The world’s most expensive city is Singapore as of 2015 breaking the record previously held by Tokyo.
Located in The south east part of Asia and Though it is smaller than New York compared in size, price of basic commodities and homes soared to unexpected rates but that has not hindered the influx of foreign investors rising in wealth. The lEU’s bi-annual survey that ranks 133 cities based on cost comparisons of over 150services and products: in utility bills, food, clothing, cost of education, real estate(home rental), recreational costs and transport among others ranked Singapore as the world’s most expensive city to live in the world for a second year in a row. It beat cities such as Tokyo, Paris, Osaka among others that held that position in previous years.
The city boasts of a strong currency that beat the yen in value, very high sky scrapping and expensive shopping malls though It is considered to have a small market in-terms of volume, This however hasn’t stopped its industry from growing. Infact, private banking has grown which results to attracting best talent from other cities across the world, and Foreign Direct Investments(FDIs).
It has a fashion conscious market, expensive malls and boutiques that stock designer clothes which makes it a very expensive city to buy clothes. Тhe city-state is reliant on other cities/nations for energy and water supplies since it has very few natural resources. This makes it the third world’s most expensive city in utility costs/bills. Singapore has had a 40-45% current appreciation over the past 10 years as well as price inflation. Also, the state has risen from position 18 to one. This not withstanding, it has tremendous levels of wealth with notably highest level of wealth gaps. This is most notable when you compare Singapore with other developed nations across the globe.
It’s also very expensive to own a car most especially due to the complex Certificate of Entitlement System that makes the cost excessively high. The cost of transport here is almost triple that of New York City. As a result, owning a car is a reserve for the wealthy. Singapore topped the list to as being the most expensive city even to buy clothes globally. The price premiums for shopping in its principal shopping hub rocket to fifty percent more compared to that of New York beating Seoul that has held the record for being the most expensive city in the world to shop for clothes.
The price for basic commodities such as meals and groceries beat those of New York by a soaring eleven percent such that even a decent one meal course would have to cost hundred’s of dollars for the common citizen in Singapore. For reaction purposes it still beats Tokyo and Zurich but this has not stopped tourist and foreigners from visiting this extraordinary country formerly reclaimed from the sea yet very expensive city and exploring all that it has to offer to its maximum. Due to its strong currency Singapore might still continue to hold the record for another couple of years compared Zurich