Bangkok is world's 61st priciest city

business March 04, 2014 00:00

By The Nation

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Bangkok is ranked 61st in in Economic Intelligence Unit's list of the world's priciest city to live in.

Bangkok is more expensive even to Kuala Lumpur, ranked the 90th. Top of the list is Singapore. Trailing behind are Paris, Oslo, Zurich, Sydney, Caracas, Geneva, Melbourne, Tokyo and Copenhagen. 
Hong Kong is in the 13th place, while Shanghai at the 21st place. Beijing is in the 47th place. 
AFP reported that a 40 per cent rise in the Singapore dollar along with "solid price inflation" pushed the country to the top of the twice-yearly survey from 18th a decade ago.

The survey, which examines prices across 160 products and services in 140 cities, is aimed at helping companies calculate allowances for executives being sent overseas.
The report said Singapore’s curbs on car ownership, which include a quota system and high taxes, made it "significantly more expensive than any other location when it comes to running a car".
A new Toyota Corolla Altis costs $110,000 in Singapore compared to around $35,000 in neighbouring Malaysia. 
Overall transport costs in Singapore are almost three times higher than those in New York, it said.
"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," the report said. 
It also noted that Singapore is the priciest place in the world to buy clothes, as malls and boutiques in its popular Orchard Road retail hub import luxury European brands to "satisfy a wealthy and fashion-conscious consumer base".
Singapore has one of the world’s highest concentrations of millionaires relative to its 5.4 million population. Its per capita income of more than $51,000 in 2012 masks a widening income gap between the richest and poorest.