S’pore: 9th most expensive city in the world

In Economy, Political economy on 15/02/2012 at 6:02 am

(Update at 9.00am on 15 Frbruary 2011: Headline rewritten, and changes made in text. “kbs” pointed out (see comments) that I misread the 2001 figures. Apologies for being daft. Will try not to be daft again.)

In 2001, it was ranked 97th. The survey uses prices of goods and services such as food, transportation, housing, utilities, private schools and domestic help to calculate scores for each city, using New York as its base with a score of 100. To be fair, most S’poreans do not rent homes in prime districts or send their children to private schools.

And the strength of S$ in 2011 can distort figures. A kilo of bread would have cost US$2.86 in 2010, according to the Economist’s data, but last year cost US$3.19 – an 11% increase. But, 6% of this is due to weakening US$. In S$, the price of bread would have gone up 5%.

Still 88 places in 10 years being number 9 is not shumething to crow about because

If we look at the data for the last 10 years, for example, the income of Singapore citizens at the 20th percentile level, grew by only 25%, from $1,200 in 2001 to $1,500 in 2011 (excluding employer CPF contributions).

In real terms, I estimate the annualized growth to be about 0.2%.

This is a far cry from the 2.2% real annualized growth for the last five years (including employer CPF contributions).

(Full article)

And the “new poor” continue to face the triple whammy of high living costs, low wages & purchasing power.

  1. 97 on the right side in the parenthesis is the value of the index in 2001 not the rank. Going by your logic Zurich was ranked 101 in 2001, I.e. below Singapore

  2. IMHO, this is just a huge bubble PAP has created. It is not substainable. Are Singaporeans making so much money?

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: