Singapore is the most expensive city in the world to live in, but only if you’ve relocated there from abroad. That is the concession made by one of the city state’s tops officials after new data suggested that it is now ranked number one for the globes most expensive cities.
According to the latest cost-of-living index by the Economisrt Intelligence Unit, the island city was ahead of 130 other cities based on an aggregate of 400 various pricing indicators. In fact, it was the most expensive for buying clothes and its heavy reliance on imported goods is only exacerbating the matter.
Transport in the city, for example, is now three times the price of that in New York. The city was joined by Paris, Oslo, Zurich and Sydney, with Tokyo dropping from first place last year to number six on the list in 2014.
Jon Copestake, editor of the report, told Bloomberg upon its release earlier this month: “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.”
Now in the wake of the report, Singapore’s deputy prime minister Tharman Shanmugaratnam has dismissed the findings, suggesting that Singaporeans are able to meet their daily living expenses, with the EIU survey only aimed at measuring “expatriate costs of living in different parts of the world”.
Indeed, the Wall Street Journal reports that he told those convened at a budget debate in parliament last week the strong local currency means locals can now buy more for their money; especially as the state relies on imports for many essentials such as food and energy.
At the other end of the EIC’s table, Mumbai was ranked as the world’s least expensive city in which to live, followed by Karachi, New Delhi, Damascas, Kathmandu, Algiers, Bucharest, Panama City, Jeddah and Riyadh. London was ranked 15th on the list of most expensive cities.