Lee Hsien Yang Highlights Singapore and Zurich as World’s Priciest Cities in EIU Survey

SINGAPORE: Lee Hsien Yang, brother of Prime Minister Lee Hsien Loong, shared The Economist’s recent ranking, which places Singapore and Zurich jointly as the world’s most expensive cities. In his Facebook post on Thursday (Nov 30), Lee highlighted that Singapore has frequently held this top position, ranking as the costliest place to live in nine out of the past eleven years, according to the latest Worldwide Cost of Living survey by the Economist Intelligence Unit (EIU).

The EIU report notes that groceries, alcohol, and clothing in Singapore carry significant price tags, while the cost of a Certificate of Entitlement (COE)—a mandatory document for car ownership—recently reached over $106,000. This high fee is part of government efforts to manage car ownership in the city.

The Economist article mentioned that although energy prices and supply-chain issues eased this year, the outlook remains cautious as high-interest rates continue to suppress economic growth. Additionally, a recent report by Cushman & Wakefield ranked Singapore 12th for the world’s highest retail rents, with Orchard Road retail spaces priced at US$431 per square foot annually, up from US$404 the previous year. This reflects a 6.9 percent rise in Singapore’s retail rents, contributing to its status as an attractive yet costly location for retailers.