Residents of tiny Singapore might not be surprised to learn that their city-state home has been named the world’s most expensive city by the EIU’s Worldwide Cost of Living Survey (registration required, but the report based on the survey is free to download).
The 13 page report shows that Asian metropolises and European cities dominate, with eternal rivals Singapore and Hong Kong ahead of the pack in cost of living terms:
- Hong Kong
- New York
- Los Angeles
According to the EIU, the survey is run twice yearly, comparing more than 400 individual prices across 160 products and services, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs. Its purpose is to help HR and finance managers to put together cost-of-living allowances and compensation packages for expats.
Despite the high cost of living, Singapore is the best city for Millennials employment, says The Guardian. The same article named Hong Kong as the best city for public transport and education/training prospects.