World’s Most Expensive City is Still Singapore!

If you’re planning to go abroad for a vacation on a budget, the first place to forget is Singapore. The cost of living in this city is so high that spending a week there may not be a very relaxing time for your wallet.

According to the  Economist Intelligence Unit’s 2016 Worldwide Cost of Living survey, Singapore is the most expensive city, making it it’s third year in a row to be in the top. It has beaten the big cities in the league like, New York, Los Angeles, London and even Paris! Imagine that?

So what are the reasons why it makes it hard to go to Singapore with no money  in the bank.

The EIC says that the high cost of basic necessities like groceries, clothing and basic amenities which have a 50% markup over New York prices, are one of the reasons. Also, Singapore is well known for their sin tax. This increases the  prices of cigarette, beer, liquor, vehicles and petroleum more than other goods. For instance, a bottle of wine in Singapore will cost you $25, twice the price of a bottle in the second most expensive city, Paris, which will only cost you $12. But those are not the only reasons for much higher cost of living in Singapore. In fact, one of the most commonly mentioned reasons include the high cost of car ownership. Buying a Mercedes Benz in the country will cost you about S$277,000 (but only about $50,000 in Europe), and this doesn’t include the certificate you need to have before you can purchase a car. The Certificate of Entitlement will cost you another S$79,000. All that money for just a piece of paper.

The good thing though is that their government is doing everything to make sure that the average people will be able to live a comfortable life in the city. The government increased the minimum salary to about $730 a month for low-wage workers. In addition, the government significantly raised the taxes on the wealthy or upper class, and allotted more budget to social security payments for the elderly.

Furthermore, the presence of ‘Hawker Centers’ or open air food markets, where affordable meals are sold, ensure that everyone can live comfortably and with a satisfied tummy in the most expensive city in the world.

Have you been to this city? Let us know in the comment section below how you spent your vacation here.