The Singapore school system has come a long way from the 1970s when it had an average of 40 per cent pass rate and a literacy rate of 72.7 per cent. The country’s tremendous achievement in the field of education is reflected in the school fees as it places behind only three countries - Switzerland, Austria and China.
According to the International School Fee Survey 2017, a study of the pricing and availability of 1,576 schools in 117 countries across the globe, Singapore is the fourth most expensive country for education with the cost of SGD30,395 (USD23,198) per annum.
Five most expensive countries in the world are:
- Switzerland – USD29,711 per annum
- Austria – USD25,957 per annum
- China – USD25,820 per annum
- Singapore – USD23,198 per annum
- Kazakhstan – USD22,650 per annum
Some of Singapore’s most costly schools include Australian International School, Canadian International School, Dulwich College, GEMS World Academy, Overseas Family School, Stamford American International School, and United World College of South East Asia (UWCSEA).
The rising cost of education is being felt across South East Asia in varying degrees. The rapidly growing demand for international school places by affluent locals has contributed to this steady rise in school fees.
Singapore boasts one of the highest GDP per capita in the world with SGD1,18,577 (USD90,500) per annum. The Lion City remains the most expensive city in the world, according to The Economist Intelligence Unit’s Worldwide Cost of Living. Hong Kong remains second, closely followed by Zurich.