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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:

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

10 Cheapest Cities in the World:

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