FOR the fourth consecutive year, Singapore was named the costliest city in the world, based on the annual Economist Intelligence Unit’s Worldwide Cost of Living Survey.
Bloomberg reported Singapore’s ranking was due to the cost of owning a car being the highest in the world, as well as being the world’s second-priciest city for clothing.
Survey editor Jon Copestake told the publication: “Singapore’s position is skewed slightly by the complex system for buying and registering cars as well as relatively high incomes, which means it remains relatively affordable for many residents.”
In a separate research by UK-based property rental Nested, Singapore was found to be the world’s fifth most expensive city to rent a home.
On average, rental cost in the island nation stands at around US$3.35 per square foot, while monthly rent for an individual can set one back around US$1,404.
Hong Kong was named the world’s second costliest city followed by Zurich, Tokyo, and Osaka.
Asia’s heavy representation on the list reflects the swift rise of the region’s economy, which makes up about 40 percent of the global economy. By 2020, it is projected Asia will contribute to two-thirds of worldwide growth, the International Monetary Fund revealed.
Despite holding some of the world’s costliest metropolises, some of the cheapest cities are also in the region, namely New Delhi, Mumbai, Chennai, Karachi, and Bangalore.
At the same time, Shanghai – commonly a powerhouse on the annual list – slipped to 16th place from 11th last year due to “weakening consumption and a depreciation in the renminbi”.
The report measured the prices of over 150 items across 133 cities around the world.