Singapore has been named the most expensive city in the world for the second year in a row. According to the results of the Worldwide Cost of Living Report 2015 by the international research company Economist Intelligence Unit (EIU), Singapore has once again taken first place in the ranking of the “World’s Most Expensive Cities”.
It is “relatively rare” for the same city to win the top spot for two years in a row.
The annual ranking includes 133 cities around the world. When compiling the list of the most expensive cities, 400 individual prices for 160 products and services, such as food, drink, clothing, rent and transport, are compared. All prices are compared with the base city – New York.
For comparison, average food prices in Singapore are 11% higher than in New York, and clothing is 50% more expensive.
The high cost of utilities in Singapore is explained by the city’s very limited resources, which are very dependent on supplies from other countries. Despite being the most expensive city, Singapore has a lot of affordable things to offer – world-famous street food stalls, inexpensive ethnic restaurants with local cuisine, as well as entertainment and cultural venues. Singapore also has one of the most efficient and environmentally friendly subway systems in the world.
The cosmopolitan city-state of Singapore is one of the most densely populated in the world. At the same time, Singapore is one of the leaders in the number of millionaires living there – about 105 thousand people with a capital of more than 1 million dollars.
