Baku. 10 March. REPORT.AZ/ Singapore has emerged as the most expensive city in the world with Zurich and Hong Kong tied in joint second place, Report informs referring to the Worldwide Cost of Living Survey 2016 compiled by the Economist Intelligence Unit (EIU).
Singapore retains its title as the world’s most expensive city for a third year in a row.
The EIU measures the cost of living in cities by comparing them to the cost of living in New York.
According to researchers, the silver lining is that even though Singapore was the most expensive, the cost of living here, when compared to New York, was still 10 percent cheaper than was the case in the same survey a year ago.
Due to the rising US dollar, most cities have also become relatively cheaper when judged against cost of living in New York.
Some plus points of residing in Singapore include being offered value compared to other countries in the region.
General basic groceries are cheaper in Singapore than places in Seoul, Tokyo and Hong Kong, but on par with New York.
But for big ticket items such as car ownership, Singapore is the most expensive.
Singapore is also very expensive when it comes to buying clothes and paying for utility costs.