Singapore has topped the list of the ‘most expensive city’ in the world for second consecutive year. A new survey comparing the cost of living in 133 cities revealed that Singapore is the most expensive city followed by Paris, Oslo, Zurich, Sydney, Melbourne, Geneva, Hong Kong and the New York City.
However, Cities in Pakistan and India, including Karachi, Bangalore, Chennai and Mumbai has been named as four out of the top five cheapest cities to live in.
According to foreign media reports, Singapore topped their ‘Best in Travel 2015’ list for its cuisine and culture, the city-state also celebrates fifty years of independence this year. Grocery prices in Singapore are 11% higher than New York, and it is 50% more expensive for clothing. Utility costs are high; as city-state with limited resources of its own. Transportation costs are also triple than those in New York.
On the other hand, Karachi topped the list of ‘cheapest city in the world’ due to low wages, security conditions and political chaos. India’s major cities including Mumbai and New Delhi were also found to be among the least expensive in the world. Mumbai’s prices are kept low by large income inequality. The low wages of many of the city's workers keep spending low and government subsidies have helped them stay that way.
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