THE MOST EXPENSIVE CITY IN 2014
THE MOST EXPENSIVE CITY IN 2014
According to the biannual survey from the Economist Intelligence Unit (EIU), Singapore has taken the accolade of being the most expensive city in the world to live in 2014.
The survey calculates the cost of living for 131 metropolises around the world and compares price tags on hundreds of goods and services such as food, clothing and utilities.
The EIU compares more than 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.
CONTRIBUTING FACTORS
Among the contributing factors for Singapore's position are inflation, high transportation expenses and a lack of natural resources.
The report said: "As a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third-most expensive destination for utility costs.
"Cars have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car.
"It is also the most expensive place in the world to buy clothes.".
Other cities making up the top five most expensive cities to live in are Paris, Oslo, Zurich and Sydney, with Tokyo being the most expensive in 2013 fall to sixth place.
The 10 World's Most Expensive cities this year have been dominated by Asian and Australasian cities as well as some in Europe. They are: Singapore, Paris, Oslo, Zurich, Sydney, Caracas, Geneva, Melbourne, Tokyo and Copenhagen.
WORLD'S LEAST EXPENSIVE CITY IN 2014
* On the other hand, the EIU noted that Asian cities continue to make up many of the world's cheapest, especially in the Indian subcontinent. India's major cities Mumbai and New Delhi - were found to be amongst the least expensive in the world.
Mumbai's prices are kept low by large income inequality.
The low wages of many of the city's workers keep spending low, and government subsidies have helped them stay that way.
Outside of the subcontinent, Damascus in Syria saw the largest drop, becoming the fourth cheapest city in the world as the country's ongoing conflict has led to plummeting prices.
For more information visit the website: www.worldwidecostofliving.com.
According to the biannual survey from the Economist Intelligence Unit (EIU), Singapore has taken the accolade of being the most expensive city in the world to live in 2014.
The survey calculates the cost of living for 131 metropolises around the world and compares price tags on hundreds of goods and services such as food, clothing and utilities.
The EIU compares more than 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.
CONTRIBUTING FACTORS
Among the contributing factors for Singapore's position are inflation, high transportation expenses and a lack of natural resources.
The report said: "As a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third-most expensive destination for utility costs.
"Cars have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car.
"It is also the most expensive place in the world to buy clothes.".
Other cities making up the top five most expensive cities to live in are Paris, Oslo, Zurich and Sydney, with Tokyo being the most expensive in 2013 fall to sixth place.
The 10 World's Most Expensive cities this year have been dominated by Asian and Australasian cities as well as some in Europe. They are: Singapore, Paris, Oslo, Zurich, Sydney, Caracas, Geneva, Melbourne, Tokyo and Copenhagen.
WORLD'S LEAST EXPENSIVE CITY IN 2014
* On the other hand, the EIU noted that Asian cities continue to make up many of the world's cheapest, especially in the Indian subcontinent. India's major cities Mumbai and New Delhi - were found to be amongst the least expensive in the world.
Mumbai's prices are kept low by large income inequality.
The low wages of many of the city's workers keep spending low, and government subsidies have helped them stay that way.
Outside of the subcontinent, Damascus in Syria saw the largest drop, becoming the fourth cheapest city in the world as the country's ongoing conflict has led to plummeting prices.
For more information visit the website: www.worldwidecostofliving.com.
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