Singapore is the most expensive city for expats
According to a new survey, made by the British magazine Economist, Singapore ranks as the most expensive city for expats in the world. It is a very expensive place to buy manufactured goods, food and clothes. In addition to that the price of utilities and real estate is quite high. Last but not least the strong local currency is contributing to the overall costs that immigrants face as well. However, Singapore rose to the top of the list, overtaking last year’s top city, Tokyo, because of the cost of driving a car. Singapore is a city of 5.3m people which is on an island. At the same time Tokyo was down on sixth place due to the decrease of the Japanese currency the yen.
Despite the high cost however, Singapore has one of the highest per capita GDPs in Europe. The average annual income is US$50,000 a year. The rest of the global top ten is made up of cities in Europe, Australia and Asia. It will surprise many that London and New York do not make the top ten. London came 15th on the list and New York came 26th.
At the same time a list of the world’s cheapest cities for the expats to live was released as well. Most of them were located in Asia. The top of the list is occupied by Mumbai, Karachi and New Delhi. Those cities are the financial and economic centers of India. Mumbai is also known as Bollywood – the capital of the Indian movie industry. Mumbai is a home to many wealthy people but at the same time it has very low cost for food, rent and utilities. Another the list cities includes are Damascus, Bucharest, Jeddah and Ryadh.
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