A recent study by the Economist Intelligence Unit (EIU) has named Singapore as the most expensive city in the world for 2014. Tokyo, 2013′s champion, was displaced to a joint sixth with Caracas (Venezuela), Melbourne (Australia) and Geneva (Switzerland).
The Worldwide Cost of Living Survey takes into account some 400 individual prices in 131 countries to calculate overall cost of living expenses. Singapore took the top spot due to the increasing strength of the Singaporean dollar, high energy costs and the expense of fuel.
London is conspicuously absent from the list, a rather telling fact as to the nature of these surveys as a similar survey by Expatisan named London the most expensive city in the world.
Different research companies utilise different means of calculating a city’s cost of living, For instance, in 2013 Luanda in Angola was named the most expensive city for expats by research company Mercer.
At the other end of the scale Mumbai and New Delhi were deemed the least expensive cities in the world. Mumbai’s prices are kept low by India’s well-known income inequality. The majority of the city’s workers earn very low wages, which keeps spending low, and government subsidies keep it this way.