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SINGAPORE – Singapore is the fourteenth most expensive city in the world for expats, down two places from last year’s ranking due to the weakening of the Singapore dollar.
The Republic has been overtaken by Copenhagen in Denmark and Bern in Switzerland, according to a poll released by human resources consultancy ECA International on Tuesday (December 15).
Hong Kong remains the most expensive place to live for expats despite falling rents due to the current political uncertainty, followed by Tokyo and New York.
Lee Quane, ECA International Director for Asia, said the Covid-19 pandemic has triggered a global recession, leading to a decline in trade in the Singapore economy.
“This contributed to the weakening of the Singapore dollar compared to stronger currencies such as the Danish krone and the Swiss franc,” he added.
In Asia, Singapore retains its No. 6 position from last year.
At the top of the list in Asia and worldwide is Hong Kong. Even as the Chinese city faces ongoing political uncertainty, Hong Kong owes its status as the most expensive city for expatriates to its “exceptionally high housing costs,” Quane said.
Other Asian cities in the top 10 of the world rankings are Tokyo (No. 2), Seoul (No. 8) and Yokohama (No. 10).
ECA International assesses the cost of living in cities for non-local employees based on a basket of consumer goods and services, such as food and leisure activities.
For this year’s survey, cost of living research was combined with housing data in one index, although the data sets were previously separate, said an ECA International spokesperson.
“As such, the 2019 rankings … have been retrospectively updated,” he added.
The Covid-19 pandemic hasn’t skimped on cities in Thailand and Vietnam either, with the survey showing that all Thai and Vietnamese locations have dropped at least 10 places in the rankings this year.
“The Thai baht and the Vietnamese dong weakened significantly against other major currencies during the Covid-19 pandemic, in part due to a major blow to the tourism industry as fewer visitors traveled to the region. Rental costs as well. they fell due to lower demand, “he said. Mr. Quane.
He added that Bangkok is the only Thai city that remains among the 100 most expensive locations in the world. Still, the Thai capital fell 16 places to number 39 in the world rankings.
Meanwhile, European cities have moved up the rankings as uncertainty around Brexit decreased this year compared to 2019.
London is in sixth place, having climbed four spots since last year.
But with another Brexit deadline fast approaching, ECA International expects “volatility in the coming months.”
Another factor that has caused changes in the rankings this year is the collapse of oil prices.
As a result, countries that are heavily dependent on oil, such as Brazil, Russia and Venezuela, have seen weaker currencies and a recession in their economies. The most severe impact was felt by Luanda in Angola, which fell 104 places from No. 37 to No. 141 this year.
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