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Cost of living here has not changed much

Singapore may be the world's most expensive city to live in for expatriates but it is much lower than other cities, including Hong Kong, for average residents.

Singapore ranks 60th among 109 major cities for the cost of living for the average resident, which comprises Singaporeans and permanent residents.

The study by the Asia Competitiveness Institute also found that the cost of living for the average resident changed little between 2005 and 2012 - Singapore was ranked 61st in 2005.

Compared to New York, housing in Singapore is 27 per cent cheaper but alcohol is 86 per cent higher.