Skip to main content

World's most expensive city is ...Singapore

Singapore has dethroned the Japanese capital to become the world's most expensive city in 2014, according to the Economist Intelligence Unit's latest Worldwide Cost of Living survey.The bi-annual report, which ranks 131 global cities, credits currency appreciation, solid price inflation and high costs of living for Singapore's dubious new distinction. "Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car," says the report. "As a result, transport costs in Singapore are almost three times higher than in New York. In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs." Singapore is also the priciest place in the world to buy clothes. Last year's title holder Tokyo, dropped from the top spot to sixth -- tied with Melbourne, Geneva and Caracas. Tokyo's decline is due to the weaker yen, says the EIU. 
MORE: Inside the world's most expensive hotel rooms
World's 10 most expensive cities to live in 2014
1. Singapore
2. Paris
3. Oslo, Norway
4. Zurich, Switzerland
5. Sydney
6. Caracas, Venezuela
6. Geneva, Switzerland
6. Melbourne
6. Tokyo
7. Copenhagen, Denmark
Asia also has the world's cheapest city on the list.
Down at the other end of the 131-city survey, the EIU lists Mumbaias the world's least expensive city to live in. The Indian capital, New Delhi, is third cheapest.
"Although India has been tipped for future growth, much of this is driven by its large population and the untapped potential within the economy," says the EIU.
"Income inequality means that low wages proliferate, driving down household spending and creating many tiers of pricing that keep per capita spending low.
"This, combined with a cheap and plentiful supply of goods into cities, as well as government subsidies on some products, has kept prices down, especially by Western standards."
MORE: The world's best city is ...
World's 10 least expensive cities to live in 2014
122. Riyadh, Saudi Arabia
123. Jeddah, Saudi Arabia
124. Panama City, Panama
124. Bucharest, Romania
126. Algiers, Algeria
127. Damascus, Syria
127. Kathmandu, Nepal
129. New Delhi
130. Karachi, Pakistan
131. Mumbai, India
The Worldwide Cost of Living survey is released twice a year by the EIU.
It compares more than 400 individual prices across 160 products and services in 131 cities, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.
In total, more than 50,000 individual prices are collected in each survey.
"The cost-of-living index uses an identical set of weights that is internationally based and not geared toward the spending pattern of any specific nationality," says the EIU. "Items are individually weighted across a range of categories and a comparative index is produced using the relative difference by weighted item."

Comments

Post a Comment

Popular posts from this blog

What led to VP near helicopter crash – AIB

The Accident Investigation Bureau (AIB) on Tuesday clarified that the Calverton Helicopter crash that happened at Kabba Stadium, Kogi State on February, second 2019 with Vice president Yemi Osinbajo and 11 others on board to brown out or in-flight perceivability limitation because of residue or sand noticeable all around.  The AIB Commissioner Akin Olateru told columnists on Tuesday in Abuja that the event was likewise disclosed to the causal factor to incorporate Inappropriate landing method, non-adherence to organization methodology for known or foreseen brownout condition during landing and absence of hazard evaluation, restricted landing site arrangement and arranging before initiation of the flight.  The report uncovered that about 13:46hrs on February 2, 2019 the helicopter withdrew Abuja runway 22 for Kabba. On board were 12 people including the Vice President of the Federal Republic of Nigeria, his escort and three team individuals (Pilot, Co-pilot and an Engineer)....
Post a Comment
Read more

Air Seychelles to launch Lagos-Dar es Salaam flights

Air Seychelles, the national airline of the Republic of Seychelles, has announced the inauguration of twice-weekly flights from Lagos to Dar es Salaam, Tanzania. The statement by the company said the service, commencing on December 2, 2014, would mark the next stage of growth in the airline’s regional strategy. The statement said that the Tanzanian capital would become the third destination in Air Seychelles’ Indian Ocean and African network, after Mauritius and Johannesburg. It added that the route would be operated using a two-class Airbus A320 aircraft with 16 Business Class and 120 Economy Class seats. The Chief Executive Officer, Air Seychelles, Mr. Manoj Papa, said, “We continue to build strength and depth in our global network, and the addition of Dar es Salaam, one of Africa’s fastest-growing business and tourism destinations, will enhance traffic flow to the Seychelles and beyond, fulfilling our mandate to be a key economic enabler for the Seychelles, supporting tourism a...
Post a Comment
Read more

Delta CEO Ed Bastian noted for ‘optimism, hope and confidence’

 Throughout the past year, leaders and companies across the globe have had to step up and adjust to unprecedented challenges that have affected both employees and customers, from the ongoing COVID-19 pandemic to the global reckoning over historic racial inequality and injustice.   While the pandemic’s impact on the airline industry has been staggering, Delta responded with swift, decisive action under CEO Ed Bastian's leadership to put people over profits. The airline prioritized customers' and employees’ health and safety above all else and ultimately saved jobs, preserved liquidity and cash balance, and positioned Delta for the future.   In an MIT Sloan Management Review piece about leading purposefully, his leadership was summarized with a quote, “It’s people over profits. We strongly believe that if we take good care of our people, including our customers, they will take care of the bottom line for us. We needed to lean on people’s loyalty. They will put us ...
Post a Comment
Read more