29-05-2025
Singapore ranked 2nd-most expensive city for an overseas education; only Asian city in top 20, Lifestyle News
Singapore may have been voted one of the most liveable cities in the world for Asian expats, but it is also known for its high cost of living and was ranked as the second most expensive city globally for expats in 2024.
And now, according to a report by online remittance service Remitly, the nation has also been ranked the world's second most expensive city for an overseas education, second only to New York.
Singapore is also the only city outside of the US to be ranked in the top 10 list and the only Asian city to be ranked among the top 20, according to the recent report published on Remitly's website.
But how exactly was the ranking derived?
According to Remitly, the list was compiled based on data from the Center for World University Rankings and includes the top 2,000 universities across 89 countries, along with 250 other notable institutions.
The ranking took into account factors such as cost-of-living data from Numbeo, an online cost of living database, average tuition fee data and average visa costs.
A final Cost of Education Index was calculated by equally weighing rent, cost of living, and tuition fees. Visa costs were weighed at 50 per cent of the other components in the index.
More information can be found on Remitly's website.
Singapore had an Education Expenses Index score of 94.24 out of 100 — calculated from a cost-of-living average of US$24.34 (S$31.42) for commonly-used goods, groceries and more, an average monthly rent for a one bed apartment of US$3,630.65, average visa cost of US$67 and average tuition fee of US$64,460.
In comparison, New York City scored a full 100 according to the Index.
The report also identified the cheapest countries and cities to study abroad in, by continent.
Zeroing in on Asia, the most affordable cities for a university education are in China, with the country dominating the top 10 list and the number one spot going to the city of Zhenjiang.
And while Singapore is ranked as the second most expensive city to study abroad in, it is likely a different reality for Singapore residents as citizens benefit from government tuition subsidies and many students often continue to stay with their families — doing away with the need for rent and lowering overall living costs. Top generator of ultra-wealthy university alumni
With the high cost of a university education here for international students, perhaps it is of little surprise as well that Singapore has also emerged as a top university in Asia for producing ultra-high net worth graduates.
The National University of Singapore (NUS) recently featured in data analytics company Altrata's 2025 report on University Alumni Rankings of the Wealthy and Influential, which highlighted universities with the most ultra-wealthy alumni.
NUS ranked third in a list of the top 20 Ultra High Net Worth (UHNW) universities outside the US, with approximately 3,400 alumni reported to have a net worth exceeding US$30m each.
In first and second place respectively was the University of Oxford (4,900 ultra-wealthy alumni) and University of Cambridge (4,700 ultra-wealthy alumni).
Globally, NUS ranked 17th in the report published on May 14, in a list dominated by US universities and led by Harvard University with 18,000 ultra-wealthy alumni. The University of Pennsylvania placed a distant second with 9,300 ultra-wealthy graduates.
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