World’s most expensive cities to live in: Singapore, together with a few European and Australian cities, Caracas, and Tokoyo are some of the most expensive cities to live in the world. The small island state in East Asia received the label due to skyrocketing utility prices and the rising cost of car ownership.

Aside from it being known as an expensive place to reside, it’s also known to have the world’s best airport, receiving the accolade for 2 years in a row.

WORLD’S MOST EXPENSIVE CITY 2014

The city-state’s new label has been due to its strong currency, the high cost of owning a car in the country, and the price to pay for utilities. Together with Singapore, the survey noted that Paris, Oslo, Zurich, Sydney, Caracas, Geneva, Melbourne, Tokyo and Copenhagen as some of the most expensive cities to reside.

Ten years ago, Singapore was ranked number 18, but it has steadily crept up the rankings. It dethroned Tokyo which has suffered from a natural calamity and several economic hiccups. The EIU has also noted that Singapore is the most expensive place in the world to buy clothes, thanks to an influx of luxury brands and expensive shopping malls and boutiques.

According to CNBC, the EIU’s cost of living survey is a relocation tool that uses New York, the 26th most expensive city in the world, as a base. The survey to determine the most expensive cities to live in compares prices on a range of goods and services including food, drink, clothing, rent and utility bills across 131 cities.

The news site noted that a high cost of living has become a hot button issue in the wealthy Southeast Asian country. Singapore has one of the biggest wealth disparities in the developed world in terms of its Gini coefficient.

It’s important to note that both the most expensive city in the world to live in and the cheapest can be found in Asia. Based on the rankings, Mumbai, India’s financial center as well as Karachi and New Delhi, were the top three least expensive cities in the world.

WORLD’S BEST AIRPORT

According to the Economic Times, Singapore’s Changi Airport has been voted the World’s Best Airport by air travelers for the second year in a row. The airport also received the award for Best Airport for Leisure Amenities.

One of Changi Airport’s newest terminal, T3, was opened in 2008 and is labeled the “green” terminal with natural sky lighting and gardens that feature over 200 species of foliage. T3 also has a four-story tall slide, the world’s first butterfly garden in an airport, movie theatre, and over 130 shopping and dining outlets.