There are different surveys out there and we often hear that Singapore is the world’s most expensive city. This is true according to a new survey conducted by the Economist Intelligence Unit (EIU). According to the EIU’s latest survey, the top five most expensive cities remained unchanged from 2014. It is rare for the top five countries to be on the same list twice.
The EIU set different attributes to compare the cost of living across the globe. EIU considered the prices of goods like food, clothing and drink. It does not end there because EIU also considered other factors like home rents, utility bills, transport, domestic help, school and recreational costs. If we want to know the result, here’s the list:
- Singapore: Singapore ranked the most expensive city for various factors. According to EIU, Orchard Road offers fifty percent higher shopping costs than New York. We also have this system of obtaining Certificate of Entitlement before purchasing a vehicle. This additional cost is tripled than those of New York transportation costs.
- Paris: EIU identified France’s capital Paris as the second most expensive city in the world.
- Oslo: Oslo is in Norway and according to the Worldwide Cost of Living Survey, it is the third costliest city in the world.
- Zurich: EIU acknowledged that Zurich is the fourth most expensive city in the world. Furthermore, EIU also mentioned that Zurich would be the world’s most expensive city at its current exchange rate. When it comes to recreation and entertainment, Zurich is the most expensive city.
- Sydney: Sydney made it to the top five of the most expensive city. It remained number five from last year.
Continuing the list, Melbourne is number six followed by Geneva, Copenhagen, Hong Kong and Seoul. Strikingly, no Japanese cities made it to the list. Tokyo and Osaka are usually included in the list of the most expensive cities but for this year, the cities are not included because of Japan’s weak inflation as well as the devaluation of Yen. Venezuela is noticeably not on the list too from last year’s number six. According to EIU, Venezuela is now enduring falling of oil prices, instability of currency and proliferating inflation.
According to EIU, Asian cities are the priciest locations in terms of grocery shopping. For example, in Seoul, the price tags of everyday food items are much higher than in United States. There are also Asian cities who dominated the list of cheapest cities like Karachi, Bangalore, Caracas, Mumbai, Chennai and New Delhi.