Singapore has been ranked the seventh most expensive city in the world, ahead of other locations such as Copenhagen, Sydney and Hong Kong.
According to Expatistan’s annual Cost of Living Index, the city has been identified as having a price index of 228 this year, slipping one place from 2013’s index of 223.
The countries’ cost of living is calculated by taking into consideration the average typical expat expenditures, including housing, food, housing, clothes, transportation, health, and entertainment. In order to determine the index, a value of 100 was assigned to a central reference city, which is Prague this year.
“Once the reference point has been established, the price index value of every other city in the database is calculated by comparing their cost of living to the cost of living in Prague,” the report said. Therefore, living in a city with an index of 134 would be 34% more expensive than living in Prague.
The report found in Singapore an average of SG$12 is spent daily on food in the business district. In addition, the country’s average monthly rent for an 85m² (900sq ft) furnished accommodation in an expensive area was identified to be S$4,962.
Among the 206 cities the index covered, Singapore’s cost of living was highlighted to be higher than Hong Kong (214) and Tokyo (198), which came in at the 12th and 19th place respectively.
London topped Expatistan’s list as the most expensive city list with a price index of 280, followed by Oslo (267) and Geneva (259). Zurich and New York City rounded up the top five with price indexes of 256 and 237.
Expatistan’s 10 most expensive cities (according to cost of living index)
1. London, United Kingdom (280)
2. Oslo, Norway (267)
3. Geneva, Switzerland (259)
4. Zurich, Switzerland (256)
5. New York City, United States (237)
6. Lausanne, Switzerland (233)
7. Singapore, Singapore (228)
8. Paris, France (219)
9. San Francisco, United States (218)
10. Copenhagen, Denmark (217)