Climbing up from ninth place, Singapore is now ranked the world’s sixth most expensive city to live in, according to the latest survey conducted by the London-based Economist Intelligence Unit (EIU).
Tokyo regained top spot as the world’s most expensive city while Zurich – last year’s top-ranked city – slid to seventh place.
“The cost of living in Europe has seen relative declines thanks to economic austerity and currency fears,” said Jon Copestake, the report’s editor.
“But Asian cities have also been rising on the back of wage growth and economic optimism. This means that over half of the 20 most expensive cities now hail from Asia and Australasia.”
The rankings of major Australian cities also saw a sizeable jump, with Sydney taking third spot and Melbourne fifth.
Meanwhile, the least expensive cities are Algiers (Algeria), Kathmandu in Nepal and India’s New Delhi and Mumbai.
To determine the cost of living, the research team collected more than 400 individual prices across products and services in 140 global cities.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email firstname.lastname@example.org