Singapore the world's 9th most expensive city

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Singapore has been ranked the ninth most expensive city in the world, surpassing New York, London, Frankfurt and Hong Kong which are normally associated with high-end living, according to latest Economist Intelligence Unit survey.

While Singapore has dropped three notches from last year’s ranking, the new survey shows that the country is still an expensive city. It has joined the elite list of the top 10 most expensive Asian cities, together with Tokyo, Osaka and Kobe.

Meanwhile, Zurich emerged as the world's most expensive city for the first time, beating Tokyo, which fell to second spot.

Several surveys released recently point to Singapore’s rising cost of living, particularly among expats. In December 2011, the country was ranked Asia’s sixth most expensive city, beating Hong Kong for the first time.

“This is the price to pay to become an international financial centre – high prices and a wide income gap within a single city,” said Kit Wei Zheng, an economist from Citigroup. “Wages, land, property and rentals are under cost pressures due to excess demand, symptoms of a fast-growing economy.”

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