As per latest media reports, a very recent study conducted by ECL International has found Singapore to be the world’s 19th most expensive city for expatriates. Also, what is important to note is the fact that Singapore made a massive climb of 12 places, in order to be placed where it stands.
One, among several other reasons for this, has been the strength of the country’s currency. ECA International’s Regional Director (Asia), Lee Quane pointed out that despite the weakening of the Singapore Dollar of late, like many other currencies, against its US counterpart, it has still managed to strengthen itself against currencies of several other major nations.
As for the position of Singapore in the Asia Pacific region alone, it has been ranked as the 9th most expensive city for expats. However, it still lags behind the likes of Chinese cities, such as the Chinese capital Beijing and also, Shanghai. In fact, Beijing and Shanghai occupy the topmost places in the Asia Pacific region.
Other Asian cities that proved to be more expensive for expatriates are Seoul, Hong Kong and Guangzhou. These three cities followed the top two Chinese cities. Also, in the list are cities of Busan, the Japanese capital Tokyo and Shenzen.
In terms of global rankings, the top three ranked cities in the list were occupied by Juba in South Sudan, seconded by Angola’s Luanda and with Zurich in third place. Further, the top five in the list consisted of the cities of Bern and Basel.
The ranking system developed by ECL International follows a certain procedure to determine the rankings. The cost of living in a city for expatriates was determined by the allowance required for them to purchase consumer goods and services in more than 440 worldwide locations.
The data included clothing, groceries, restaurant expenses, basic household goods, tobacco and alcohol. Costs that were excluded were utilities, car purchases, school fees, and accommodation rents.
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