Singapore is the most expensive city to live in the world for the fifth year in a row, according to the Economist Intelligence Unit’s Worldwide Cost of Living index, released in London today (March 15).
Twice a year, the EIU surveys 400 individual prices across over 150 products and services in 133 cities in 93 countries in order to rank locations by their expense. The idea is that businesses will use the ranking to help determine cost-of-living allowances and build compensation packages for staff they send overseas.
It found out that while Singapore had some competitive prices for personal care products, household goods, and domestic help, the destination is host to some of the highest costs in the world. While Paris, France and Zurich Switzerland jumped up a few spots on the table, some incredibly high expenses for living in Singapore placed the island nation firmly in the number one spot.
For example, it remains the most expensive place in the world to buy and run a car and is the third-most expensive place to buy clothes. Even the average price of a bottle of wine is $23.68, while it only costs $11.90 in Paris.