Do u know Singapore is worlds costliest city??? Singapore leapt five spots to top a global ranking of the most expensive cities as a stronger currency and price increases made it costlier to live in the island nation, according to the Economist Intelligence Unit. The republic beat Paris, Oslo, Zurich and Sydney, while Tokyo moved down to sixth position from first previously after the yen slid, the EIUs latest Worldwide Cost of Living Survey released today showed. The biannual report compares the price of products and services such as food, clothing, transport, private schools and domestic help between 131 cities using New York as a base. 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 islands 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. Singapores 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,” Jon Copestake, editor of EIU report, said in a statement. The Singapore dollar has gained more than 35% over the past decade. Annual inflation has averaged 2.8% in the past 10 years, compared with 1% in the previous decade, according to data compiled by Bloomberg. The Southeast Asian nation was ranked the fifth-most expensive location for expatriates out of 214 cities in Mercer LLCs 2013 Cost of Living Rankings. Luxury brands The city’s transport costs are almost three times higher than New York and it is the most expensive place to buy clothes globally as retailers import luxury European brands, the EIU said.
Posted on: Tue, 04 Mar 2014 08:10:17 +0000