Singapore most expensive city in the world: study

Singapore is now the most expensive city in the world, according to the latest study by the Economist Intelligence Unit. This is mainly due to the strong Singapore dollar and the high cost of cars, utilities and clothes, the research firm said.

'Singapore's rising price prominence has been steady rather than spectacular. The city-state was 18th most expensive ten years ago and has actually seen the cost of living compared with New York City decline over the last 12 months,' it said in its report on Tuesday.

'However, over the last decade a 40 per cent currency appreciation, coupled with solid price inflation, has consistently pushed Singapore up the ranking.'

The EIU Worldwide Cost of Living survey compares the cost of living in various cities around the world against that of New York.