According to the latest survey commissioned by ECA International, Bangkok is now on the 63rd spot among the most expensive places in the world in terms of cost of living for expats. The metropolitan city is home to the best accommodations such as business hotel in Sathorn and is one of the top destinations for foreign travellers. This survey revealed that Bangkok’s ranking has increased. Singapore, on the other hand, has significantly climbed in the ranking and has bagged the 12th spot for the most expensive place to live in for expats.
ECA International’s regional director based in Asia, Lee Quane, said that in the last few years, Thailand’s costs of living have increased. Specifically for Bangkok, it has climbed up more than 100 places within the last five years and for the most recent survey it was already ranked on the 63rd place of the list.
With this new result, it has only proven that Bangkok is now one of the most expensive locations for expats to live in within Asia. The capital of Thailand’s costs of living is now higher compared to other regional capitals in Asia such as Manila, Jakarta and Kuala Lumpur. The increase in ranking for Singapore is mainly due to the fact that Singapore dollar is getting stronger.
For the past year, the prices in Singapore has very little increase but because Singapore dollar is stronger compared to other world currencies, it has climbed up the ranking of the highest costs of living landing in number 12 while in Asia it is on the 6th place. Last year, Yokohama, Beijing and Busan ranked higher than Singapore but now the country has surpassed these three. Singapore seems to be following with the trend since 2014 when it was only on the 30th spot and now it has increased by 18 places.
Based on the Cost of Living Survey by the ECA, they are comparing the prices of goods and services which are commonly favoured by expatriates from 482 places in the world. The aim of the survey is to help businesses determine if the spending power of their workers are the same when they are tasked to work in an international assignment. These companies often cover the costs of accommodation such as business hotel in Sathorn, school fees and car purchases.