The City of Singapore still holds onto the title of being the most expensive city in the world and unshockingly being on their 5th year now. This was according to the latest findings of the Economist Intelligence Unit’s Worldwide Cost of Living Survey. The survey that compared the price of over 150 items in 133 cities around the world found that Singapore was 16% more expensive than New York.
One of the reasons why Singapore holds this title is because of its capacity to reflect a regional trend with Asian hubs now making up many of the world’s most expensive cities. The three major Asian cities in the top is Singapore, Seoul and Hong Kong. They are competing against each other for being the most expensive country in Asia.
The Philippines ranks 101st in the most expensive city in the world. One of the main reason is that the cost of living here in the Philippines is not that expensive that living in other countries. Exchange-rate volatility has meant that, while Asian cities have largely risen in cost of living terms, many urban centers in China and Australia have seen contrasting movements from year to year.
India and Pakistan account for four of the ten cheapest cities, with Bangalore, the cheapest city in Asia, being over two and half times cheaper than Singapore, the most expensive city.
Elsewhere in the world, a stronger euro has pushed Western European cities up the rankings, with Paris rising as much as five places to second position.
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