SINGAPORE WORLD’S
COSTLIEST CITY
The soaring cost of cars and utilities as well as a
strong currency have made Singapore the world’s expensive city, toppling Tokyo
from the top spot, according to a global survey. Tokyo’s weakening yen saw it slide to sixth
place, the position previously occupied by Singapore, in the 2014 Worldwide
Cost of Living survey by the Economist Intelligence Unit. According to the report, Karachi & Mumbai
are the cheapest cities of the world.
Singapore’s rising price prominence has been steady
rather than spectacular. It is said that 40 percent rise in the Singapore
dollar along with solid price inflation
pushed the country to the top of the twice-yearly survey from 18th a
decade ago. The survey, which examines prices across 160 products and services in
14-0 cities, is aimed at helping companies calculate allowances for executives
being sent overseas. Singapore’s curb on car ownership, which include a quota
system and high taxes made it significantly more expensive than any other
location when it comes to running a car.
Overall transport costs in Singapore are almost
three times higher than those in New York. In addition 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. It is also noted that Singapore is the priciest place in the
world to buy clothes, as malls and boutiques in its popular Orchard Road retail hub import luxury
European brands to satisfy a wealthy and fashion conscious consumer base.
Singapore has one of the world’s highest concentrations of millionaires
relative to its 5.4 million population. It per capita income of more than $55000
in 2012 masks a widening income gap between the richest and poorest. In Europe,
Paris rose six places to become the world’s second most expensive city a trend
the EIU and indicative of recovering European prices and currencies.
