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Singapore, Hong Kong, and Paris are the most expensive cities for expatriates to live in
Paris and Hong Kong joined Singapore (pictured) as the world's most expensive cities to live in. It was the first time in more than 30 years that three cities shared the top spot.ST PHOTO: DESMOND WEE
Published
Mar 19, 2019, 8:24 am SGT
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TBILISI (REUTERS) - Paris and Hong Kong for the first time joined Singapore as the world's most expensive cities for expatriates to live in, a study revealed on Tuesday (March 19), with utilities and transport driving up the cost of living.
Zurich, Geneva and Japan's Osaka trailed closely, with emerging market cities like Istanbul and Moscow plummeting down the ranking due to high inflation and currency depreciation, said the Economist Intelligence Unit's bi-annual survey of 133 cities.
It was the first time in more than 30 years that three cities shared the top spot, a sign that pricey global cities are growing more alike, said the report's author, Roxana Slavcheva.
"Converging costs in traditionally more expensive cities ... is a testament to globalisation and the similarity of tastes and shopping patterns," she said in a statement.
"Even in locations where shopping for groceries may be relatively cheaper, utilities or transportation prices drive up overall cost of living," she said.
Rising costs in cities are often driven by a vibrant job market attracting skilled workers with high wages, said Anthony Breach, an analyst with the British think tank Centre for Cities - which was not involved in the study.
Urban planners need to plan and build more housing to keep prices affordable and overall costs down, Breach told the Thomson Reuters Foundation.
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For the EIU survey researchers compared the cost of more than 150 items such as cars, food, rent, transport and clothing in 133 cities.
A woman's haircut was about US$15 in Bangalore, India, compared to US$210 in New York, for example, while a bottle of beer was about half a dollar in Lagos, Nigeria, and more than US$3 in Zurich.
British cities recovered a few positions a year after reaching the cheapest level in more than two decades due to Brexit uncertainty, with London ranking 22nd and Manchester 51st, up eight and five spots respectively.
Political turmoil in Venezuela plummeted Caracas to the bottom of the ranking, followed by Damascus, Syria, with Karachi, Pakistan, Buenos Aires, Argentina, and New Delhi also featuring among the 10 cheapest cities.
But a city's drop in the index does not necessarily mean life automatically gets cheaper for people living there, as prices adjust to inflation often quicker than wages, said Gunes Cansiz of the World Resources Institute (WRI), a think tank.
"The cost of living in Istanbul, for example, might seem to have decreased, but since household expenses have increased, this has no positive reflection on the daily life of Istanbulites," said Cansiz, director at WRI's Turkey Sustainable Cities programme.
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https://sbr.com.sg/economy/news/hon...eze-singapores-throne-costliest-city-globally
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ECONOMY | Staff Reporter, Singapore
Published: 19 Mar 19
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Hong Kong and Paris squeeze into Singapore's throne as costliest city globally
Singapore and Hong Kong are 7% more expensive than New York.
For 2019, three cities share the title of the world’s most expensive city: Singapore, Hong Kong, and Paris, The Economist Intelligence Unit revealed in its annual Worldwide Cost of Living Survey. It compared the price of over 150 items in 133 cities globally and found a degree of convergence across regions amongst the most expensive locations.
Singapore, having spent five years at the top, is joined by its regional rival this year. The Lion City and Hong Kong are both 7% more expensive than New York in the US. Seoul is on par with New York in joint seventh place, whilst Japan's capital Tokyo (13th) is 4% cheaper.
EIU’s records of Singapore average prices have mostly moved down. A 1 kg loaf of bread is 8.35% cheaper at US$3.40 compared to last year; a 330ml beer bottle is also cheaper by 6.32% at US$2.37; a woman’s haircut costs 1.46% less at US$96.01, whilst a man’s two-piece business suit costs 1.69% higher at US$1,161.14.
Survey editor Roxana Slavcheva commented, "We note converging costs in traditionally more expensive cities like Singapore, Hong Kong, Seoul, Tokyo and Sydney. It is a testament to globalisation and the similarity of tastes and shopping patterns.”
In the rest of Asia, Nouméa (New Caledonia) saw the fastest rise in the relative cost of living. The endemic high cost of living in the French territory of New Caledonia drove its capital 33 spots up the ranks to joint 20th place. Another big mover is Kuala Lumpur in Malaysia, rising ten spots in the ranking to 88th. Following suit are Bangkok (Thailand, joint 41st) and Manila (the Philippines, joint 92nd) both climbing up by nine places, whilst Hanoi in Vietnam and Phnom Penh in Cambodia each rose by six places.
With exchange-rate volatility pushing a number of notable Asian cities in costs of living terms, many other urban centres in China and Australia have seen contrasting movements. Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking, EIU noted.
Sydney has fallen from the tenth spot last year to 16th, whilst Melbourne (22nd) is no longer in the top 20. Similarly, Auckland and Wellington in New Zealand tumbled down by 14 and 17 places respectively.
Like their Australian counterparts, Chinese cities have mostly seen a decline in rankings, indicating that they have become relatively less expensive, EIU said. “The primary driver here has been the economic slowdown led by domestic factors, with the tighter financial conditions and ongoing trade war with the US continuing to erode consumer and business confidence.”
India and Pakistan account for four of the ten cheapest cities, with Bangalore, the cheapest city in Asia, being more than twice cheaper than the three most expensive cities.
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Singapore, Hong Kong, and Paris are the most expensive cities for expatriates to live in
Published
Mar 19, 2019, 8:24 am SGT
Facebook Twitter Email
TBILISI (REUTERS) - Paris and Hong Kong for the first time joined Singapore as the world's most expensive cities for expatriates to live in, a study revealed on Tuesday (March 19), with utilities and transport driving up the cost of living.
Zurich, Geneva and Japan's Osaka trailed closely, with emerging market cities like Istanbul and Moscow plummeting down the ranking due to high inflation and currency depreciation, said the Economist Intelligence Unit's bi-annual survey of 133 cities.
It was the first time in more than 30 years that three cities shared the top spot, a sign that pricey global cities are growing more alike, said the report's author, Roxana Slavcheva.
"Converging costs in traditionally more expensive cities ... is a testament to globalisation and the similarity of tastes and shopping patterns," she said in a statement.
"Even in locations where shopping for groceries may be relatively cheaper, utilities or transportation prices drive up overall cost of living," she said.
Rising costs in cities are often driven by a vibrant job market attracting skilled workers with high wages, said Anthony Breach, an analyst with the British think tank Centre for Cities - which was not involved in the study.
Urban planners need to plan and build more housing to keep prices affordable and overall costs down, Breach told the Thomson Reuters Foundation.
Related Story
Singapore is second most expensive city in Asia to live like 'Crazy Rich Asians': Julius Baer report
Related Story
Singapore is 4th most expensive city in the world for expats, with Hong Kong costliest: Mercer
Related Story
Luxury living in Singapore just got costlier
For the EIU survey researchers compared the cost of more than 150 items such as cars, food, rent, transport and clothing in 133 cities.
A woman's haircut was about US$15 in Bangalore, India, compared to US$210 in New York, for example, while a bottle of beer was about half a dollar in Lagos, Nigeria, and more than US$3 in Zurich.
British cities recovered a few positions a year after reaching the cheapest level in more than two decades due to Brexit uncertainty, with London ranking 22nd and Manchester 51st, up eight and five spots respectively.
Political turmoil in Venezuela plummeted Caracas to the bottom of the ranking, followed by Damascus, Syria, with Karachi, Pakistan, Buenos Aires, Argentina, and New Delhi also featuring among the 10 cheapest cities.
But a city's drop in the index does not necessarily mean life automatically gets cheaper for people living there, as prices adjust to inflation often quicker than wages, said Gunes Cansiz of the World Resources Institute (WRI), a think tank.
"The cost of living in Istanbul, for example, might seem to have decreased, but since household expenses have increased, this has no positive reflection on the daily life of Istanbulites," said Cansiz, director at WRI's Turkey Sustainable Cities programme.
Topics:
Facebook Twitter Email
https://sbr.com.sg/economy/news/hon...eze-singapores-throne-costliest-city-globally
News
ECONOMY | Staff Reporter, Singapore
Published: 19 Mar 19
200 view(s)
Hong Kong and Paris squeeze into Singapore's throne as costliest city globally
Singapore and Hong Kong are 7% more expensive than New York.
For 2019, three cities share the title of the world’s most expensive city: Singapore, Hong Kong, and Paris, The Economist Intelligence Unit revealed in its annual Worldwide Cost of Living Survey. It compared the price of over 150 items in 133 cities globally and found a degree of convergence across regions amongst the most expensive locations.
Singapore, having spent five years at the top, is joined by its regional rival this year. The Lion City and Hong Kong are both 7% more expensive than New York in the US. Seoul is on par with New York in joint seventh place, whilst Japan's capital Tokyo (13th) is 4% cheaper.
EIU’s records of Singapore average prices have mostly moved down. A 1 kg loaf of bread is 8.35% cheaper at US$3.40 compared to last year; a 330ml beer bottle is also cheaper by 6.32% at US$2.37; a woman’s haircut costs 1.46% less at US$96.01, whilst a man’s two-piece business suit costs 1.69% higher at US$1,161.14.
Survey editor Roxana Slavcheva commented, "We note converging costs in traditionally more expensive cities like Singapore, Hong Kong, Seoul, Tokyo and Sydney. It is a testament to globalisation and the similarity of tastes and shopping patterns.”
In the rest of Asia, Nouméa (New Caledonia) saw the fastest rise in the relative cost of living. The endemic high cost of living in the French territory of New Caledonia drove its capital 33 spots up the ranks to joint 20th place. Another big mover is Kuala Lumpur in Malaysia, rising ten spots in the ranking to 88th. Following suit are Bangkok (Thailand, joint 41st) and Manila (the Philippines, joint 92nd) both climbing up by nine places, whilst Hanoi in Vietnam and Phnom Penh in Cambodia each rose by six places.
With exchange-rate volatility pushing a number of notable Asian cities in costs of living terms, many other urban centres in China and Australia have seen contrasting movements. Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking, EIU noted.
Sydney has fallen from the tenth spot last year to 16th, whilst Melbourne (22nd) is no longer in the top 20. Similarly, Auckland and Wellington in New Zealand tumbled down by 14 and 17 places respectively.
Like their Australian counterparts, Chinese cities have mostly seen a decline in rankings, indicating that they have become relatively less expensive, EIU said. “The primary driver here has been the economic slowdown led by domestic factors, with the tighter financial conditions and ongoing trade war with the US continuing to erode consumer and business confidence.”
India and Pakistan account for four of the ten cheapest cities, with Bangalore, the cheapest city in Asia, being more than twice cheaper than the three most expensive cities.
Do you know more about this story? Contact us anonymously through this link.
Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.
To get a media kit and information on advertising or sponsoring click here.
