Singapore has been named the world's most expensive city for a fifth straight year as the cost of living in many major Asian cities continues to rise, the Financial Times reported, citing a survey by the Economist Intelligence Unit, or EIU.
The top-ranked city state is 16% more expensive to live than in New York, which fell four places to 13th due to a weaker U.S. dollar, according to the EIU survey, which compares prices of over 150 items in 133 cities worldwide.
There were 17 cities in the Asia-Pacific that were among the 50 most expensive cities in the world. Among them were China's financial center Shanghai, which ranked 21st, and manufacturing hub Shenzhen, at 23rd. But the EIU report said China's cost of living remained stable, the FT added.
Hong Kong ranked fourth, down two places from 2017's ranking, with Seoul steady at sixth and Sydney climbing to 10th. Low inflation in Japan pushed Tokyo and Osaka out of the top 10, to share 11th place.
"Singapore reflects a regional trend, with Asian hubs now making up many of the world's most expensive cities ... The competition between Asian hubs like Singapore, Hong Kong and Seoul on the one hand and European destinations such as Paris, Zurich and Oslo on the other will be one to watch over the next survey cycle as well," EIU's Roxana Slavcheva said.
A stronger euro pushed several Western European cities up the rankings, with Paris rising five spots to share second place with Zurich, and Oslo up six steps to fifth place. Geneva, Copenhagen and Tel Aviv rounded up the top 10 at sixth, eighth and ninth place, respectively, the FT said.
