Skip to main content
Part of complete coverage on

World's most expensive city is ...

By CNN Staff
March 4, 2014 -- Updated 0900 GMT (1700 HKT)
The Economist Intelligence Unit has released its latest survey on the most and least expensive cities in the world. The Danish capital squeezes into the top 10, jumping five spots from its place in the March 2013 report. The Economist Intelligence Unit has released its latest survey on the most and least expensive cities in the world. The Danish capital squeezes into the top 10, jumping five spots from its place in the March 2013 report.
HIDE CAPTION
10. Copenhagen, Denmark
9. Tokyo
8. Melbourne
7. Geneva, Switzerland
6. Caracas, Venezuela
5. Sydney
4. Zurich, Switzerland
3. Oslo, Norway
2. Paris
1. Singapore
<<
<
1
2
3
4
5
6
7
8
9
10
>
>>
STORY HIGHLIGHTS
  • Economist Intelligence Unit names Singapore world's most expensive city to live in 2014
  • High costs of living, currency appreciation cited as reasons behind Singapore's rise
  • Tokyo, last year's most expensive city, fell to sixth place due to weaker yen

(CNN) -- Move over Tokyo.

Singapore has dethroned the Japanese capital to become the world's most expensive city in 2014, according to the Economist Intelligence Unit's latest Worldwide Cost of Living survey.

The bi-annual report, which ranks 131 global cities, credits currency appreciation, solid price inflation and high costs of living for Singapore's dubious new distinction.

"Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car," says the report.

"As a result, transport costs in Singapore are almost three times higher than in New York. In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs."

Singapore is also the priciest place in the world to buy clothes.

Last year's title holder Tokyo, dropped from the top spot to sixth -- tied with Melbourne, Geneva and Caracas.

Tokyo's decline is due to the weaker yen, says the EIU.

MORE: Inside the world's most expensive hotel rooms

World's 10 most expensive cities to live in 2014

1. Singapore

2. Paris

3. Oslo, Norway

4. Zurich, Switzerland

5. Sydney

6. Caracas, Venezuela

6. Geneva, Switzerland

6. Melbourne

6. Tokyo

7. Copenhagen, Denmark

Asia also has the world's cheapest city on the list.

Down at the other end of the 131-city survey, the EIU lists Mumbai as the world's least expensive city to live in. The Indian capital, New Delhi, is third cheapest.

"Although India has been tipped for future growth, much of this is driven by its large population and the untapped potential within the economy," says the EIU.

"Income inequality means that low wages proliferate, driving down household spending and creating many tiers of pricing that keep per capita spending low.

"This, combined with a cheap and plentiful supply of goods into cities, as well as government subsidies on some products, has kept prices down, especially by Western standards."

MORE: The world's best city is ...

World's 10 least expensive cities to live in 2014

122. Riyadh, Saudi Arabia

123. Jeddah, Saudi Arabia

124. Panama City, Panama

124. Bucharest, Romania

126. Algiers, Algeria

127. Damascus, Syria

127. Kathmandu, Nepal

129. New Delhi

130. Karachi, Pakistan

131. Mumbai, India

The Worldwide Cost of Living survey is released twice a year by the EIU.

It compares more than 400 individual prices across 160 products and services in 131 cities, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.

In total, more than 50,000 individual prices are collected in each survey.

"The cost-of-living index uses an identical set of weights that is internationally based and not geared toward the spending pattern of any specific nationality," says the EIU. "Items are individually weighted across a range of categories and a comparative index is produced using the relative difference by weighted item."

MORE: And the world's best island is ...

ADVERTISEMENT
Part of complete coverage on
November 24, 2014 -- Updated 0118 GMT (0918 HKT)
The interior of the Formosa Boulevard Mass Rapid Transit Station in Kaohsiung, in southern Taiwan.
These quirky and beautiful subway stops make standing cheek-to-cheek with 45 strangers almost seem fun.
November 21, 2014 -- Updated 1314 GMT (2114 HKT)
A scene from a desert safari in Dubai
Luxury vintage Land Rover tours explore Bedouin backwaters without bashing up precious dunes.
November 20, 2014 -- Updated 0250 GMT (1050 HKT)
Cities around the world have closed the brew gap, but the Oregon city's innovative scene continues to lead the beer parade.
November 19, 2014 -- Updated 2249 GMT (0649 HKT)
From gourmet hotdogs to Sevillian tapas, the food served in these London restaurants is worth lining up for.
November 20, 2014 -- Updated 1545 GMT (2345 HKT)
Plans are underway to build the world's tallest -- and quite possibly most terrifying -- roller coaster at an Orlando, Florida, theme park due to open in 2017.
November 18, 2014 -- Updated 1932 GMT (0332 HKT)
The 7th Annual Cruise Critic Editors' Picks Awards highlight the top cruise lines for North American travelers in 18 categories.
November 19, 2014 -- Updated 0206 GMT (1006 HKT)
Joining the ranks of pilgrims tackling Adam's Peak rewards with a spiritual awakening, or at least a stunning sunrise.
November 18, 2014 -- Updated 1313 GMT (2113 HKT)
The cover of Norway's new passport design
Beautifully designed travel document reveals image of Northern Lights when placed under UV light.
November 18, 2014 -- Updated 0525 GMT (1325 HKT)
Properties in the Italian village of Santo Stefano di Sessanio have been converted into a high end hotel spread through the village.
New concept offering luxury rooms in ancient dwellings helps spare beautiful villages from falling into ruin.
November 21, 2014 -- Updated 2247 GMT (0647 HKT)
Are you the butcher or the cattle? Tainted meat-obsessed fans are following the tracks of their favorite "Walking Dead" survivors.
November 17, 2014 -- Updated 0521 GMT (1321 HKT)
People never cease to find amazing ways to make water more incredible than it already is. Here are some powerful examples
ADVERTISEMENT