The latest cost of living survey from ECA International showed that Singapore is still among the most expensive cities in both Asia and the world for expatriates.
Singapore now ranks 7th in Asia and 13th globally as the most expensive city for non-local employees.
Singapore held the 18th spot on the global ranks and 9th spot in Asia in 2018.
The study considered cost of living based on consumer goods and services like groceries, clothing, and leisure activities.
The study, however, did not factor in rent, cars, and school fees which were usually paid for by employers.
“Despite relatively low rates of low inflation and weakening global trade growth, Singapore has risen five places to be the 13th most expensive city in the world thanks to the continued strength of the Singapore dollar. Singapore is now more expensive for expatriates than Seoul and Shanghai,” said Lee Quane, Regional Director – Asia for ECA International.
Despite the months-long protests in Hong Kong, it remains the sixth most expensive city in the world and the third in Asia for expats.
Ashgabat in Turkmenistan is the most expensive city in the world due to high inflation and black market currency rate which is weaker than the official exchange rate.
The most expensive Asian cities include:
- Ashgabat, Turkmenistan
- Tokyo, Japan
- Hong Kong, Hong Kong
- Yokohama, Japan
- Nagoya, Japan
- Osaka, Japan
- Singapore, Singapore
- Seoul, South Korea
- Macau, China
- Shanghai, China