Singapore is going to have a tough contender and it won’t enjoy the place for the world’s most expensive city. As per reports, there is going to be three most expensive cities.
According to Annual worldwide Cost of Living Survey, which was conducted by the Economist Intelligence Unit, the title of the most expensive city is going to be shared by Paris, Singapore, and Hong Kong – the first time in the history of the 30-year survey. The reports take a look into the 133 cities and the cost of 160 items, like food and drink, utility bills, transportation and rent.
Zurich and Geneva also landed in the top five spot, while New York and Los Angeles retrieved spots in the top 10 – ranking in 7th and 10th respectively, after sliding to 13th and 14th spot last year due to weakening the dollar.
The survey has been designed in order to help companies calculate the cost-of-living allowances and develop a compensation package for migrants and business travellers. The trio of cities sharing the top spot is 7% more expensive to live in than New York, according to the EIU, which assemble its list from a survey of 160 products and services across 93 nations.
Based on the survey, it was seen that Singapore continues to hold its number one spot for the fifth year consecutively. Paris which has been in the top 10 since 2003, moved up one place from last year; whereas Hong Kong jumped three places from its 2018’s place at number four.
Outside the top 10, the EIU stated that the cost of living in Chinese cities remains comparatively stable, while Southeast Asian destinations were moving up the ranks. One of the facets behind Asia’s strong showing up at the top of the table is that some Asian cities are among the world’s costliest locations for general grocery shopping.