Malaysia vs Singapore: Which Country Is Cheaper To Live In?
For the first time in the history of 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 cosy in the top spot for some time since it was crowned the most expensive city in 2018 as well.
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 at the time of writing), 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?
View our infographic to find out.
This article was first published on iMoney Singapore.