Singapore: Singapore has clinched the title of the world’s most expensive city to live in 2014, according to the Economic Intelligence Unit (EIU). It topped 131 cities globally due to soaring cost of cars and utilities, as well as a strong currency, toppling Tokyo from the top spot.
Singapore has one of the world’s highest concentrations of millionaires relative to its 5.4 million population. Its per capita income of more than $51,000 in 2012 masks a widening income gap between the rich and poor.
In Europe, Paris rose six places to become the world’s second most expensive city, a trend the EIU said was indicative of recovering European prices and currencies. The report said European cities were among the priciest in the recreation and entertainment categories, reflecting “a greater premium on discretionary income”.
India’s financial centre Mumbai was ranked the world’s least expensive city, joining other South Asian cities including Karachi, New Delhi and Kathmandu in the bottom of the pile.
The five most expensive cities were judged to be Singapore, Paris, Oslo, Zurich and Sydney in descending order. Caracas, Geneva, Melbourne and Tokyo were tied at sixth place while Copenhagen was tenth.