A survey by think tank Asia Competitiveness Index (ACI) of the Lee Kuan Yew School of Public Policy ranks Singapore 60th out of 109 cities in the world in terms of cost of living for average residents.
The findings from their annual cost of living index, which measures affordability for residents and accounts for the consumption habits of average residents, clearly distinguishes the different costs of living experienced by expatriates and the locals — a debate sparked off by the Economic Intelligence Unit (EIU) survey earlier this month, which ranks Singapore as the most expensive city to live in.
Research by the ACI shows that the EIU survey more accurately reflects the rising costs for expatriates and not locals here, which is almost entirely due to the 25 percent appreciation of the Singapore dollar against the US dollar from 2005 — 2012. Singapore would only be the 16th most costly city for expatriates to live in had its currency not strengthened so much.
In light of the debate and worries over the high costs of living in Singapore, the ACI is also considering the creation of a new affordability index to better reflect the cost of living for average citizens. Four areas which affect average citizens the most, such as healthcare, edcuation, housing and transport will be covered in the proposed study.
Photo: AFP
Source: Today
A survey by think tank Asia Competitiveness Index (ACI) of the Lee Kuan Yew School of Public Policy ranks Singapore 60th out of 109 cities in the world in terms of cost of living for average residents.
The findings from their annual cost of living index, which measures affordability for residents and accounts for the consumption habits of average residents, clearly distinguishes the different costs of living experienced by expatriates and the locals — a debate sparked off by the Economic Intelligence Unit (EIU) survey earlier this month, which ranks Singapore as the most expensive city to live in.
Research by the ACI shows that the EIU survey more accurately reflects the rising costs for expatriates and not locals here, which is almost entirely due to the 25 percent appreciation of the Singapore dollar against the US dollar from 2005 — 2012. Singapore would only be the 16th most costly city for expatriates to live in had its currency not strengthened so much.
In light of the debate and worries over the high costs of living in Singapore, the ACI is also considering the creation of a new affordability index to better reflect the cost of living for average citizens. Four areas which affect average citizens the most, such as healthcare, edcuation, housing and transport will be covered in the proposed study.
Photo: AFP
Source: Today