How to have a blast in Singapore – the world’s most expensive city – without breaking the bank
Prohibitive cost of buying and running a car plays a big role in Singapore scaling summit
Singapore has spent five years dominating the list of the world’s most expensive cities.
That’s according to the Economist Intelligence Unit’s Worldwide Cost of Living report, which compares more than 400 individual prices across 160 products and services including categories such as food, drink, clothing, household supplies, rent, transport, and utility bills.
Singapore’s placement in the rankings comes down, in part, to one specific category: it is the most expensive place in the world to buy and run a car.
As CNN reported, the government regulates car ownership in the city state by issuing a limited number of permits. Citizens have to purchase these permits, which are valid for 10 years and cost, as of October 2017, as much as US$37,000 a piece.
“Vehicles are also subject to huge price mark-ups because of various taxes and import duties, which means a small SUV can set you back more than S$100,000 (US$74,000),” the 2017 CNN report continued.
Beyond car ownership, the city also ranks among the most expensive places in the world to buy clothes (No 3).
