Singapore ranked 42nd most expensive location

Within Asia, Singapore is considered the 8th most expensive location in the survey conducted by ECA International. From last year, Singapore's rank went up a notch from 9th.

According to ECA International, the strengthening of the Singapore dollar against major currencies, together with rising prices, have contributed to the location’s ongoing rise up the ranking.

The cost of living for international assignees in Singapore is catching up with the levels of some of its neighbours: two years ago there was a 15% difference with Hong Kong. This fell to 7% a year ago and now stands at just 2%. Furthermore, Singapore is now ranked above Beijing.

Globally, Singapore has moved from 79th position to 42nd. The survey shows it to be more expensive than central London and over the last year it has moved above a number of eurozone locations where the currency has weakened including Munich and Rome.

“Singapore’s continued rise up the ranking mainly off the back of the strength of its currency is a double-edged sword,” says Lee Quane, Regional Director, Asia of ECA International. “For companies bringing senior talent into Singapore the cost of an assignment will increase as higher allowances are required to maintain employees’ purchasing power. On the other hand, companies sending employees out of Singapore can apply lower cost of living allowances and still provide sufficient remuneration to maintain a good standard of living.”