Singapore
rises to 18th place in expat cost of living survey
SINGAPORE: In the past five years, Singapore jumped 13 spots
from 31st to 18th in the global ranking of the most expensive
locations for expatriates, according to a cost of living survey by
consultancy firm ECA International.
It has, however, been overtaken by other Asian cities such as
Hong Kong, which rose 26 places to 9th place globally from March
2012 to March 2016, and Guangzhou, which rose 40 places to be
ranked 15th worldwide. The island-state is now the 10th most
expensive city in Asia for expatriates, according to the
survey.
Over the past five years, Singapore and other Asian locations
have overtaken locations in Europe and Australasia in the rankings,
the firm said.
“In spite of relatively low levels of inflation in the past 12
months, a strengthening currency versus the Australian dollar and
slightly higher rates of inflation for international assignees over
the period as a whole has pushed Singapore above locations in
Australia over the course of the past five surveys," said ECA
International's regional director for Asia Lee Quane.
"This is also the case when compared with locations in Europe,
who have experienced lower inflation rates and a depreciating
currency over this time period,” he added.
Tokyo has maintained its position as the most expensive location
in the region for expatriates, while Hong Kong and Shanghai are the
next two most expensive cities in the Asia Pacific
respectively.
ECA International said the twice-yearly survey is to help
companies calculate cost of living allowances so that their
employees' spending power is not compromised while on international
assignments. The surveys compare a basket of like-for-like consumer
goods and services commonly purchased by assignees in over 450
locations worldwide, excluding certain living costs such as
accommodation and school fees, which are usually covered by
separate allowances.
- CNA/mz
