World’s Most Expensive City To Live In – Guess Which?

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Singapore – The World’s Most Expensive City

Singapore retains the World’s Most Expensive City title for the third time in a row as per  Economist Intelligence Unit’s 2016 Worldwide Cost of Living survey. The annual report factored big time the Singapore’s high transport and utility costs, while ranking 133 cities based on a twice-yearly survey.

Even though basic food and groceries is reported to be cheaper in Singapore than its Asian peers, Still buying a car and using it is costlier and the transportation costs in Singapore is reported to be 2.7 times higher than in New York.

Report says,”It is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement system.”

However the  report is said to have concluded by saying “Value for money can be found by those who seek it.”

World’s 10 most expensive cities in which to live in 2016

  1. Singapore
  2. Zurich, Switzerland
  3. Hong Kong
  4. Geneva, Switzerland
  5. Paris
  6. London
  7. New York
  8. Copenhagen, Denmark
  9. Seoul, South Korea
  10. Los Angeles

Los Angeles has leaped 19 places to become the world's joint eighth most expensive city in the <a href="http://www.eiu.com/" target="_blank">Economist Intelligence Unit</a>'s latest Worldwide Cost of Living survey.

Los Angeles ties in eighth position with Seoul and Copenhagen. The report notes that clothing and utility costs are particularly high in the South Korean capital.

The most expensive European cities include Zurich, Geneva, Copenhagen and London. The EIU suggests that this might might reflect that "non-eurozone cities have become pricier in relation to their neighbours."

New York has climbed 42 places in the rankings in the last five years. However, the report attributes this to "currency headwinds rather than significant local price rises."

London has its highest ranking in almost a decade. It's the most expensive city in the top 10 for cigarettes. A pack of 20 costs $14.30.

Although hanging out with friends by a park is a much cheaper option than hitting the museums or wine bars, the average price of table wine in Paris has dropped by $1.56. It's now $10.71 -- cheaper than London and New York.

A couple of years ago, Geneva was the only European city in the top 10 where a liter of unleaded gasoline cost less than $2. Now oil prices have dropped globally, and is most expensive in Hong Kong, at $1.76 per liter.

A 1-kilo loaf of bread costs $4.36 on average in Hong Kong, compared with $3.23 in Copenhagen and $12.44 in Seoul.

European cities make up half of the top-10 list, while this year a weakened Australian dollar pushed Sydney and Melbourne down to 20th and 21st place.

Even the view comes with a price. The city-state has few natural resources. Its dependence on other countries for energy and water pushes up utility bills, and "entitlement fees" make things like car ownership expensive.

The Zambian capital of Lusaka is the world's least expensive city in 2016, followed by Indian cities Bangalore and Mumbai.

Source: CNN