Kiasuism (from the adjective, kiasu; meaning “the fear of losing out”) is a much talked‐about topic in Singapore. This study seeks to assess the situation in Singapore and in a major city in Australia, define this cultural concept and explore the possible repercussions on society. Data collected from undergraduates in Singapore and Australia by using a questionnaire survey were analysed using statistical techniques such as multiple regression analysis and t‐tests of sample means. Qualitative methods such as content analyses and critical incident technique for instrument development were also employed. The study consisted of two phases: a phase one pilot study and a phase two questionnaire designed to determine the degree of kiasuism in the two samples and its effect on general wellbeing, academic performance and satisfaction with performance. Results indicated that kiasuism is not unique to Singapore, and may well be a behaviour exhibited by people around the world.