Sounds like what Erich Fromm said, "To have or To Be". Society, not just in Singapore, stresses too much of to have, while to be is slowly being forgotten.
[video=youtube;o7GpHrdXOFI]http://www.youtube.com/watch?v=o7GpHrdXOFI[/video]
[video=youtube;o7GpHrdXOFI]http://www.youtube.com/watch?v=o7GpHrdXOFI[/video]
It's the law of nature to compete. Animals show off how fit and strong they are in many ways, just as humans do. In a very densely populated SG, it's worse since everybody is so close by and everyone knows everyone else. If you don't keep up materially, you will feel terrible. The pain of being looked down on is not different from physical pain. If one is not even that sure of one's fitness to survive long-term, to pay for home, education, healthcare, children are a big burden.
There're probably ways to reduce the materialism. But I think they're long-term and may have to start with people valuing other achievements highly, not just money. Political office, arts & cultural achievements, intellectual contributions, need to be celebrated not for money they bring in, for example. But the highest political offices are still about money, so that sets the tone for celebrating materialism down the stream. Everybody then strives for that definition of "success" (except for a few outliers mentioned in this forum).