Singapore 21st most expensive city in the world for expats: Survey

SINGAPORE: Singapore remained outside of the top 20 most expensive locations in the world for expatriates, according to the latest cost of living survey by ECA International.

In a press release on Tuesday (Dec 12), the consultancy firm said Singapore was ranked 21st most expensive in the world and 9th most expensive city in the Asia Pacific region for expatriates, according to the survey.

In the same survey published in June, Singapore was ranked 24th most expensive globally and 10th in the Asia Pacific. It was ranked 16th most expensive globally and 9th in the Asia Pacific last December. 

“European currencies have performed very strongly over the past 12 months, outpacing many other currencies in the world – including the Singapore dollar,” said ECA International’s regional director for Asia Lee Quane.  

“This has resulted in Singapore slipping down the rankings slightly, with some of the more expensive European cities rising above it in the table,” he added. 

ECA International said Asian cities now lead the way as the most expensive locations to live in, with more than half of the top 50 most expensive locations surveyed this year being in Asia. 

A total of 26 of the top 50 entries were Asian cities, with 14 Chinese cities alone featured on the list compared with four EU cities and three from the US making it into the top 50.

Tokyo has maintained its position as the most expensive location in the region for expatriates, while Hong Kong and Seoul are the next two most expensive cities in the Asia Pacific respectively.

Angolan capital Luanda remained the most expensive city in the world, while Khartoum in Sudan rose 19 places to be ranked second in the world and Zurich remained third most expensive. 

ECA International said the twice-yearly survey is to help companies calculate cost of living allowances so that their employees’ spending power is not compromised while on international assignments. The surveys compare a basket of like-for-like consumer goods and services commonly purchased by assignees in 470 locations worldwide, excluding certain living costs such as accommodation and school fees, which are usually covered by separate allowances.