Singapore - Asia’s Most Expensive City - Is the Cost of Success is Too High

Singapore moves up from third in the first quarter of 2014 to the top spot in the Asia Pacific region and fourth overall most expensive cities in the world for foreign workers. 

Singapore reached the top 20 most expensive in the October 2010 Xpatulator rankings rising to 18th in 2011, 20th in 2012 and 14th in 2013 in the same period. It has climbed to reach fourth most expensive in April 2014.

What has fueled this rise in costs? The influx of foreign workers who have been attracted by high paying jobs at one of the more than 7,000 multinational companies located in Singapore. These expats have until now enjoyed a relatively high standard of living.

However, the rising cost of education, transportation and housing are increasing the cost of living for expatriates and threatening the high standard of living with many economists predicting that the pressure for increased wages will push costs even higher. Even though costs are on the rise for foreign workers, the total percentage of expats has risen from 25% in 2000 to 38% in 2013.

Topping the list for the Asia Pacific region are Hong Kong, China - second, Tokyo, Japan - third, Sydney, Australia - fourth and Shanghai, China - fifth.

Xpatulator.com provides up-to-date cost of living data for over 700 locations worldwide.

Top Ten City Rankings for Asia Pacific

1. Singapore
2. Hong Kong
3. Tokyo
4. Sydney
5. Shanghai
6. Canberra
7. Yokohama
8. Melbourne
9. Osaka
10. Perth

For the full cost of living rankings for Asia Pacific go here.

Moving to Singapore

Today we look at moving to Singapore in Singapore from Castries in Saint Lucia. We highlight cost of living and other major differences likely to be experienced in our series of short blogs on moving between different international locations.
In Singapore people speak English, Malay, Mandarin and Tamil. In Castries people speak English (official) and French patois.

Singapore is an island city-state. Castries is the capital city of Saint Lucia. Singapore has one of the busiest ports in the world. Castries houses the government and head offices of many businesses both foreign and local. It also has a sheltered harbour which receives cargo vessels and ferry boats as well as cruise ships.

The overall cost of living rank in Singapore is 23 out of 300 global locations, which equates it with high cost of living locations.  An expatriate moving from Castries to Singapore will experience a change in cost of living of 77.2%.
In terms of the hardship people are likely to experience, assessed in global terms, Singapore is ranked as a minimal hardship location with a hardship index of 10% compared to Castries with a hardship index of 20% which is a some hardship location.

Source: Cost of Living Singapore as at July 2011.

Singapore, Singapore Cost of Living April 2010

Country Full Name: Republic of Singapore.

Location: Singapore is in South Eastern Asia, and comprises islands between Malaysia and Indonesia.

Country Climate: Tropical; hot, humid, rainy; two distinct monsoon seasons - Northeastern monsoon (December to March) and Southwestern monsoon (June to September); inter-monsoon - frequent afternoon and early evening thunderstorms.

Country Terrain: Lowland; gently undulating central plateau contains water catchment area and nature preserve.

Major Languages: English, Malay, Mandarin, Tamil.

Major Religions: Taoism, Buddhism, Islam, Christianity, Hinduism.

Country Population: 4.7 million (2008 est.) 4.75 million (2009 est.).

Country Economy: The economy of Singapore is a highly developed market-based economy, which has historically revolved around trade. The economy depends heavily on exports and refining imported goods, especially in manufacturing.

Currency: Singapore Dollar (SGD).

Country Inflation: 6.5% (2008 est.) -0.2% (2009 est.).

City: Singapore is an island city-state.

City Economy: Singapore has one of the busiest ports in the world.
Cost of Living: Singapore has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Singapore is currently ranked 60 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more information on Singapore, Singapore