SINGAPORE: Singapore is the fourth most expensive city for expatriates but 28th for locals, a study by researchers from the Lee Kuan Yew School of Public Policy has found.
The study, which looked at 45 cities across Asia, Australasia, Europe and North America, found that expatriate living costs are more directly influenced by global inflation dynamics and exchange rate fluctuations compared to the cost of living for locals.
Housing prices, transportation expenses and international school fees are the primary cost drivers for expatriates, the study found.
In 2025, Singapore placed fourth among the 45 cities surveyed for expatriate living costs, behind New York, Zurich and Los Angeles.
Singapore was the 28th most expensive city for locals, the study found.
For expatriates, the most expensive cities were mostly located in North America and Western Europe, except Singapore and Hong Kong. The Chinese city was ranked the 10th most expensive city for expatriates and 31st for locals.
In Asia alone, Singapore was the most expensive city for both expatriates and locals. Hong Kong came in second.
The study looked at these rankings from 2021 to 2025. Singapore was the sixth most expensive city globally for expatriates in 2021, and fifth from 2022 to 2024.
For locals, it placed 33rd in 2021, 30th in 2022, 29th in 2023 and stayed at 28th place in 2024 and 2025.
The study found that in higher-ranked cities such as Zurich, Singapore and Hong Kong, factors beyond regional economic development drove up living costs, with the top 10 also recording the highest housing prices.
Housing in Singapore was the sixth most expensive for expatriates among the 45 cities, but 23rd for locals.
Researchers attributed this to expatriates’ heavier reliance on the private rental and condominium market, unlike locals who can access subsidised or public housing.
Transportation and education costs were also the highest globally for expatriates in Singapore, the study found, with car ownership cited as the most expensive due to the Certificate of Entitlement system.
The least expensive cities for expatriates were concentrated in Southeast Asia. Cities in developed regions generally have a higher cost of living and are becoming increasingly unaffordable, the researchers said.
