A candid look at the reality of living in Singapore as one of the world’s most expensive cities.
Singapore’s place as one of the world’s most expensive cities is hardly news, yet it continues to stir debate. This year, once again, Singapore secured the top spot as the most expensive city, according to The Economist’s annual Worldwide Cost of Living (WCOL) survey. The survey, which compares the prices of over 200 products and services in 173 cities globally, revealed that Singapore shares the title with Zurich, Switzerland, surpassing other major cities like New York and Hong Kong.
For most Singaporeans, the reality of rising costs is evident in their daily lives—whether it’s the increasing price of a cup of kopi or the shock at the end of the month when utility bills arrive. But despite these frequent reminders of how costly life can be, the government has publicly responded, downplaying the findings and stating that the WCOL survey doesn’t fully capture the cost of living for local residents. The Ministry of Trade and Industry (MTI) emphasized that the survey focuses on expatriates and business travelers, and its “basket of goods” includes luxury items that most locals don’t consume.
While some of these points are valid, the government’s strong response has raised eyebrows. It’s one thing to acknowledge that the survey might have some flaws, but the sheer defensiveness from the government feels more like an attempt to control the narrative rather than an honest dialogue about the financial struggles faced by many Singaporeans. After all, for the average resident, the rising cost of living is a daily concern, whether it’s the price of a meal at hawker centres or public transport.
Many people see the government’s attempts to explain away the survey results as an exercise in semantics. Instead of focusing on the details of the study, what Singaporeans are asking for is straightforward acknowledgment: Yes, living in Singapore is expensive. There’s no need for deflections or reassurances that things aren’t as bad as they seem. People want recognition of their struggles.
What follows this acknowledgment is the real question: What steps are being taken to address the growing financial pressures on citizens? Simply deflecting blame doesn’t alleviate the stress of dealing with the high cost of living. What residents want now is practical, tangible support.
So, as we embrace the reality of an expensive Singapore, the next challenge lies in addressing what happens next. How can the government, businesses, and residents collaborate to make this city more affordable without losing its vibrant energy and international allure?
