Pulled along by global developments, Singapore is rapidly developing a “knowledge-based economy.” Between 1990 and 2000, gross domestic product more than doubled (in constant dollars), and the number of managerial and professional jobs almost doubled. Such advances should be a boon to middle-class Singaporeans, but, instead, they find themselves under increasing economic pressure despite the increased need for educated labor and the surplus of manual labor. On the basis of analysis of available data, the article documents the deteriorating relative position of the well-educated in the labor market and explores the role of migration in that process.