New York and Los Angeles have shot up the rankings, London has pushed into the top ten, but Singapore is still the world’s most expensive city.
It’s just topped the Economist Intelligence Unit’s 2016 Worldwide Cost of Living survey, making that the third year in a row.
The gap is closing between Singapore and the next two cities in the rankings, however.
Zurich, Switzerland, and Hong Kong are hot on its heels in joint second place, with Hong Kong leaping seven places up the ranking in the last twelve months.
London, New York and Los Angeles moved up to sixth, seventh and eight place, with New York in its highest position since 2002.
In fact, New York has gotten a lot more pricey in the past five years — rising a huge 42 places since 2011.
The annual report, which ranks 133 cities based on a twice-yearly survey, notes Singapore’s high transport and utility costs.
“It is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement system,” it says.
And don’t think you can escape it by hopping on public transport.
Transportation costs in Singapore are 2.7 times higher than in New York.
However, for basic groceries, Singapore is cheaper than its Asian neighbors Seoul (33% more expensive), Hong Kong (28%) and Tokyo (26%).
“Value for money can be found by those who seek it,” the report concludes.
As for the rise of U.S. cities New York and Los Angeles, the EIC credits “currency headwinds rather than significant local price rises.”
In fact, “With the falling cost of oil and a strong U.S. dollar pushing down prices, local inflation has been relatively low across the U.S.”
World’s 10 most expensive cities in which to live in 2016
1. Singapore
2. Zurich, Switzerland
2. Hong Kong
4. Geneva, Switzerland
5. Paris
6. London
7. New York
8. Copenhagen, Denmark
9 Seoul, South Korea
10Los Angeles
