LONDON - SINGAPORE has entered the top 10 list of Mercer's 2011
cost of living survey, moving up two spots to be ranked the 8th
most expensive city for expatriates. Angola's capital, Luanda, has
retained the unenviable title of the world's most expensive city
for expatriates, narrowly edging out Tokyo, according to the survey
published on Tuesday.
At the other end of the scale, the Mercer group's study named
the Pakistani port Karachi as the least expensive city, with living
around three times cheaper than in Luanda.
New entries in the top 10 list of the costliest cities in the
world for expatriates are Singapore (8), up from 11, and Sao Paolo
(10), which has jumped 11 places since the 2010 ranking.
The most expensive city in Asia is Tokyo (2), followed by Osaka
(6). Singapore (8) has joined the list of the world's top 10 most
expensive cities in the world due to the strengthening of the
Singapore Dollar and the substantial increase in housing costs.
It is followed by Hong Kong (9) whose ranking dropped by one
position due to the devaluation of the Hong Kong Dollar which is
pegged to the US Dollar, even though there was considerable
increase in housing costs.
During the past year, the US Dollar has devalued against most
Asian currencies. In particular, the Singapore Dollar and
Australian Dollar appreciated considerably, not only against the US
Dollar, but against other currencies such as the Euro and British
Pound. -- AFP
Background:
The Mercer cost of living survey covers 214 cities across five
continents and measures the comparative cost of over 200 items in
each location, including housing, transport, food, clothing,
household goods and entertainment. It is the world's most
comprehensive cost of living survey and is designed to help
multinational companies and governments determine compensation
allowances for their expatriate employees. New York is used as the
base city and all cities are compared against New York. Currency
movements are measured against the US dollar. The cost of housing -
often the biggest expense for expatriates - plays an important part
in determining where cities are ranked.
-- ST
