Singapore is the world’s most expensive city while Mumbai is the cheapest, according to the Economic Intelligence Unit's (EIU) survey published on Tuesday.
Singapore, which was the world's 18th most expensive city ten years ago, surpassed Tokyo, which is traditionally the world's most expensive city.
“Despite Abenomics driving consumer confidence and price inflation, a weaker yen has pushed . . . Tokyo away from the top of the cost of living ranking," the report said.
Singapore jumped up the list due to its strong currency, the high cost of owning a car and soaring utility bills, according to the report.
Paris came as second most expensive, followed by Oslo, Zurich and Sydney and London placed as the 15th most expensive.
Mumbai, which is India's financial center, followed by Karachi and New Delhi, are the top three least expensive cities in the world.
"Mumbai's title as the world's cheapest city is a reflection of the structural factors that define price within the Indian subcontinent," the report said.
New York, in which the survey was conducted, was ranked 26th, while Sydney and Melbourne came in at fifth and sixth place, respectively, due to a strong Australian dollar.
Venezuelan capital, Caracas, was tied at sixth along with Melbourne, Geneva and Tokyo. However, the EIU said Caracas' position was largely due to the imposition of an artificially high official exchange rate.
The Worldwide Cost of Living is a survey conducted twice per year. It compares more than 400 individual prices on 160 products and services in 140 cities in 93 countries.
The survey aims to help human resources and finance managers calculate cost-of-living allowances and build compensation packages for expatriates and business travellers, according to the EIU.
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