Singapore has been dubbed the world's most expensive city to live in, according to a survey of the Economist Intelligence Unit (EIU).

Singapore has been dubbed the world's most expensive city to live in, according to a survey of the Economist Intelligence Unit (EIU) (Photo: Getty image)

This is the 5^th year in a row that Singapore has been at the top of the list. In the EIU survey released on March 15, Paris (France) and Zurich (Switzerland) shared the second place, followed by Hong Kong (China), Oslo (Norway), Seoul (the Republic of Korea) and Geneva (Switzerland), Copenhagen (Denmark), Tel Aviv (Israel) and Sydney (Australia).

The world’s most expensive cities like Tokyo (Japan) and New York (the US) are not among the top 10.

Singapore remains the most expensive place in the world to buy and run a car, although for other categories, it is significantly cheaper than other cities.

Singapore has avoided traffic congestions like in other Asian countries by controlling vehicle ownership through a quota system under which a buyer must pay for a Certificate of Entitlement worth about 30,500 USD, on top of the vehicle’s actual price.

According to the EIU, the weakening of the US dollar in 2017 caused US cities to slip out of the top 10.

Meanwhile, Damascus (Syria), Caracas (Venezuela), Lagos (Nigeria) and Karachi (Pakistan) were listed among the top 10 cheapest locations this year.

(Source: VNA)