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  • Recently, the Economist Intelligence Unit (EIC) released their list of the most expensive cities in the world,

  • with Singapore taking first place for the second year in a row.

  • The high cost of living beats out those in classically expensive cities like Paris and Oslo.

  • So why is Singapore so expensive?

  • The EIC points to the high cost of groceries, basic amenities, and clothing, which often have a 50% premium markup over New York prices.

  • Additionally, Singapore is famous for theirsin tax”,

  • wherebeer, wine and liquor, tobacco products, motor vehicles and petroleum products

  • are taxed at a much higher rate than other commodities.

  • For example, a bottle of wine costs, on average, $25. Double what the next most expensive city, Paris, would charge. [All from EIC]

  • But one of the most commonly cited reasons is the high cost of car ownership.

  • Singapore issues a limited number of car-buying certificates in order to restrict the total number of vehicles.

  • Those certificates have ballooned the average price of a luxury car to roughly $260,000 dollars,

  • compared to about $50,000 dollars in Europe.

  • However, despite sky-high prices, it’s not just a city for millionaires.

  • Singapore is doing what it can to keep its low-income residents comfortable.

  • In January, the government established a minimum salary of about $730 dollars a month for low-wage workers.

  • They also significantly raised taxes on the wealthy, and increased social security payments for its elderly citizens.

  • Additionally, due to the existence of open air food markets calledHawker centers’, selling inexpensive meals,

  • it is quite possible to survive without a high income in the most expensive city in the world.

  • Be sure to check out our new sister channel Seeker Stories for some inspiring untold stories from around the globe,

  • like this one about a family that decided to live on their own, entirely off the grid.

  • Check out that full video at the top of the description.

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Recently, the Economist Intelligence Unit (EIC) released their list of the most expensive cities in the world,

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B1 singapore expensive cost additionally wine income

What's The Most Expensive City In The World?

  • 32211 1976
    JACK JHOU posted on 2015/09/10
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