Asia is now home to 5 out of the top 6 most expensive cities in the world, with the wealth management hub of Singapore retaining its spot as the most expensive. Is it good for business?
In the latest Economist Intelligence Unit Worldwide Cost of Living Report Asian cities take up 5 of the top 6 places. In 3rd place overall, Zurich is the most expensive European city, while New York is the sole North American city in the top ten.
Singapore retains its title as the world’s most expensive city for a fourth consecutive year in a top ten that may have a familiar feel to it. Not only has Singapore stayed top but Hong Kong remains second, closely followed by Zurich.
The latest survey has also seen a return to the top ten most expensive cities for Tokyo and Osaka.
Asian Financial Hubs
The Japanese capital, which was the world’s most expensive city until 2012, has moved seven places up the ranking owing to a sustained recovery in the strength of the Japanese yen.
With Japanese cities returning to the fold, Asia now accounts for half of the ten most expensive cities ranked.
Western Europe accounts for a further four cities, while New York City is the lone North American representative. The Big Apple, which rose to seventh place last year, has fallen to ninth owing to a slight weakening of the US dollar, which has also affected the position of other US cities.
The Most Expensive Cars
Despite topping the ranking, Singapore still offers relative value in some categories, especially compared with its regional peers.
For categories such as personal care, household goods and domestic help Singapore remains significantly cheaper than its peers, although it remains the most expensive place in the world to buy and run a car, as well as the second-priciest destination in which to buy clothes.
In terms of food and drink the cost of living in Singapore is on a par with that of Shanghai in China. Seoul, Tokyo and Osaka present the three most expensive places in the world to buy staple goods.
