Singapore ranks as 2nd most expensive city globally

Expensive housing, transportation, and goods drove up the city's cost of living.

Singapore is the second most expensive city worldwide, just behind Hong Kong, driven by high housing and transportation costs, Mercer reported.

In Singapore, prices for items like eggs and olive oil rose by 3.1% YoY and 10.3% YoY in March, whilst the cost of a cup of coffee decreased by 5.3% YoY.

Prices for necessities such as gasoline and haircuts also increased 3.5% YoY and 5.4% YoY, respectively.

Meanwhile, the cost of clothing, such as blue jeans, remained unchanged.

Looking at housing, rents in Singapore increased 8.0% YoY in 2024.

Apart from Hong Kong and Singapore, other most expensive cities in Asia include Shanghai (23), Beijing (25), and Seoul (32).

Lagos (225) and Abuja (226) in Nigeria are among the most affordable cities, alongside Karachi (222), Bishkek (223), and Islamabad (224).