Cost of Living - Singapore
According to Julius Baer's latest Global Wealth and Lifestyle report (2023), Singapore has been categorized as the most expensive city to live in across Asia. A major factor to this accolade has been the influx of expats during and post covid times which inevitably had to impact the supply of goods and services across all areas of life. The result, high levels of inflation and rising costs associated with items such as property rents and education; to transport, utilities and grocery shopping.
There are differing views on the rate at which Singapore’s cost of living has increased but the one area ingeneral agreeance is that real time inflation is higher than what we see printed each month from officialsources.
Headline inflation for Jan - Sept 2023 sit’s at around 5% (y.o.y), but if you dig deeper that number isperhaps misleading. For example education sit’s at 2.8% (y.o.y) but this is off the back of globally highlevels already in place for international schooling. Transport costs sit at 6.5% (y.o.y) which still misses thetrue mark as a hugely subsidised MRT (underground) system will disguise the real cost of a taxi fare whichincreased by 18-22% (y.o.y).
Other real time costs of living in Singapore are summarised below (Singapore Dollars).
International Schooling: $30,000 to $50,000 (annual / per child)
Property Rents: $6,000 - $12,000 (per month)
Car (leased): $1,700 - $2,300 (per month)
Monthly running costs: $3,000 (per month)
Based on these numbers, the mean average for a family of four renting a property and with both childrenattending international schools would set a cost base of SG$248,000. If you add on life/health insurance and a summer vacation, that number will rise to around $280,000.
This equates to $27,500 per family per month (pre-tax).
Street Smart
It is important to note that Singapore is a fantastic place to live, offering families the chance to mixprofessional life with a safe and fun environment to raise children. A contributing factor to enjoying yourtime in Singapore will be the development of street smarts around managing outgoing costs such asutilities, household items and food & beverages.
If you are new to the city or contemplating a move, get in touch and we would be happy to share furtherinsights to make your transition smoother and hopefully, financially a win.
In-House Salary Levels - Singapore
In-House salary levels have not increased at the level of real-time inflation. Our on-going tracker for basicpay in Singapore across MNC’s has seen on average an increase of 3-5% (y.o.y) and hence the need forsome lawyers to look at the external job market and/or consider a move overseas.
However, it is also important to recognise that Singapore is competitive in what In-House lawyers are paid,especially when comparing to the rest of Asia.
For example, an In-House lawyer at a technology focused MNC in Singapore with 8-12 years PQE and operating as a Senior Legal Counsel would on average be paid SG$16,000 - $20,000 per month, this would be comparable to Hong Kong at HK$90,000 - $115,000 per month and above Australia at AU$13,000 -$16,000
As you continue your career in the city, the competitiveness becomes more visible with a 15-18 PQE LegalDirector on average earning SG$26,000 - $30,000 per month at a technology focused MNC, this is around20-30% higher than what you would be paid in Hong Kong. Other areas that will give you a higher salarybanding include in-demand skills such as cross-border regulatory experience and/or handling multiplejurisdictions such as India, Japan, Korea and China.
