For the first time, Singapore was ranked as the most expensive city in the world to live in according to the latest Worldwide Cost of Living Survey conducted by the Economist Intelligence Unit twice a year.
The survey takes a look at 400 individual prices across 160 products and services in 131 cities, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs. (CNN)
Singapore, smaller in size than New York City, has seen home prices surge to records in recent years amid rising wealth and an influx of foreigners. The expansion of the island’s private banking industry and the presence of regional hubs for global companies have drawn more top talent, and senior executives in Singapore are earning more than those in Hong Kong, according to human resources consultant Towers Watson & Co. (Bloomberg)
The report also indicated that transportation costs in Singapore are 3 times higher than in New York City.
Out of the 131 cities surveyed, Panama City, which is where our Live and Invest Overseas office is located, was ranked as the 124th least expensive along with cities in India and Saudi Arabia.
Here is the full top 10 list of the most and least expensive cities for 2014:
World’s 10 most expensive cities to live in 2014
3. Oslo, Norway
4. Zurich, Switzerland
6. Caracas, Venezuela
6. Geneva, Switzerland
7. Copenhagen, Denmark
World’s 10 least expensive cities to live in 2014
122. Riyadh, Saudi Arabia
123. Jeddah, Saudi Arabia
124. Panama City, Panama
124. Bucharest, Romania
126. Algiers, Algeria
127. Damascus, Syria
127. Kathmandu, Nepal
129. New Delhi
130. Karachi, Pakistan
131. Mumbai, India