S’pore ties New York as world’s most expensive cities to live in: 2022 EIU report – Mothership.SG & More Trending News

 

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Economist Intelligence Unit (EIU) has launched its annual report on the price of dwelling in cities world wide.

In the Worldwide Cost of Living (WCOL) 2022 Index, Singapore was named the most expensive metropolis to live in, tied with New York.

This is the eighth time Singapore has topped the checklist within the final ten years.

New York is on the prime of the checklist for the primary time.

Together, the 2 prime cities bumped Tel Aviv — named the highest metropolis in 2021 — down to third place.

Screenshot by way of EIU report.

EIU defined that Singapore and New York’s place on the prime of the checklist could possibly be partly defined by “stronger currency and a higher inflation rate”.

“A stronger currency will tend to see a city rise in the rankings, as prices are higher when expressed in international common currency,” mentioned EIU, including that it converts native forex costs to U.S. {dollars} to calculate every metropolis’s index.

A press launch by EIU on Dec. 1 mentioned Singapore has “the world’s highest transport prices” and attributed this to “strict government controls on car numbers”.

The press launch additionally famous Singapore’s “success as a premier location for business investment”, and famous that it can also be among the many most expensive cities for clothes, alcohol and tobacco.

Global price-of-dwelling disaster

The price of dwelling within the world’s main cities have soared in 2022.

EIU mentioned its newest survey discovered a mean 8.1 per cent improve in costs in native-forex phrases.

“This is the fastest rate for at least 20 years, reflecting a global cost-of-living crisis sparked by the war in Ukraine and continuing Covid-19 restrictions in China,” mentioned EIU.

This is a results of provide chains being disrupted, notably for power and meals by the warfare in Ukraine and continued Covid-19 restrictions in China.

On common, the 58 Asian cities within the WCOL noticed reasonable value will increase of 4.5 per cent in native forex phrases.

Karachi, Pakistan was an outlier, as costs there elevated by 22 per cent.

Singapore a “frequent leader” on EIU index

Singapore first emerged as the most expensive metropolis in 2014, and continued to maintain the title for 5 extra years.

In 2019, Singapore shared the highest spot with two different cities — Hong Kong and Paris — and fell to fourth place in 2020, earlier than climbing to second in 2021.

However, the EIU survey might resonate extra with the expertise of expatriates in a rustic.

This is due to the best way costs of products are collated.

“The survey has been designed to enable human resources and finance managers to calculate cost-of-living allowances and build compensation packages for expatriates and business travellers,” mentioned EIU, which added:

“It can also be used by consumer goods firms and other companies to map pricing trends, determine optimum prices for their products across cities and understand the relative expense of a city to formulate policy guidelines.”

Read extra concerning the index right here.

Top Photo by way of Unsplash

S’pore ties New York as world’s most expensive cities to live in: 2022 EIU report – Mothership.SG

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