Is Singapore the most expensive city in the world?
Singapore has consistently appeared in the top 10 most expensive cities in the world. In 2017, the Economist Intelligence Unit ranked Singapore as the most expensive city in the world. No doubt Singapore is one of the richest city-nations in the world. It has a formidable economy, excellent trade, and is a key element in globalisation.
What makes Singapore such an expensive city?
The answer lies with the Certificate of Entitlement. It is a document that allows Singapore residents to own and use a vehicle for ten years. The cost to get this certificate goes as high as $60,000. Hence, this simply means that owning a car is not cheap. In fact, Singapore discourages car ownership to avoid congestion in the city.
Is Singapore Really an Expensive City?
Apart from the the cost of owning a car, Singapore does not fare terribly when it comes to the cost of living. A study done by the Lee Kuan Yew School for Public Policy made their Cost of Living Index and compared the cost of living of Expatriates and Ordinary Residents.
The results found that the cost living for Expatriates and Ordinary Residents were widely different. In fact, Singapore was ranked 48 for the cost of living for Ordinary Residents.
A Comparison: Mumbai
Mumbai is the financial hub of India and one of the largest cities in South East Asia. It has a GDP of $150.9 billion according to a PwC report. The population in Mumbai is 18 million.
Here’s a comparison offered by Expatistan of the cost of living in Singapore and Mumbai.
Overall, Singapore is significantly more expensive than Mumbai.
Singapore is Expensive as it looks
By far, Singapore is not as expensive as it seems. There are certain factors that make it expensive such as housing and transportation, but food and clothing factors are not expensive factors.
Here’s a look at the cost of living comparison of Singapore and New York.
Singapore is a significantly less expensive location to live in comparison to New York.
Do you live in Singapore? Do you have a differing opinion? Write to us if you do.
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