Skip to main content
Part of complete coverage on

World's most expensive city is ...

By CNN Staff
updated 4:00 AM EST, Tue March 4, 2014
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
updated 8:00 AM EDT, Thu September 18, 2014
A foreign language can be the best aphrodisiac, so we traveled the world in search of the hottest accents.
updated 3:35 AM EDT, Fri September 19, 2014
Hidden from the rest of the world for decades, Myanmar's Lethwei boxing is experiencing a revival globally.
updated 7:17 AM EDT, Wed September 17, 2014
This aging cargo work whale makes more than 60 flights each week, carrying parts for all of the Airbus programs.
updated 7:32 AM EDT, Tue September 16, 2014
Vikings, vicious politics and vindaloo curries -- Scotland isn't all tartan and bagpipes.
updated 8:26 PM EDT, Sun September 14, 2014
Former brothels, public toilets and war bunkers now provide eccentric watering holes for those willing to drink deep.
updated 11:04 PM EDT, Wed September 17, 2014
Ushaka Marine World, Durban, South Africa
Joburg is trendy, Cape Town is glamorous, but Durban has style -- and a restaurant inside a shark tank.
updated 3:56 AM EDT, Fri September 12, 2014
Tirana's nightlife
Former Tirana stronghold of a totalitarian leader now home to a pulsing clubs and bar scene.
updated 11:38 PM EDT, Thu September 11, 2014
Whether filled with electric blue sulfur flames or hissing lava, these mega mountains offer incredible vistas.
updated 8:40 PM EDT, Tue September 9, 2014
This once-a-year luxury cruise visits untouched islands and never-snorkeled reefs.
updated 9:05 AM EDT, Tue September 9, 2014
Peter J. Goutiere was just shy of 30 years old when he piloted a Douglas C-47 from Miami to Kolkata, India.
updated 6:47 PM EDT, Mon September 1, 2014
Breathtaking scenery, championship design -- many of the courses dropped into the Canadian Rockies are among the most memorable in the world.
updated 9:06 AM EDT, Tue September 2, 2014
A floating hippo in the Thames river designed by artist Florentijn Hofman
Why Florentijn Hofman is sending a giant beast into London's River Thames.
updated 12:07 PM EDT, Tue September 2, 2014
Scrap all those other bucket lists you've been compiling and start saving -- these memorable-for-a-lifetime trips don't come cheap, or easy.
updated 8:42 PM EDT, Fri September 5, 2014
A squabble over a device that limits how far a seat can recline has brought inflight etiquette into the spotlight again.
updated 6:23 AM EDT, Fri August 29, 2014
Thirst for victory competes with thirst for booze in event where competitors raise their glasses long before they cross the finish line.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT