Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The high life: Singapore is the most expensive city in the world, for the fifth year running, according to an annual cost of living survey/AFP

Government

Car costs make Singapore world’s priciest city. Again.

The high life: Singapore is the most expensive city in the world, for the fifth year running, according to an annual cost of living survey/AFP

SINGAPORE, Singapore, Mar 15 – The eye-watering cost of owning a car in space-starved Singapore means the city-state is the world’s most expensive place to live, for the fifth year in a row, a survey said Thursday.

The Asian financial hub where owning a no-frills sedan can set you back US$76,000 beat global capitals to the dubious title, despite stiff competition from resurgent European cities.

Pricey perennials Tokyo and New York did not even make the top 10 in the annual list by the Economist Intelligence Unit (EIU), beaten out by Paris, Zurich (joint second) Hong Kong (fourth) and Oslo (fifth).

Seoul and Geneva shared sixth place, while Copenhagen, Tel Aviv and Sydney rounded out the rankings

Despite some perks to domestic life in Singapore — home help is cheap — the former British colony “remains the most expensive place in the world to buy and run a car,” EIU said.

Singapore has avoided Asia’s massive traffic jams by controling vehicle ownership through a quota system under which a buyer must pay for a Certificate of Entitlement — currently nearly Sg$40,000 ($30,500) — on top of the vehicle’s actual price.

That means a basic sedan comes with a Sg$100,000 price tag.

Asian cities tend to be most expensive for grocery shopping, while Europe comes out tops in household, personal care, recreation and entertainment, the survey said.

Currency fluctuations remain a major cause for the changes in the rankings, with the weaker US dollar keeping American cities out of the top 10.

War-wracked Damascus, the troubled Venezuelan capital Caracas, Lagos in Nigeria and the Pakistani city of Karachi are among the world’s cheapest cities, the survey showed.

Advertisement. Scroll to continue reading.

“Put simply, cheaper cities also tend to be less liveable,” it said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...