Singapore has once again snagged the notorious title of ‘most expensive city in the world’, this time sharing the top spot with New York. We also hold the dubious honour of being the costliest city for the eighth time in ten years, according to the Worldwide Cost of Living (WCOL) index from London-based Economist Intelligence Unit (EIU).
The world’s biggest cities are not having it easy this year. The WCOL survey shows that prices have risen by an average of 8.1 percent in local currency terms over the past year – the fastest rate for at least 20 years. Singapore (and New York) face some of the strongest inflation rates, and because the WCOL survey converts local currency into US dollars during its evaluations, our strong currency has also contributed to our high position in the rankings.
The EIU attributes these trends to the lingering effects of Covid-19 and the Ukraine war, impacting cost of goods, petrol, rentals, utilities, and more. We do feel the pinch – just look at how soaring inflation, rental rates, petrol prices, and general cost of living concerns have dominated 2022 headlines here in Singapore.
There may be a light at the end of the tunnel – EIU says that price increases are set to ease next year. And if it’s any consolation, the Ministry of Manpower’s 2022 labour force report reported rising income and employment rates for Singaporeans and PRs too. But if you're still concerned, you can keep going back to these affordable, delicious eats and totally free activities in Singapore to keep having a good time without burning a hole in your pocket.
These are the top 10 most expensive cities in the world right now:
1. Singapore
1. New York
3. Tel Aviv
4. Hong Kong
4. Los Angeles
6. Zurich
7. Geneva
8. San Francisco
9. Paris
10. Copenhagen
10. Sydney
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