PETALING JAYA: If you think living in Paris, London, Tokyo or New York is expensive, wait until you cross the causeway down south!
Malaysians will most likely think twice now before holidaying in Singapore after The Economist Intelligence Unit (EIU) listed the island republic as the world’s most expensive city to live in.
In the Worldwide Cost of Living 2014 report, a bi-annual survey, the city-state steadily increased its cost of living from 10 years ago when it was listed as 18th most expensive.
“Over the last decade, a 40% currency appreciation, coupled with solid price inflation, has consistently pushed Singapore up the ranking,” said the report.
To put the price of things into perspective, transport costs in Singapore are nearly three times that of New York, the most expensive city in North America.
The report also explained that the island’s reliance on other countries for basic necessities such as energy and water has inflated utility costs.
The other nine cites which topped the list for most expensive in the world were Paris, France (second); Oslo, Norway (third); Zurich, Switzerland (fourth); Sydney, Australia (fifth); Caracas, Venezuela (sixth); Geneva, Switzerland (seventh); Melbourne, Australia (eighth); Tokyo, Japan (ninth) and Copenhagen, Denmark (10th).
For those on a budget, now is the time to visit Mumbai, which has claimed the spot as least expensive city.
Other cities listed as 10 most affordable are Karachi, Pakistan (second least expensive); New Delhi, India (third); Damascus, Syria (fourth); Kathmandu, Nepal (fifth); Algiers, Algeria (sixth); Bucharest, Romania (seventh); Panama City, Panama (eighth) and Saudi cities of Jeddah and Riyadh.