This is the most expensive city to live in 2016

Considering a vacation to Singapore anytime soon? Then you'd do well to stash a significant amount of cash as it has emerged the most expensive city to live in 2016.

This is according to statistics released by the Economist Intelligence Unit Worldwide Cost of Living survey.

This will be the 3rd year in a row the Asian city is emerging as the most expensive city to live in.

Hot on the heels of Singapore in 2nd and 3rd place respectively are Zurich and Hong Kong. London, New York and Paris are also on the list.

The annual report ranks 133 cities based on a twice-yearly survey, and compares more than 400 individual prices across 160 products and services in 133 cities, including food, drink, clothing, household supplies and personal-care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.

Singapore's high transport and utility costs, as well as high cost of running a car thanks to Singapore's complex Certificate of Entitlement system contributed to earning it a top place on the list.

It however offers relatively less cost for groceries compared to its Asian neighbours.

Check out the 10 most expensive cities to live in 2016 below:

1. Singapore

2. Zurich, Switzerland

2. Hong Kong

4. Geneva, Switzerland

5. Paris

6. London

7. New York

8. Copenhagen, Denmark

8. Seoul, South Korea

8. Los Angeles