Singapore has been ranked as the world’s most expensive city, sharing the top spot with Zurich, according to the Economist Intelligence Unit (EIU). This marks the ninth time in 11 years that Singapore has held this position. The city-state is noted for having the world’s highest transport prices and being among the most expensive for clothing, groceries, and alcohol.
Factors Contributing to High Living Costs
Singapore’s high cost of living is attributed to strict government controls on car numbers and its status as a premier location for business investment. The demand for accommodation has surged, with home rents rising by 50% since 2021.
Global Cost-of-Living Crisis
The EIU’s study, which compared 173 countries, highlighted a global cost-of-living crisis that has significantly increased prices in many cities over the past two years. Hong Kong, the only other Asian city in the EIU’s top 10, slipped to the fifth position. New York, which shared the first place with Singapore in 2022, fell to third place, tying with Geneva this year.
