being The Most Expensive City, Was Pushed To The Sixth Spot
Tokyo, which traditionally hogged the dubious title of being the most expensive city, has been pushed to the sixth spot because of its weak yen despite a return to inflation. Hong Kong is in the 13th spot.
theindependent.sg
The top 10 cities this year have been dominated by Asian and Australasian cities as well as some in Europe.
"Improving sentiment in structurally expensive European cities combined with the continued rise of Asian hubs means that these two regions continue to supply most of the world's most expensive cities," said the editor of the report, Jon Copestake.
SEE ALSO: The 10 Least Expensive Cities In The World
Damascus have joined the ranks of the cheapest cities with a drop of 11 positions mainly due to the unfolding crisis in Syria and its impact on the country’s exchange rates.
theonlinecitizen.com
Although the cities may be cheap to live in but some might be put off by the security risk posed in countries where the cities are situated in. For example, Pakistan, Nepal, Syria and Algeria are featured in the bottom ten, but the countries have had well documented security issues or domestic unrest.
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