The Economist’s Worldwide Cost of Living Survey, three cities
share the number one spot as the most expensive cities: Singapore, Hong Kong,
and Paris. Notably, Singapore has been in the top spot for some time.
Despite being at the 88th position, Kuala Lumpur is often
compared to Singapore due to their proximity with each other. Singaporeans and
Malaysians are constantly keeping an eye on the cost of living in these
countries as migrations for job opportunities are common between the two
countries.
At first glance, after factoring in the currency conversion
rate (1 Singaporean dollar is equivalent to RM3.06), the cost of living in
Malaysia would seem much cheaper to a Singaporean.
However, once you take into account each country’s average
salary and currency strength, a different picture emerges. Not only do
Singaporeans earn a higher average monthly disposable salary (S$4, 061.10) than
Malaysians (RM3,486.49), the weaker Ringgit (US$1 = RM4.15) means that it costs
Malaysians more to purchase imported goods compared to Singaporeans (US$1 =
S$1.35).
So what exactly is the difference between the cost of living
in Singapore and Malaysia? How much would you be able to save and spend in each
country?
The Infographic presented here is excerpts from Michelle
Leong (2019).
Reference:
Michelle Leong, Malaysia vs Singapore: Which Country Is
Cheaper To Live In? https://www.imoney.my/
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