Saturday, April 08, 2017

Is Singapore really the world’s most expensive city?

Retail clerks in Singapore have a habit of forcing receipts into your hand whether you want them or not. As a result, every Singapore resident occasionally cleans out their wallet or purse, only to discover a horrifying stack of receipts where once there was money. There’s no doubt this can be a very expensive city.

But is it the most expensive? Well, that’s debatable.

Last month, the Lion City hit the headlines again when The Economist Intelligence Unit (EIU) placed it atop its Worldwide Cost of Living index. However, this index was set up for a specific purpose. It’s designed for human resources departments to figure out the cost of sending employees on business trips or to work overseas, often in a high-paying job.

Arguably, people with expense accounts don’t spend like the rest of us. When Singapore first topped the list in 2014, the city-state’s Deputy Prime Minister Tharman Shanmugaratnam suggested that the index wasn’t so much an indication of high prices as a reflection of pretentious expat living. The basket of goods on which the index was based included “imported cheese, filet mignon, Burberry-type raincoats, four best seats in a theatre, three-course high-end dinners for four people,” he said. Full story...

Related posts:
  1. Is Australia the world’s biggest rip off?
  2. Does Singapore deserve its 'miserable' tag?
  3. Sky-high prices are pushing locals to the edge of...
  4. Singapore named the world's most expensive city...

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