Singapore has dethroned the Japanese capital to become the world’s most expensive city in 2014, according to the Economist Intelligence Unit’s latest Worldwide Cost of Living survey.
The bi-annual report, which ranks 131 global cities, credits currency appreciation, solid price inflation and high costs of living for Singapore’s dubious new distinction.
“Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car,” says the report.
“As a result, transport costs in Singapore are almost three times higher than in New York. In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs.”
Singapore is also the priciest place in the world to buy clothes.
Last year’s title holder Tokyo, dropped from the top spot to sixth — tied with Melbourne, Geneva and Caracas.
Tokyo’s decline is due to the weaker yen, says the EIU.