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04-03-2014, 11:00 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
http://www.economywatch.com/news/sin...eiu.04-03.html (http://www.economywatch.com/news/singapore-is-worlds-most-expensive-city-eiu.04-03.html)
Singapore Is World’s Most Expensive City: EIU
By: EW News Desk Team * Date: 3 March 2014
About The Author
Latest news about the state of the world economy. EconomyWatch,*News Desk Team
*
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03 March 2014
Singapore is the world’s most expensive city to live in, according to the Economist Intelligence Unit’s (EIU) latest Worldwide Cost of Living survey, replacing Tokyo at the top, after moving up five spots this year.
Singapore “has some structurally expensive items that skew the overall cost of living upwards,” said the report.
Notably, it is significantly more expensive to own a car in Singapore than any other location in the world, because cars in Singapore come with very high certificate of entitlement fees attached to them. As a result, transport costs in Singapore are almost three times higher than in New York – the base city for measurement.
In addition, with virtually no natural resources, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs.
The EIU noted that Singapore’s rising price prominence “has been steady rather than spectacular.”
A decade ago, Singapore was the 18th most expensive city in the world, but over the last decade a 40 percent currency appreciation, coupled with solid price inflation, has consistently pushed Singapore up the ranking.
Last year’s most expensive city, Tokyo, also saw a significant drop in its ranking, as a result of the government’s currency policies, which has seen the yen depreciate by more than 30 percent against the U.S. dollar since September 2012.
“Despite Abenomics driving consumer confidence and price inflation, a weaker yen has pushed Osaka and Tokyo away from the top of the cost of living ranking, this has paved the way for Singapore, which has been steadily moving up the ranking over the last decade, to claim the unenviable title of world’s most expensive city,” the report noted.
Related: Singapore Home To World’s Top-Earning Expats: Study
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Related: The 10 Priciest Streets On The Planet
The EIU's Worldwide Cost of Living Survey looks at more than 400 individual prices to determine the cost of living. The top ten cities this year were (in order of ranking): Singapore, Paris, Oslo, Zurich, Sydney, Caracas (joint-6th), Geneva (joint-6th), Melbourne (joint-6th), Tokyo (joint-6th) and Copenhagen.
The ten least expensive cities were Mumbai, Karachi, New Delhi, Damascus, Kathmandu, Algiers, Bucharest, Panama City, Jeddah and Riyadh.*
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?176357-HUAT-AH!-foreigners-learns-Sg-is-not-the-place-to-come&goto=newpost).
http://www.economywatch.com/news/sin...eiu.04-03.html (http://www.economywatch.com/news/singapore-is-worlds-most-expensive-city-eiu.04-03.html)
Singapore Is World’s Most Expensive City: EIU
By: EW News Desk Team * Date: 3 March 2014
About The Author
Latest news about the state of the world economy. EconomyWatch,*News Desk Team
*
inShare
1 ** ** ** *
03 March 2014
Singapore is the world’s most expensive city to live in, according to the Economist Intelligence Unit’s (EIU) latest Worldwide Cost of Living survey, replacing Tokyo at the top, after moving up five spots this year.
Singapore “has some structurally expensive items that skew the overall cost of living upwards,” said the report.
Notably, it is significantly more expensive to own a car in Singapore than any other location in the world, because cars in Singapore come with very high certificate of entitlement fees attached to them. As a result, transport costs in Singapore are almost three times higher than in New York – the base city for measurement.
In addition, with virtually no natural resources, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs.
The EIU noted that Singapore’s rising price prominence “has been steady rather than spectacular.”
A decade ago, Singapore was the 18th most expensive city in the world, but over the last decade a 40 percent currency appreciation, coupled with solid price inflation, has consistently pushed Singapore up the ranking.
Last year’s most expensive city, Tokyo, also saw a significant drop in its ranking, as a result of the government’s currency policies, which has seen the yen depreciate by more than 30 percent against the U.S. dollar since September 2012.
“Despite Abenomics driving consumer confidence and price inflation, a weaker yen has pushed Osaka and Tokyo away from the top of the cost of living ranking, this has paved the way for Singapore, which has been steadily moving up the ranking over the last decade, to claim the unenviable title of world’s most expensive city,” the report noted.
Related: Singapore Home To World’s Top-Earning Expats: Study
Sign-up for our
eNewsletter
First NameLast NameEmail
We respect your privacy
Related: The 10 Priciest Streets On The Planet
The EIU's Worldwide Cost of Living Survey looks at more than 400 individual prices to determine the cost of living. The top ten cities this year were (in order of ranking): Singapore, Paris, Oslo, Zurich, Sydney, Caracas (joint-6th), Geneva (joint-6th), Melbourne (joint-6th), Tokyo (joint-6th) and Copenhagen.
The ten least expensive cities were Mumbai, Karachi, New Delhi, Damascus, Kathmandu, Algiers, Bucharest, Panama City, Jeddah and Riyadh.*
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?176357-HUAT-AH!-foreigners-learns-Sg-is-not-the-place-to-come&goto=newpost).