Singapore named most expensive city in the world

Singapore has unseated Tokyo and becomes the world’s most expensive city in 2014 to live-in. According to the Economist Intelligence Unit Singapore emerges as the costliest city in the world compare to other 130 global cities.

“Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car,” the EIU report says. “As a result, transport costs in Singapore are almost three times higher than in New York. In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs,” it reads. “Singapore’s rise is partially attributable to the continued strength of the Singapore dollar, but the city has seen price rises too which have no doubt been compounded by a reliance on imports,” Jon Copestake, editor of the EIU report, told Bloomberg. Last year’s costliest city Tokyo slides down to sixth place along with Melbourne, Geneva and Caracas. Other expensive cities include Paris, Oslo, Zurich and Sydney. London is declared as the 15th most expensive city to live in 2014 while New York is in 26th place.

The study reveals that the cities from the Middle East and the Asian subcontinent are the cheapest to live in. EIU declared Mumbai as the world’s least expensive city to live in ahead of Pakistan’s Karachi and Indian capital, New Delhi. “Although India has been tipped for future growth, much of this is driven by its large population and the untapped potential within the economy,” says the EIU. “Income inequality means that low wages proliferate, driving down household spending and creating many tiers of pricing that keep per capita spending low. This, combined with a cheap and plentiful supply of goods into cities, as well as government subsidies on some products, has kept prices down, especially by Western standards,” the EIU report explains.

Here are the top 10 MOST expensive cities of the World:

Here are the top 10 LEAST expensive cities of the World:

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