The Economist’s Intelligence Unit recently published its list of the most expensive cities on earth, and once again Singapore has landed on top of the world.
The survey, which compares the prices of 160 goods and services in 133 cities around the world, found that Singapore was 20% more expensive than New York City and 5% pricier than Hong Kong, which came in second place.
The main item that sets Singapore apart, according to the Straits Times, is the cost of owning a car, which are extraordinarily high. According to Expatistan.com, which bases its data on 4,867 prices entered by 1,026 different people, the cost of owning a new Volkswagen Golf in Singapore runs the equivalent of over $90,000. By comparison, a Golf usually retails for around $20,000 in the U.S.
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In a post on CityLab, writer Mimi Ho explained the facts behind insanely high car ownership costs in the nation-state. It mainly comes down to various fees and taxes the government imposes on car owners, mainly as a way to limit traffic and pollution, since the city is so dense.