For the 5th consecutive year, Singapore is the world’s most expensive city according to an independent survey conducted by Economist Intelligence Unit (EIU). With an index of 116, Singapore is 16% more expensive compared to the benchmark 100 index of New York – surpassing major cities like Paris, Zurich, Hong Kong, Tokyo, Seoul and Sydney. The survey compares the prices of over 150 items in 133 cities in the world. The survey excludes comparison with purchasing power and wages, which is one of the worst in the world where 18% of the population earn less than S$1,000 per household capita.
Leading Singapore’s costs is private transport, with the notorious COE taxes putting up the price of a car up by as much as S$50,000. Public transport in Singapore is also no cheaper, and a fare hike is coming according to Transport Minister Khaw Boon Wan who claimed it is too cheap.
The cost of living in Singapore is also expected to increase further following the wave of tax hikes including a 30% water price hike, parking charges, airport charges and an impending GST hike.