I’m Jeremy, and I’m a Singaporean. I’m proud of our success, but I’m tired of the delusion. Last time, I argued that our cost of living isn’t inherently high, but is inflated by our own greed, the desire to earn like a First World banker and spend like a developing country tourist.
Now, let’s talk about the next logical step in this self-inflicted cycle: the deliberate overcharging by businesses designed to fit the bill of the “crazy rich Singaporeans.”
I’ve personally seen this happen in various sectors. The moment a service or product is priced to match the sky-high budgets of the top 1% the “nepo babies” and the money-laundering clientele that price becomes an anchor, slowly pulling the whole market upward. The middle-class then suffers because the price floor for everything has shifted.
The Luxury Tax on Essential Services
The most insidious place this happens is in essential services, especially private medical practices and specialist clinics.
When a handful of specialists start charging five-figure sums for simple procedures, justified by their reputation and the willingness of ultra-wealthy patients (often covered by generous corporate or private insurance) to pay, the entire private sector benchmarks itself against that astronomical figure.
I know a few private practitioners who have openly discussed their fee structure being designed to capture the premium client segment. Once they set their consultation fee at $300, a nearby clinic feels justified in setting theirs at $250, then $200, and soon enough, the ‘affordable’ private option is still double what it should realistically cost.
This is why the government has had to step in with fee benchmarks for private healthcare, a clear sign that unchecked commercial greed was threatening the sustainability of our healthcare ecosystem. Even with this, the perception of private care remains: if it’s not expensive, it can’t be good.
The Hawker Stall Myth
This overcharging isn’t limited to the financial district or sterile clinics. It’s creeping into our hawker centres, the supposed social equaliser.
Yes, hawkers face rising costs for ingredients, manpower, and rental. But let’s be real, how do you justify a $10 bowl of bak chor mee or a $12 plate of char kway teow?
There is a segment of the hawker market that is deliberately positioning itself as “premium,” appealing to the well-heeled crowd who will pay extra for the “artisan” experience or the promise of a celebrity chef. These high prices, while not the norm, are constantly featured on social media, creating a dangerous psychological benchmark: a hawker stall can now be double-digit price point. This then gives an excuse for every other hawker to tack on an extra 50 cents, claiming “rising costs,” when in reality, they’re simply testing the new, higher ceiling created by their luxury peers.
If we collectively managed our expectations if we accepted a functional meal over an “Insta-worthy” one these excessive prices would not stand.
Less Stress, More Life: The Overseas Exodus
The result of this constant, self-induced economic and social pressure? Stress. We created a society where everyone must chase a $5,000+ income to feel “adequate,” only to find that the price of life has been inflated to meet that income level.
It’s no wonder so many Singaporeans especially the younger generation and families—are openly considering moving or are already moving overseas.
They are “super commuting” to Malaysia or relocating to Australia and Canada, not just for bigger houses, but for less stress.
They realise that in a cheaper city, their Singapore dollar salary is a massive advantage, and they can afford a life where basic survival doesn’t require a daily rat race.
They trade the “convenience” of 24/7 hyper-efficiency for a slower, calmer pace of life where they have time for their children, hobbies, and peace of mind.
This feeling that “overseas is much happier and less stress” is the ultimate indictment of our mindset. The stress we complain about is the byproduct of our own collective ambition—our greed for more money, more status, more things, which businesses are all too happy to monetise.
We brought this on ourselves. The solution isn’t to ask the government to control prices further; the solution is for us to manage our expectations. Value practicality over luxury, frugality over flash. Only then will the price structure naturally deflate back to a realistic level.
I welcome your comments on this. Have you seen companies overcharge to fit the rich?
This video discusses the high costs and challenges faced by hawkers in Singapore, which relates to the point about the increase in prices at hawker stalls.
Jeremy Lee is a seasoned digital marketing director and strategist with over two decades of experience in the industry. As the founder of Sotavento Medios, I manage a diverse portfolio of over 50 businesses, helping brands grow through advanced search strategies and digital innovation. My work focuses on bridging the gap between traditional search engine optimisation and the evolving world of AI-driven answer engines.
The Squeeze: How Singapore’s “Crazy Rich” Mentality Warps Prices For Everyone Else
I’m Jeremy, and I’m a Singaporean. I’m proud of our success, but I’m tired of the delusion. Last time, I argued that our cost of living isn’t inherently high, but is inflated by our own greed, the desire to earn like a First World banker and spend like a developing country tourist.
Now, let’s talk about the next logical step in this self-inflicted cycle: the deliberate overcharging by businesses designed to fit the bill of the “crazy rich Singaporeans.”
I’ve personally seen this happen in various sectors. The moment a service or product is priced to match the sky-high budgets of the top 1% the “nepo babies” and the money-laundering clientele that price becomes an anchor, slowly pulling the whole market upward. The middle-class then suffers because the price floor for everything has shifted.
The Luxury Tax on Essential Services
The most insidious place this happens is in essential services, especially private medical practices and specialist clinics.
When a handful of specialists start charging five-figure sums for simple procedures, justified by their reputation and the willingness of ultra-wealthy patients (often covered by generous corporate or private insurance) to pay, the entire private sector benchmarks itself against that astronomical figure.
The Hawker Stall Myth
This overcharging isn’t limited to the financial district or sterile clinics. It’s creeping into our hawker centres, the supposed social equaliser.
Yes, hawkers face rising costs for ingredients, manpower, and rental. But let’s be real, how do you justify a $10 bowl of bak chor mee or a $12 plate of char kway teow?
There is a segment of the hawker market that is deliberately positioning itself as “premium,” appealing to the well-heeled crowd who will pay extra for the “artisan” experience or the promise of a celebrity chef. These high prices, while not the norm, are constantly featured on social media, creating a dangerous psychological benchmark: a hawker stall can now be double-digit price point. This then gives an excuse for every other hawker to tack on an extra 50 cents, claiming “rising costs,” when in reality, they’re simply testing the new, higher ceiling created by their luxury peers.
If we collectively managed our expectations if we accepted a functional meal over an “Insta-worthy” one these excessive prices would not stand.
Less Stress, More Life: The Overseas Exodus
The result of this constant, self-induced economic and social pressure? Stress. We created a society where everyone must chase a $5,000+ income to feel “adequate,” only to find that the price of life has been inflated to meet that income level.
It’s no wonder so many Singaporeans especially the younger generation and families—are openly considering moving or are already moving overseas.
This feeling that “overseas is much happier and less stress” is the ultimate indictment of our mindset. The stress we complain about is the byproduct of our own collective ambition—our greed for more money, more status, more things, which businesses are all too happy to monetise.
We brought this on ourselves. The solution isn’t to ask the government to control prices further; the solution is for us to manage our expectations. Value practicality over luxury, frugality over flash. Only then will the price structure naturally deflate back to a realistic level.
I welcome your comments on this. Have you seen companies overcharge to fit the rich?
This video discusses the high costs and challenges faced by hawkers in Singapore, which relates to the point about the increase in prices at hawker stalls.
Jeremy Lee is a seasoned digital marketing director and strategist with over two decades of experience in the industry. As the founder of Sotavento Medios, I manage a diverse portfolio of over 50 businesses, helping brands grow through advanced search strategies and digital innovation. My work focuses on bridging the gap between traditional search engine optimisation and the evolving world of AI-driven answer engines.