Expats’ living costs jump as Singapore dollar strengthens

Singapore is Asia’s 10th most expensive city for expats.

The cost of living for expats in Singapore has risen significantly over the past five years, according to ECA International’s latest global cost of living rankings for international assignees. The city-state has risen by 13 places since 2012, and is now ranked as the 18th most expensive location for expats globally.

The rankings also showed that Singapore is the 10th most expensive city for expats in Asia, down from 9th place in the preceding year.

“In spite of relatively low levels of inflation in the past 12 months, a strengthening currency versus the Australian dollar and slightly higher rates of inflation for international assignees over the period as a whole has pushed Singapore above locations in Australia over the course of the past five survey,” said Lee Quane, Regional Director – Asia, ECA International.

Meanwhile, Tokyo has retaken the regional top spot, occupying it for the fourth time in five years. The appreciation of the yen in recent months against other major currencies is the reason for this rise
in the regional rankings, although inflation remains low.

Hong Kong comes second in the region, and is the 9th most expensive location globally. It now ranks higher than all Chinese Tier 1 cities for the first time in five years.

The Hong Kong dollar has appreciated against most major currencies owing to its peg to the US dollar, which has pushed up prices of goods and services compared to those in locations whose currencies have weakened against the greenback.