According to a survey that took into account a multitude of factors, such as the cost of bread, gas and wine, Singapore is now the most expensive city in the world. Also, due to the tumbling U.S. dollar, the cities of Los Angeles and New York did not rank as highly as they did last year. Finishing in the 14th and 13th spots respectively, these American hotspots were far from the top.
Although some other Asian cities did make the most expensive list, many European cities also cracked the top 10. With Zurich and Paris in a dead heat for the second spot, Oslo, Copenhagen and Geneva also popped up. Although Tokyo has been making these kinds of lists for a very long time now—and even headlining most of them—the Japanese city actually finished in the eleventh spot this year. Directly above Tokyo was the Australian city of Sydney, which shot up a whopping four positions since last year.
As far as the Middle East goes, Tel Aviv was the only city to crack the list. But with geopolitics swirling and churning up quite a storm lately, it seems as if anything could happen with the economies of all cities making this list in 2018. Regardless, it should be interesting to see if Singapore manages to snag the top spot again in 2019!
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.