It’s good news for expatriates looking to make their way to Singapore.
The city-state is no longer one of the world’s top 20 most expensive locations for expatriates to live in, according to the latest Cost of Living survey by Employment Conditions Abroad (ECA) International.
ECA International is a provider of data on cost of living, salary, accommodation, tax, labour law, benefits and quality of life for international assignees in over 400 locations worldwide.
It carries out the survey twice annually to help companies calculate cost of living allowances so their employees’ spending power is not compromised while working overseas.
The survey is conducted by calculating the cost of a basket of day-to-day goods and services commonly purchased by assignees and does not include costs such as accommodation, rental or utilities charges.
Singapore came in at No. 21 out of over 260 cities ranked, dropping five places since 2016, and it is the lowest it has been featured since 2014.
It was overtaken by cities like Tel Aviv and Copenhagen.
“The city slipped a little in the rankings as the Singapore dollar was weaker than some other currencies including the Israeli shekel and the Norwegian and Danish krone,” Mr Lee Quane, ECA International’s regional director of Asia told Business Insider.
But while Asian cities dominated the list of the top 50 most expensive cities in the world (clinching 26 of the 50 slots), the continent also housed some of the least expensive cities.
Tokyo remains the most expensive location in Asia-Pacific region (8th globally), followed closely by Hong Kong (9th globally).
Mr Lee said: “Hong Kong now has the second highest cost of living of any city in the Asia-Pacific region, up from fifth this time last year.”
“Although Hong Kong briefly dropped out of the top ten last year, it has generally risen in the ECA global rankings over the past five years and has now reclaimed its place in the top ten most expensive cities”.
In comparison, only four European Union cities and three American cities made it into the global Top 50 list.
Mongolia’s capital city, Ulaanbaatar, claimed the title of Asia’s cheapest location, but Malaysian cities like Johor Bahru, Kuala Lumpur and George Town (Penang) don’t trail far behind.
Kuala Lumpur was ranked 213th out of 260 cities.
Here’s the list of the top 20 most expensive cities globally:
And the top 20 most expensive cities in APAC: