Singapore is still the world’s most expensive city. It’s just topped the Economist Intelligence Unit’s 2016 Worldwide Cost of Living survey, making that the third year in a row.
The gap is closing between Singapore and the next two cities in the rankings, however.
Zurich, Switzerland, and Hong Kong are hot on its heels in joint second place, with Hong Kong leaping seven places up the ranking in the last twelve months.
The annual report, which ranks 133 cities based on a twice-yearly survey, notes Singapore’s high transport and utility costs.
It is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement system.
Transportation costs in Singapore are 2.7 times higher than in New York. However, for basic groceries, Singapore is cheaper than its Asian neighbors Seoul (33% more expensive), Hong Kong (28%) and Tokyo (26%).
World’s 10 most expensive cities in which to live in 2016
2. Zurich, Switzerland
2. Hong Kong
4. Geneva, Switzerland
7. New York
8. Copenhagen, Denmark
8. Seoul, South Korea
8. Los Angeles