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Date [ 2013-02-07, 09:55 ]

(Singapore=Koreanpress) by Ramani = According to the latest survey conducted by the London-based Economist Intelligence Unit (EIU). Tokyo regained top spot as the world's most expensive city while Zurich, last year's number one went down to seventh place. Good news for the citizens of that Swiss city.

Not so for Singaporeans. They climbed up from 9th place to 6th. . "The cost of living in Europe has seen relative declines thanks to economic austerity and currency fears," said Jon Copestake, the report's editor. "But Asian cities have also been rising on the back of wage growth and economic optimism. This means that over half of the 20 most expensive cities now hail from Asia and Australasia."
On the survey, the rankings of major Australian cities saw a sizeable jump. Sydney took third spot and Melbourne fifth. On the bright side, the least expensive cities are Algiers in Algeria, Kathmandu in Nepal and the Indian cities of New Delhi and Mumbai. The cost of living was determined by the research team collecting more than 400 individual prices across products and services in 140 global cities. 

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