It dropped five ranks from the 20 most expensive locations for expats.
Singapore has dropped five ranks out of the top 20 most expensive locations in the world for expatriates, ranking 21st out of over 260 cities – the lowest it has featured since 2014, ECA International revealed.
According to a report, Singapore has dropped five places since 2016, having been overtaken in the rankings by cities such as Tel Aviv at rank 13 and Copenhagen at 14.
Luanda ranked first in this year's rankings, whilst Khartoum ranked second. Asian cities Tokyo and Hong Kong placed eighth and ninth, respectively.
“European currencies have performed very strongly over the past 12 months, outpacing many other currencies in the world - including the Singapore dollar,” said Lee Quane, regional director – Asia, ECA International.
Quane added that this resulted in Singapore being replaced by more expensive European cities rising above it in the table.
ECA International also measured prices in a basket of goods and found out that whilst a litre of petrol in Hong Kong would cost US$2.13, it would cost US$1.8 in Singapore. Petrol is cheaper in London and Luanda, however, at US$1.67 and 96 cents.
Meanwhile, a US$9.62 cinema ticket in Singapore costs US$10.7 in Luanda and US$17.88 in London.
A US$5.7 takeaway meal bought in Singapore costs US$8.4 in New York and US$16.15 in Luanda. A US$4.42 cup of coffee in the Lion City is also cheaper than one in Luanda, which costs US$4.52.
However, buying a 500mL beer in is more expensive Singapore at US$16.1, compared to US$11.9 in Hong Kong and US$8.39 in Luanda.
Singapore’s neighbours rank among the world’s cheapest locations. Although Ulaanbaatar, Mongolia, claims the status as Asia’s cheapest location, it is closely followed by locations in Malaysia – with Kuala Lumpur down to 213th in the global rankings.
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