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Why Singapore is burning a hole in your pocket



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A recent report by Expatisian, which ranked Singapore as the seventh costliest city, further supports the city state’s status as one of the world’s most expensive locations to live and work in.

With a price index of 228, the findings sealed Singapore’s position as the most expensive Asian city, putting it ahead of other regional locations including Hong Kong (214, 12th place), Tokyo (198, 19th place) and Seoul (171, 37th place).

But is the high cost of living in Singapore any surprise considering the country has one of the highest numbers of millionaires per capita in the world?

Don’t forget Forbes’ list of the world’s richest also boasts several Singaporeans, including real estate moguls Robert and Philip Ng, who topped the local Forbes’ list of billionaires with an estimated net worth of US$10.1 billion.

[ALSO READ: Welcome to Singapore’s billionaires’ club]

High paying jobs in Singapore is also another likely reason behind the country’s high cost of living.

A JobStreet.com report released late last year revealed the highest paying jobs in Singapore. Doctors came in first place with an average salary of S$3,095 for fresh graduates, followed by biotechnologists (S$3,082) and process design and control professionals (S$3,055).

To find out what the top 10 paying jobs in Singapore are, click here: Singapore’s 10 highest paying jobs.

While these reports are looking exclusively at data affecting expatriate professionals, do you think locals are also affected by the country’s high cost of living?

A recent survey by HSBC found 17% of Singaporeans expect never to be able to afford full retirement.

“Inflationary pressures, a rising cost of living and the desire to maintain one’s pre-retirement lifestyle are driving people in Singapore to continue working,” Harmander Mahal, head of customer value management, retail banking and wealth management in HSBC Singapore, said.

Do you agree that Singapore deserves the title of being one of the most expensive cities to live and work in – for both locals and expats?

Does your organisation provide employees with financial planning or schemes to help them manage their cost of living and prepare for retirement? Message us on Facebook or Twitter, or email me at sabrinaz@humanresourcesonline.net.

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