Move over Tokyo and Oslo, Singapore is now the most expensive city in the world

Singapore has taken lead on the list of the world’s most expensive cities to live in over the last decade. The city dethroned Tokyo to become the world’s most expensive city in 2014, according to the Economist Intelligence Unit’s (EIU) latest Worldwide Cost of Living survey.

The city topped 131 cities globally thanks to its strong currency combined with the high cost of running a car and soaring utility bills. It is also the most expensive place in the world to buy clothes. Other cities taking up the top five positions include Paris, Oslo, Zurich and Sydney while Tokyo fell to sixth place. Sharing the sixth place with Tokyo is Caracas, Geneva and Melbourne while Copenhagen is at number seven.

While the top 10 cities have two Asian countries, Asia continues to make up many of the world’s cheapest cities too, especially India. India’s two major cities, Mumbai and New Delhi were listed as the least expensive city and third cheapest in the world, respectively. Despite its potential for future growth, large income inequality is the reason behind its low-ranking which drives down household spending and creating many tiers of pricing that keep per capita spending low. Outside 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.

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The cities on the least expensive list include Riyadh, Jeddah, Panama City, Bucharest, Algiers, Damascus, Kathmandu, New Delhi, Karachi and Mumbai.

[Via – BBC]