According to the latest economic report on global competitiveness [Source], the population of of a city doesn’t determine the competitiveness of a city. Citing Zurich with a population of 1.4 million and sparsely populated cities like Sydney and Stockholm as examples, the Economist Intelligence Unit(EIU) do not find any correlation between population density and competitiveness.
Unfortunately for Singaporeans, the PAP government rejects such professional advice and continues to bring a relentless influx of foreigners to provide businesses with cheap labor on depressed wages. Currently, most Singaporeans have salaries depressed by foreign S-Pass holders at a minimum wage of $2,000. According to the EIU’s report on cost of living, Singapore is the 3rd most expensive city [Source] and the 2nd most unequal country [Source] in the world. Singapore will also rank lowly on domestic purchasing power [Source].
The impact of the double whammy of low purchasing power with high cost of living has resulted in Singaporeans not able to save for retirement [Source] and family planning. It is no coincidence Singapore has the lowest fertility rate in the world because of the high costs of living. According to MoneySmart [Source], a finance column under Yahoo Singapore, the average cost of raising a child to secondary school requires $276,400. The PAP government however denies international reports which ranks Singapore lowly, like for global wealth management company UBS. In 2011, UBS published a report that ranks Singapore poorly on purchasing power and stating that Singaporeans have purchasing power even lower than Malaysians living in Kuala Lumpur. However, the PAP government rejected the UBS’s findings and its state-controlled university, Lee Kuan Yew School of Public Policy, published its own version of purchasing power that miraculously found Singaporeans to have the purchasing power of the top 20 countries in the world [Source].