To The Moon

🇸🇬 Singaporeans were 🫣 NOT SURPRISED [Spurting]  by the 🇺🇸 U.S. Economist Intelligence Unit's survey conclusion that 🇸🇬 Singapore again 👆🏻tops the 🌏 World's Most 💰💰💰💰💰Expensive Cities to live in. This is the eighth time in ten years that Singapore topped the list. 

The biannual survey, conducted between 16 Augus and 16 September this year, compared more than 400 individual prices of more than 200 products andservices in 172 cities. It concluded that supply chain disruptions from China's zero-Covid policy and the Tussian-Ukraine war were two key reasons for higher inflation of 8.1% this year. 

EIU - the research and analysis division of the Economist Group, said that the survey has been designed to enable human resources and finance managers to calculate cost-of-living allowances and buildn compensation packages for expatriates and business travellers. 

Singapore's top spot came as no surprise. In addition to the inflation worldwide, "Singapore has the world's highest transport prices, owing to strict government controls on car numbers. It is also among the most expensive cities for expats housing rent, clothing, alcohol and tobacco (due to the extremely high government tax for luxury items), thanks to its success as a premier location for business investment". A lot of essentials, food and fuel, are imported due to Singapore's resource constraints. Even as Singapore is taking steps to secure food and energy supplies, as a price taker in the global economy, external inflationis pushing up the local cost of living. 

On top of the inflation situation, Singapore's GST rate increase will make everything more expensive.

According to the Key Household Income Trends 2021 Report published by SingStat, a four-person household spent nearly SGD$8000 each month. This is compared against the median household income of SGD$9520. This leaves barely any headroom in the household budget for savings, investments, insurance and other important financial needs. 

Perhaps this is the reason Singaporeans feel so stressed out by the increase in living costs. What is the minimum monthly income a Singaporean household of 4 people shiuld have to be comfortable? Do they put their spare cash to investment in $Up Fintech Holding Ltd (Nasdaq:TIGR)$ via Tiger Broker app?

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Wishing all Live long and prosper.✌🏻✌🏻

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