Updated: 03/29/2014 01:53

Singapore most expensive for expats but ranked 60th for average residents



Singapore most expensive for expats but ranked 60th for average residents

Singapore may be the world's most expensive city for expatriates, but according to a study by a local think-tank the cost of living for the average resident here is lower than many other cities. 

The Asia Competitiveness Institute, says Singapore ranked 60th, among 109 major cities, for the average residents' cost of living, behind Asian cities such as Hong Kong and Seoul, as well as developed cities like New York, Paris, London. 

The study says the lower cost of living is largely due to the Government's subsidising education, housing and healthcare costs. 

It also found that the high cost of living for expatriates here relative to other cities is due mainly to Singapore's strong currency. 

The Singapore dollar, which appreciated 25 per cent between 2005 and 2012, bumped up the cost of living here for expats, whose are usually paid in foreign currencies. 

The study showed that if the exchange rate had held steady at 2005 levels, Singapore would be the 16th most expensive city for expats.

Other reasons include the consumption habits and different baskets of goods and services used by expatriates and average residents.

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