5 Cs

The 5 Cs of Singapore!

"Nearly one in every six households has more than $1 million in assets, making it the densest population of wealthy households in the world."

Cash. Singapore Dollar. 1 SGD = 0.6 EURO. You need cash in this city. Often times you can't pay with debit card and it's essential in every day life. In Holland I don't use much cash, but here I find myself going to the machine quite often.

Car. Cars cost twice the amount as in Europe, because you have to pay an initial fee of around $50K to have the right to drive a car in Singapore. Import taxes are very high as well so a lot of Singaporeans choose not to drive. Then on the other end of the spectrum you have the people with too much money. I live in a area where I see Ferraris, Lambos, and other gorgeous cars drive by on a daily basis.

Credit Card. You earn the money, you spend it on the same day. It's very important to showcase a cushy lifestyle and enjoy life. A lot of people do fall into the credit card trap, even as early as in university (just like US loans) so I often wonder whether the "rich" have the actual money/liquidity or are buying everything on credit.

Condominium. Near Orchard Road, where all the gorgeous high buildings are, you need to pay around $5K a month and then you have a small condo, but one in a prestigious building! Most Singaporeans live in government-sponsored HDB flats which are the same size as condos, but half the price. Only as a Singaporean resident may you apply for such housing.

Country Club. Only after you have obtained the previous four status symbols, may you enter the fifth circle of wealth aka the country club with its exclusive privileges. My Swiss friend tried to convince me that the Swiss Country Club in Singapore owns the most land, but I haven't been able to verify this statement.


Not surprisingly...

"With this wealthy population comes a relatively high cost of living. In a 2010 cost-of-living survey of 214 cities by consulting firm Mercer, Singapore is the 11th most expensive city in the world for expatriates, on a par with Oslo and more expensive than New York City."