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Singapore is world’s most expensive city: Worldwide Cost of Living 2018

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Singapore is the most expensive city in the world as per Worldwide Cost of Living 2018 report by Economist Intelligence Unit (EIU).

Singapore is world’s most expensive city: Worldwide Cost of Living 2018

About Worldwide Cost of Living:

Worldwide Cost of Living is a bi-annual study of 133 cities conducted by London-headquartered Economist Intelligence Unit.

  • It serves as a reference for companies to calculate cost-of-living allowances and prepare compensation packages for expatriates and business travellers.
  • To derive the rankings, cost of more than 100 items such as cars, food, rent and clothing were compared across 133 cities.

Worldwide Cost of Living 2018 – Highlights:

Singapore has retained its title as the world’s most expensive city for the fifth consecutive year.

  • Japan’s capital Tokyo, which was the most expensive city until 2013, dropped out of the top 10 in this edition on account of low inflation prevailing in Japan.
  • The report outlined that currency fluctuations continue to be a major cause for changes in the ranking.
  • Europe is now home to 5 out of the top 10 most expensive cities of the world. This can be largely attributed to Euro strength in recent times.
  • Similarly, due to weak US Dollar, none of the US cities featured in the top 10.
  • Interestingly, Britain’s cities are at their cheapest level internationally in more than two decades. This is primarily due to economic uncertainty following the 2016 Brexit vote.
  • Syrian capital Damascus, which is in midst of a political turmoil, is the cheapest city in the world.
  • India’s capital New Delhi along with Chennai and Bengaluru has featured in the ten cheapest cities of the world.

10 Most Expensive Cities in the World:

2Paris, France
3Zurich, Switzerland
4Hong Kong
5Oslo, Norway
6Geneva, Switzerland
6Seoul, South Korea
8Copenhagen, Denmark
9Tel Aviv, Israel
10Sydney, Australia

10 Cheapest Cities in the World:

133Damascus, Syria
132Caracas, Venezuela
131Almaty, Kazakhstan
130Lagos, Nigeria
129Bengaluru, India
127Karachi, Pakistan
127Algiers, Algeria
126Chennai, India
124Bucharest, Romania
124New Delhi, India