Quality of life, education facilities, and a transparent and professional business environment are elements making Singapore attractive to foreigners despite its high living cost.

Singapore's iconic Marine Bay (Photo: New Straits Times)

The finding was part of the latest annual report recently published by the Economist Intelligence Unit (EIU) under The Economist magazine.

According to the report, Singapore was ranked as the most expensive city for expatriates and business travelers for the fourth time in a row.

However, living cost is only one of many factors for an individual to make decision for a work destination, said human resources specialists.

In addition, the transparency of governance and ease of doing business, combined with government efforts to create a positive environment for start-ups and innovation makes Singapore a highly attractive business hub for people to grow their careers.

It is also an ideal place for FinTech (finance and technology combination) or research and development (R&D), which is why more European and Asian nationals move to Singapore recently.

The EIU survey compares prices of 160 products and services, including food, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools and recreational costs, between 133 cities across the world with New York city (the US) as the baseline.

(Source: VNA)