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Singapore, Paris are world's costliest cities

Singapore, Paris are world's costliest cities

In news:

According to the Economist Intelligence Unit’s latest Worldwide Cost of Living report Singapore is the world’s most expensive city for the fifth straight year.

Highlights:

  • Paris and Zurich tied for second place.
  • Asia Pacific and European destinations dominated the ranks of costliest.
  •  Tokyo and Osaka were conspicuous in their absence from the top 10, edged out by low inflation.

Economist Intelligence Unit’s survey

  • The EIU survey is designed to help companies calculate cost-of-living allowances and build compensation packages for expatriates and business travelers.
  • As recent as 2013, Tokyo was the world’s costliest city to live in.
  • The Japanese capital dropped seven places to 11th over the past year.
  • Hong Kong, last year’s second-most expensive city, slipped to fourth place.
  • The report named New York and Los Angeles as the 13th and 14th costliest, down from ninth and 11th position last year.
  • Though Asia is home to the world’s most expensive places to live, it also has some of the most affordable.
  • South Asian cities including Bangalore, Chennai, Karachi and New Delhi provided good value for money, the report noted.
  • This year, the Syrian capital of Damascusand Venezuela’s Caracas were ranked the world’s cheapest.

The Economist Intelligence Unit (EIU) is a British business within the Economist Group providing forecasting and advisory services through research and analysis, such as monthly country reports, five-year country economic forecasts, country risk service reports, and industry reports.

The EIU provides country, industry, and management analysis worldwide and incorporates the former Business International Corporation, a UK company acquired by its parent company in 1986. The EIU has several offices across the globe including two offices in China and one in Hong Kong.

 

 

 

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