Impressive though they may sound, these reports and statistics have a very limited effect on the lives of the average Singaporean feeling the squeeze of the rising cost of living. Singapore has been reported as being the sixth most expensive city in Asia and 42 per cent more expensive than New York. Cars and property are notoriously expensive, a particularly sore point for many locals. The affordability of homes – and indeed, of life in Singapore in general – was a hot-button issue during the 2011 General Election.
In fact, highlighting the number of millionaires may only remind people of the high income inequality in Singapore. This problem has already drawn comments from top economists like Lim Chong Yah and Yeoh Lam Keong who have stressed the need for change in wage and economic policies. There are disagreements about what the best solution is, but one thing remains clear: something needs to be done before Singapore becomes nothing more than a playground for the rich and a painful struggle for everyone else. Full story
Related:
Singapore overtakes Hong Kong as home to Asia's wealthy - Reuters
Singapore: playground of the super-rich - Telegraph.co.uk
