Singapore is the most expensive city in the world, according to a survey conducted by the Economist Intelligence Unit aimed at cities with the most expensive standard of living in 2016. This is the third consecutive year when Singapore is first in the top, reports CNN.
Report annually which includes 133 cities and ranked according to cost of living standards, put Singapore in first place due to high transport costs and utilities.
“It is the most expensive place to buy and you drive a car,” the report said. No public transport is not cheaper, being 2.7 times higher than in New York.
However, the cost of basic foods is low compared with its Asian neighbors: Seoul (33% higher), Hong Kong (28%) and Tokyo (26%).
On two places in the ranking are Zurich and Hong Kong, climbing seven places in the latest top compared to last year.
Of all the cities in the top 10, New York has the most spectacular growth, being up 42 places compared to 2011.
Regarding the place of top US cities New York and Los Angeles, EIC put the increase on “currency fluctuations and local prices less growth.”
Top 10 most expensive cities in the world in 2016
2. Zurich, Switzerland
2. Hong Kong
4. Geneva, Switzerland
7. New York
8. Copenhagen, Denmark
8. Seoul, South Korea
8. Los Angeles
Asia has six of the cheapest cities in the top 133, four of them in India: New Delhi, Mumbai, Bangalore and Chennai. Lusaka, capital of Zambia, is the cheapest city on the list.
The cheapest cities in 2016
124. Damascus, Syria
124. Caracas, Venezuela
126. New Delhi, India
127. Almaty, Kazakhstan
127. Algiers, Algeria
127. Chennai, India
127. Karachi, Pakistan
131. Mumbai, India
132. Bangalore, India
133. Lusaka, Zambia