13 Jul '11, 2am

S'pore overtakes Hong Kong as a more expensive city for expatriates

SINGAPORE - For the first time, Singapore overtook Hong Kong as a more expensive city for expatriates, driven by a stronger currency and higher rents, according to Mercer's Worldwide Cost of Living Survey. The island-nation was ranked the eighth-most expensive city worldwide, rising from the 11th spot last year following a "substantial increase" in housing costs, Mercer said in an emailed statement yesterday. Hong Kong dropped one level to ninth place, the survey showed. Singapore's record economic growth last year helped the city to become home to the world's highest proportion of millionaire households at 15.5 per cent of the population, according to a Boston Consulting Group report in May. Inflation rose 4.5 per cent in May, exceeding economists' estimates, as food and transportation costs climbed, supporting the central bank's decision to allow the currency to apprecia...

Full article: http://www.todayonline.com/Hotnews/EDC110713-0000069/Spor...

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