Recently, the Economist Intelligence Unit released their list of the most expensive
cities in the world, with Singapore taking first place for the second year in a row.
The high cost of living beats out those in classically expensive cities like Paris and
Oslo.
So why is Singapore so expensive?
The EIC points to the high cost of groceries, basic amenities, and clothing, which often
have a 50% premium markup over New York prices.
Additionally, Singapore is famous for their “sin tax”, where “beer, wine and liquor,
tobacco products, motor vehicles and petroleum products” are taxed at a much higher rate
than other commodities.
For example, a bottle of wine costs, on average, $25.
Double what the next most expensive city, Paris, would charge.
[All from EIC]
But one of the most commonly cited reasons is the high cost of car ownership.
Singapore issues a limited number of car-buying certificates in order to restrict the total
number of vehicles.
Those certificates have ballooned the average price of a luxury car to roughly $260,000
dollars, compared to about $50,000 dollars in Europe.
However, despite sky-high prices, it’s not just a city for millionaires.
Singapore is doing what it can to keep its low-income residents comfortable.
In January, the government established a minimum salary of about $730 dollars a month for low-wage
workers.
They also significantly raised taxes on the wealthy, and increased social security payments
for its elderly citizens.
Additionally, due to the existence of open air food markets called ‘Hawker centers’,
selling inexpensive meals, it is quite possible to survive without a high income in the most
expensive city in the world.
Be sure to check out our new sister channel Seeker Stories for some inspiring untold stories
from around the globe, like this one about a family that decided to live on their own,
entirely off the grid.
Check out that full video at the top of the description.
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