Singapore named the world's most expensive city

[webfact]

Singapore named the world's most expensive city

(BBC) Singapore has topped 131 cities globally to become the world's most expensive city to live in 2014, according to the Economist Intelligence Unit (EIU).

The city's strong currency combined with the high cost of running a car and soaring utility bills contributed to Singapore topping the list.

It is also the most expensive place in the world to buy clothes.

Singapore replaces Tokyo, which topped the list in 2013.

Other cities making up the top five most expensive cities to live in are Paris, Oslo, Zurich and Sydney, with Tokyo falling to sixth place.

The EIU's Worldwide Cost of Living Survey is a relocation tool that uses New York city as a base. It looks at more than 400 individual prices.

Full story: http://www.bbc.com/news/business-26412821

-- BBC 2014-03-04

[Mister Fixit]

Well, I thought it was great when I went there 6 weeks ago. More expensive than Bangkok certainly, but for eating and transport, pretty good.

I don't 'do' shopping and the missus had strict instructions!

[hanno]

That is why I stopped going a couple of years ago. Hotel rates are crazy, as is food and drink in anything a little more up-market.

And obviously this is catering to the expat, so you have to figure in extremely expensive cars, and high rents.

I decided not to return after paying USD6.00 for a coffee!

[korb]

Yes, everything up but pay no up!!

[spidermike007]

I went pup a pub, and they charged 86 dollars for a 1.5 liter tower of beer. I went to a seafood court, and for four people it was $240. And we did not eat any of the expensive stuff! Everything there is crazy expensive. Great city, but do not go unless you have stupid money to burn. If you can stay there for a week, at under $3000 US, you are performing a feat of magic.

Spidermike

Chaiyaphum, Thailand

Sent from my iPad using Thaivisa Connect Thailand mobile app

[hanno]

Ah yes, I remember shouting a few beers at Harry's bar at the airport. The bill made my credit card melt. I think it was more than 15 Dollars (at a time when the Singapore Dollar and SUD were almost 1 to 1)!!!

[TVGerry]

Very expensive and they don't have a minimum wage. A lot of the lower middle class and below are hurting.

[webfact]

Singapore world's costliest city: survey

SINGAPORE - The soaring cost of cars and utilities as well as a strong currency have made Singapore the world's most expensive city, toppling Tokyo from the top spot, according to a survey Tuesday.

Tokyo’s weakening yen saw it slide to sixth place, the position previously occupied by Singapore, in the 2014 Worldwide Cost of Living survey by the Economist Intelligence Unit (EIU).

"Singapore’s rising price prominence has been steady rather than spectacular," said a report accompanying the survey by the research firm.

It said a 40 per cent rise in the Singapore dollar along with "solid price inflation" pushed the country to the top of the twice-yearly survey from 18th a decade ago.

The survey, which examines prices across 160 products and services in 140 cities, is aimed at helping companies calculate allowances for executives being sent overseas.

The report said Singapore’s curbs on car ownership, which include a quota system and high taxes, made it "significantly more expensive than any other location when it comes to running a car".

A new Toyota Corolla Altis costs $110,000 in Singapore compared to around $35,000 in neighbouring Malaysia.

Overall transport costs in Singapore are almost three times higher than those in New York, it said.

"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," the report said.

It also noted that Singapore is the priciest place in the world to buy clothes, as malls and boutiques in its popular Orchard Road retail hub import luxury European brands to "satisfy a wealthy and fashion-conscious consumer base".

AFP


-- The Nation 2014-03-04

[steveyinasia]

Having lived there for 6 years, finally woke up and moved to Bangkok in 2008, rents were getting ridiculous, alcohol was always outrageously priced and even the food courts were no longer considered the cheap option. I have no idea how the younger generation afford to go out to the clubs however they always seemed to be full.

[Suriya4]

But the income are so high, it is more than compensate for the high cost of living.

[hanno]

But the income are so high, it is more than compensate for the high cost of living.

I you are a high-rolling expat maybe. Even as a hotel general manager I couldn't afford to live there and have anywhere near the lifestyle I have here.

[soihok]

Lived in Singapore for 11 years.

Left in 2012 as I got a job in Malaysia.

The report mentions that a new Toyota Altis costs $110,000, what it does mention is that to actually put that new car on the road you also need purchase a "Certificate Of Entitlement", or basically the right to put that car on the road.

This is an extra tax which is about $70,000 for the Toyota Altis.

Plus road tax.

Plus insurance.

All adds up to about $185,000 Sing Dollars to put your new Toyota on the road , just short of 4.5 million Baht!!!!

I always had a motor bike there, no where near those costs.

It is worth pointing out that personnel income tax is reasonably low there - you have to be earning serious money to reach the top 17% bracket.

It is 26% here in Malaysia.

Apart from the cost I enjoyed Singapore, would certainly go back to work there.

[soihok]

Sorry, the report doesn't mention the COE, which expires every 10 years by the way.

A 660ml Tiger beer at a hawker centre (was), about 5.50 Sing Dollars (135 Baht), you can fill your face at hawker centres for less than 20 Sing Dollars (500 Baht).

Everything is so straight forward and efficient, no funny business with police and a really safe place to live - but it comes at a cost.

[MrWorldwide]

Sorry, the report doesn't mention the COE, which expires every 10 years by the way.

A 660ml Tiger beer at a hawker centre (was), about 5.50 Sing Dollars (135 Baht), you can fill your face at hawker centres for less than 20 Sing Dollars (500 Baht).

Everything is so straight forward and efficient, no funny business with police and a really safe place to live - but it comes at a cost.

How does it work for the Singaporeans and Malaysians who live in Johor and cross the bridge to work each day ? I walked through the concourse and did the usual Customs entry, but I cant see how that would work for thousands of carloads of people, but an electronic system would be prone to illegals crossing the border between Malaysia and Singapore.

[soihok]

Singapore has quite tight borders, there were always cases of people hiding in boots of cars coming in.

Does make you wonder how many do slip through though.