SINGAPORE AMONG
ASIA’S MOST EXPENSIVE CITIES FOR EXPATS
Dec 11, 2015
Singapore has been rated by human resources consultancy ECA
International as Asia’s eighth most expensive city for expatriates in its
latest cost of living survey, reported TodayOnline.
Globally, the city-state was ranked the 18th most expensive
city for expats.
Shanghai, Beijing and Hong Kong topped ECA’s Asia rankings,
while Zurich, Geneva and Bern emerged as the world’s top three most expensive
cities.
After being ranked behind Singapore last year, Hong Kong has
now overtaken the republic and is five places above it.
ECA attributed Hong Kong’s rise up the rankings to the
relative strength of its currency over the past 12 months. Prices of goods and
services within ECA’s shopping basket for Singapore last year were one percent
higher than for Hong Kong. However, this year, the said prices were eight
percent less compared to Hong Kong.
The ECA survey calculates the cost of living based on the
allowance needed to purchase a basket of like-for-like consumer goods and
services that are commonly purchased by expats in over 450 locations worldwide.
However, this basket does not include certain living costs that are usually
covered by separate allowances, like utilities, accommodation rental, school
fees and car purchases.
Last month, the Asian Competitiveness Institute (ACI), a
research centre under the Lee Kuan Yew School of Public Policy, unveiled its
list of the most expensive cities for expats.
Under ACI’s list, Singapore was ranked as the most expensive
city in Asia and fourth globally.
ACI looked at wages, purchasing power and cost of living for
expatriates across 103 key cities. The results were based on 2013 data, which
was the most recently available when the study was conducted.
Info courtesy - Propertyguru
