According to the Economist Intelligence Unit's (EIU) Worldwide Cost of Living Index for this year, the pandemic's aftereffects and the Russian war in Ukraine will cause an increase in the average cost of living of 8.1% in 2022. The two cities with the highest cost of living in the globe this year are New York and Singapore.
Although both Singapore and New York City are big global cities, there are several key distinctions between the two. Among the most significant variations are:
- Cost of living: With greater costs for housing, transportation, food, and consumer goods, Singapore is thought to be more expensive than New York City. This is caused by a number of elements, including a lack of available land and Singaporean government regulations that prevent speculation and maintain steady house prices.
- Government involvement: In comparison to New York City, Singapore has a more interventionist government that engages in more social and economic activity. In contrast to New York City, where the government primarily acts as a regulator, Singapore's government has adopted policies and initiatives to raise the standard of life for its residents and keep prices under control.
- Climate: New York City has a moderate climate with four distinct seasons, but Singapore has a tropical climate with high temperatures and humidity year-round.
- Size: New York City is one of the largest cities in the United States, with a total land area of around 468.9 square miles, whereas Singapore is a small city-state with a total land area of about 728 square kilometers.
- Transportation: New York City has a more advanced subway system, whereas Singapore has a highly developed transportation network that includes a sizable MRT system.
- History: Singapore's culture and history are distinct from those of New York City's. Singapore, a young nation that attained independence in 1965, blends Chinese, Malay, and Indian cultures, whereas New York City has a long history as a significant hub of trade and finance, a melting pot of various cultures, and home to a diverse population made up of many different ethnic and national communities.