Singapore is the most expensive city in the world as per Worldwide Cost of Living 2018 report by Economist Intelligence Unit (EIU).
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:
|6||Seoul, South Korea|
|9||Tel Aviv, Israel|
10 Cheapest Cities in the World:
|124||New Delhi, India|