New Delhi, Bengaluru and Chennai are among the cheapest cities in the world, according to the Worldwide Cost of Living 2018 survey by the Economist Intelligence Unit (EIU). Singapore has been named the most expensive city in the world.
The survey is conducted by comparing the prices of 160 products, such as bread, wine, cigarettes and unleaded petrol, and services, cost of rent, transport, utility bills, private school fees, domestic help and recreational costs in 130 cities.
Some South Asian cities like Bengaluru, Chennai, Karachi and New Delhi featured among the 10 cheapest locations surveyed.
“India is tipped for rapid economic expansion, but in per-head terms, wage and spending growth will remain low. Income inequality means that low wages are the norm, limiting household spending and creating many tiers of pricing as well as strong competition from a range of retail sources,” the report noted.
Syria’s capital, Damascus, is the cheapest city in the world, and Venezuela’s capital, Caracas, in the next cheapest city, followed by Kazakhstan’s business center, Almaty. Lagos is the fourth cheapest city, followed by Bengaluru (5th), Karachi (6th), Algiers (7th), Chennai (8th), Bucharest (9th) and New Delhi (10th).
Singapore is the most expensive city, ahead of Paris, Zurich and Hong Kong, respectively. Oslo, Geneva, Seoul, Copenhagen, Tel Aviv and Sydney follow, respectively, making the 10 most expensive cities in the world.
New York, London and Los Angeles did not feature in the list of the 10 most expensive cities. The cost of living in each city is ranked with that in New York City for the survey. The New York City index scored at 100 and one extra point equates to a 1 per cent increase in living costs.
New York is the 13th most expensive city, followed by Los Angeles at the 14th place. London fell to 30th spot in the post-Brexit climate.
In another recent survey, Mumbai was ranked as the best city for expat salaries. Expats working in the Indian city typically bring home an annual salary of $217,165, more than twice the global average of $99,903, the HSBC Expat Explorer Survey 2017 said.
Mumbai was also the 12th richest city in the world, according to a different survey, and was fifth most expensive in Asia for accommodation for expats.