Not exactly easy to live in the most expensive city in the world
By scheng1
@scheng1 (24649)
Singapore
October 24, 2015 8:38am CST
Unless you are a savvy travelers, you probably do not know that the cost of living is so high in Singapore.
All of us Singaporeans know how tough to live in the most expensive city, even if the 2/3 of the working adults do not have to pay income tax.
The reason that they do not have pay income tax is because the annual income is lower than the minimum threshold for income tax.
This EIU survey of cost of living takes into account 160 products and services that are essential to life. That includes food, utility and transport.
In term of the cost of basic groceries, EIU mentions that Singapore is 11% more expensive than New York.
For the second year running, Singapore tops the list as the world's most expensive city to live in, says the Economist Intelligence Unit.
6 people like this
9 responses
@nonersays (3344)
• United States
24 Oct 15
I could not imagine living in the most expensive city in the world. We have enough trouble trying to live a comfortable life in the city we do live in.
It is nice the government takes considerations with tax breaks though. Income tax is something we have to pay no matter how little we earn.
1 person likes this
@scheng1 (24649)
• Singapore
24 Oct 15
Income tax is low not because we got tax breaks.
Income tax is low because we do not have social security or free medical or free education from the government.
In another word, we just have to work to survive, or else inherit money to survive.
The corporate tax is lower than many countries, and that attracts many rich people to park their money here.
@scheng1 (24649)
• Singapore
24 Oct 15
@nonersays My mum who is reaching 70 soon is still working as a janitor, and she is not the oldest in her workplace.
She has colleagues who are much older, and some of them work because they have to work.
She says that a couple of people in their 80s try out the job for 2 days, but they cannot take the physical challenge of vacuuming, cleaning toilet, cleaning window and all other tasks for 8 hours a day.
@nonersays (3344)
• United States
24 Oct 15
@scheng1 True. Social securtiy counts for a lot. Even with it I'll be working till the day I die though. And our "free" healthcare is a joke. The education system could be better, but at least until college my kid can be taught with me only have to pay for supplies and not tuition.
1 person likes this
@scheng1 (24649)
• Singapore
24 Oct 15
Of course, we have low income tax because there is no social security.
We do have individual pension scheme. That means for those who do not contribute more because of low income, they do not get more retirement income too.
We do not have free education, free medical or free anything.
The poor gets some subsidy but not enough, so all the adults have to work, and some have to work 2 jobs.
1 person likes this
@jvincent_129 (4994)
• Philippines
24 Oct 15
I understand this because I have friends working there abroad. But they say the salary there is good compared to our country's salary. I guess the expenses are proportional to the income made. But I understand the food price is tolerable and the rent is very expensive. I am planning to work there eventually.
1 person likes this
@Marilynda1225 (91201)
• United States
24 Oct 15
Wow I'm surprised to find that Singapore is 11% higher than living in New York City
1 person likes this
@scheng1 (24649)
• Singapore
24 Oct 15
I am not surprised to see that.
We are always more expensive than New York even when we were the second most expensive city in the world.
This is the second year running that we hold this position.
I think for the past few years, we are always in the top 5 most expensive cities list.
@NeldaHoxie (1381)
• United States
24 Oct 15
Is it cheaper to live in other parts of your country? I mean I would never attempt to live in New York City or San Francisco. Cape Cod is a very expensive place to live, but not in comparison to those cities. If cost were my only consideration, I would live in the southern part of our country.
1 person likes this
@poehere (15123)
• French Polynesia
24 Oct 15
I think Singapore is less expensive than French Polynesia Tahiti. Here 1 liter of gas is 2.83 now that is expensive. All our food is imported and the stores take the price they buy it at and times it by 3 to sell to the public. Some of them increase the price 150 percent depending on the item. Now that's expensive.
1 person likes this
@scheng1 (24649)
• Singapore
25 Oct 15
When you take the price of all 150 items that EIU used for comparison, you will find that Singapore is indeed more expensive than other countries.
90% of our food are imported.
We have to buy water from our neighboring country or rely on seawater desalination or waste-to-water purification plant to produce clean water.
The price of car is the most expensive in the world because government imposes a certificate of entitlement scheme.
That means you have to buy that certificate before you can buy car.
Home ownership is based on lease hold, and some units of 94 sqm cost more than USD700,000 per unit.
1 person likes this
@youless (114117)
• Guangzhou, China
7 Nov 15
We had a travel to Singpore in this summer vacation. I think that the living cost is expensive in Singapore. As a common hotel will charge more than other countries. It is like Hong Kong which the hotel is always very expensive. Whereas the zoo, entertainment park etc. are not very expensive. The food is a little expensive than my city. I didn't buy a lot of things there because I think it is cheaper to buy them in Hong Kong. Hong Kong is a shopping heaven.
@Hannihar (130150)
• Israel
25 Oct 17
It is also very expensive to live in Jerusalem. If one can live in this beautiful city they are lucky.
