You’ve got to make a lot of money to live in Singapore. The former British colony in Southeast Asia clinched the top spot on 2018’s Economist list of the most expensive places to live.
To determine the winners of this year’s report, Economist reporters compared the prices for daily essentials in the world’s most populous cities. They also compared foreign currencies on the FOREX.
Analysts said one of the major reasons Singapore is so expensive is because almost all Singaporeans own cars. Researchers noted, however, that prices for groceries were slightly cheaper in Singapore than in other big Asian cities.
Most of the cities on the Economist’s list this year were either in Asia or Europe. Study authors said the weaker USD had a big impact on the lower rankings for major American cities.
Second place this year is a tie between the European cities of Paris and Zurich. Paris is the only euro-zone nation at the top of the Economist’s report. Other European names in the top ten this year include Oslo, Geneva, and Copenhagen.
The Asian cities Hong Kong and Seoul also found their way into this year’s top ten. The two standouts in the Economist’s top tier this year are Australia’s Sydney and Israel’s Tel Aviv.
Interestingly, Japanese cities failed to get into the top ten this year. As many readers should recall, just a few years ago Tokyo was considered the most expensive place to live on this survey.
As for the USA, the two “big spender” cities are New York City and Los Angeles. These cities fell, however, from ninth and 11th place last year to 13th and 14th this year, respectively.