Singapore ranked 9th in World’s Costliest Cities Survey
What aspects do you usually think about when you consider moving to a particular place? The food, weather, transportation, living expenses, and safety are most popular things people would like to compare between cities. Then how about investing or having business to start? Besides costs, you may consider more about the economic environment, currency, and the local government’s economic policy. As a leading economic center of South East Asia, even the whole Asia, Singapore has been a popular place for investors and entrepreneurs all around the world who choose to establish their company incorporated in Singapore. Now according to the latest Worldwide Cost of Living (WCOL) Survey conducted by the prestigious Economic Intelligence Unit (EIU), Singapore ranks 9th among the top 50 famous cities all over the world.
The survey allows for city-to-city comparisons. However, for the purpose of this report, all cities are compared to the base city of New York, which has an index set at 100. Among the top 50 most expensive cities, Western Europe accounts for 24 cities while 14 cities hail from Asia. Over the last few years, strong currency movements have been observed in Asian countries especially Japan. Investors are looking for a haven currency outside the beleaguered Eurozone that is one reason why Asian cities are getting popular for them. As well as currency movement, structural factors maintain the high cost of living in many of the top cities.
The worldwide Cost of Living is a bi-annual (twice yearly) report initiated by the Economist Intelligence Unit survey which compares more than 400 individual prices across 160 products and services. They include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.
Singapore’s presence in the top ten highlights a shift away from Western Europe towards Asian hubs. With an index score of 142 points, Singapore is the ninth most expensive city to live in.