For the fifth time in a row, Singapore has been rated as the most expensive place on the planet Earth to live in. A report has been generated by the Worldwide Cost of Living report, from Economist Intelligence Unit, Singapore people has the most expensive day-to-day life in the world.
The survey compared the prices of over 150 items across 133 cities around the world. These items include bread, wine, cigarettes, petrol and many more. Paris and Zurich tied for second place. Asian Pacific and European cities have dominated the list of most expensive cities in the world. However, some of the cheapest cities are also there in Asia including India and Pakistan.
Considering European cities, Paris, Zurich, Oslo, Geneva and Copenhagen listed in the top 10 lists. The only which exists in the top 10 but does not belong to Asian pacific and European destination is Sydney. New York City and Los Angeles have been slipped to 13th and 14th this year because of weakening the U.S. dollar. Tokyo has been considered as the most expensive city to live in back in the year 2013. However, Japanese capital dropped to 11th position in last year’s ranking. Hong Kong, last year’s second-most expensive city.
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Tel Aviv was the only city from the Middle East that ranked among the top 10 most expensive cities this year. Now, you must be thinking about the cheapest cities in the world, let me tell you Bangalore, Chennai, Karachi, and New Delhi all featured among the cheapest locations across the world. Also, Damascus, Caracus, Almaty, Lagos, Algiers, and Bucharest featured among the cheapest locations this year.
The EIU survey has been done to help companies calculate the cost of living in various cities across the world and build compensation packages, particularly for business travelers.