Singapore becomes world’s costliest city, followed by Paris and Zurich

Dubbed as the most expensive city in the world, Singapore has taken the record for the fifth consecutive year. Singapore has left behind New York, London and Los Angeles which also couldn’t make it to the top 10 priciest places in the Worldwide Cost Of Living Survey 2018 by the Economist Intelligence Unit (EIU).

The second place has a tie between Paris and Zurich. The places for the costliest cities has been dominated by European and Asia Pacific cities.

In 2013, Tokyo was the costliest place to live in, which dropped to 11th rank in the past five years. Hong-Kong dropped to fourth place from second most costly city.

Sydney, Oslo, Geneva, Zurich and Copenhagen climbed the list. “Major changes in the ranking are mainly due to currency fluctuations.” Said the EIU.

Dollars depreciating power hasn’t led any single American city in the top ten list despite the increase in cost of living in the US.

Last year the euro rose 14 percent while US fell against all G-10 currencies.

Tel Aviv was the only city from Middle East that made it to the top-ten list.

Damascus and Caracas were ranked as the world’s cheapest cities, while Karachi, Chennai, Bangalore and New Delhi have been ranked as the most affordable.