The Rain Vortex at Jewel Changi Airport in Singapore has been named the most expensive city in the world for the fifth year in a row, according to the Worldwide Cost of Living Survey. The survey compared over 400 individual prices in 173 cities globally, including the cost of housing, transportation, food, clothing, and household goods.
Singapore’s high cost of living can be attributed to several factors, including the high price of imported goods due to its small domestic market and the strong Singapore dollar. In addition, the city-state’s expensive housing market has contributed to its ranking as the most expensive city in the world.
Other cities that made the top ten list of most expensive cities include Paris, Zurich, Hong Kong, and Oslo. Interestingly, the survey found that the cost of living in the United States has increased, with New York and Los Angeles both moving up in the rankings.
The survey also noted that the cost of living in several cities in the Middle East has fallen due to the impact of low oil prices on the region’s economies.
The Worldwide Cost of Living Survey is conducted by the Economist Intelligence Unit and aims to provide a comprehensive overview of the cost of living in cities around the world. It is widely used by companies and governments to determine cost of living allowances for expatriate workers.
Overall, the survey’s findings highlight the significant variations in the cost of living around the world and the impact of factors such as exchange rates, inflation, and commodity prices on global prices.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.