Inflated living costs stretch wealthy expats’ incomes in Singapore

Housing, healthcare, and education are way more expensive here.

Even wealthy expats are feeling the bite of Singapore’s high cost of living. According to a survey released today by HSBC, 77% of expats pay more for their accommodation than they did at home, significantly higher than the global average of 52%.

This is in spite of the fact that 16% of expats in Singapore earn over USD200,000 per annum, which also exceeds the global average of 11%.

Most expats also spend more on groceries (63%), healthcare (58%) and utilities (53%) than in their home countries. 

In terms of raising children in Singapore, 87% of expats say that it is more expensive to do so here than at home. Education for children also costs more, with well over three-quarters (83%) of those paying for their children’s education finding it more expensive in Singapore. 

The survey revealed that Singapore is ranked top in Asia and second in the world after Switzerland by expats as one of the best destinations for career progression, financial well-being and quality of life.