Asia dominates list of most expensive cities, with Singapore at number one

Aerial view of the Civic District Singapore River and Central Business District Singapore   20080518
For the fourth year in a row, Singapore is the most expensive city in the world

Singapore has been named the world’s most expensive city for a fourth year in The Economist’s annual Worldwide Cost of Living Survey.

The magazine’s 2017 report is dominated by Asian cities, taking five of the six top spots.

The survey, which compares the prices of 160 goods and services in 133 cities around the world also revealed that Singapore was 20 per cent more expensive than New York and five per cent pricier than Hong Kong, which took second place.

Manila meanwhile remains in the lower third of the list, tying at 92 with Athens and Bandar Seri Begawan (formerly Brunei Town).

Last year it was placed 88th alongside Toronto and Prague.

Among the notable changes this year is a sharp fall for London, which is at its lowest level for 20 years, coming in at number 24. Also affected by Brexit is Manchester, which fell more places than any other city in the world, from 26th to 51st place.

Jon Copestake, editor of the survey, said: “With UK cities slipping down the ranking and Asian cities rising, we now see only four European cities among the ten most expensive.

“This is a significant change from ten years ago when European cities made up eight of the top ten most expensive.”

The study also gives details of the average price for staples around the world. In Seoul, for example, the average price for a one-kilogram loaf of bread is a staggering $14.82.

In Paris, the average price for a 750ml bottle of wine is $10, compared to $24 in Singapore.

Here is the official top ten:

1. Singapore
2. Hong Kong
3. Zurich, Switzerland
4. Tokyo, Japan
5. Osaka, Japan
6. Seoul, South Korea
7. Geneva, Switzerland
8. Paris, France
9. New York, USA
10. Copenhagen, Denmark