Unfortunately only a few select elites can attend elite programs like INSEAD or HSW.

INSEAD is especially hard to break in as there's a quota on each nationality. Every year the school caps the intake at about 10 odd Singaporeans. Minus away those that are MBB sponsored, there are only about 5 odd Singaporeans who are self sponsored every year. Not to mention the Alumni interviews which you need to pass to get in. These alumni only allow candidates with prestigious backgrounds eg MBB/high finance to pass as they don't want low-calibre candidates to dilute their prestigious INSEAD branding, not after they have spent a few hundred K on the degree itself. It's a bloody high barrier to entry.

And even if you get in, the school fees are more than 2 times the price of local MBAs. Unless one is really earning high income eg at least $8K+ at about late twenties (average age at admission), one wouldn't really be able to afford/get a decent loan quantum.

Also consider the fact that INSEAD has a campus in Singapore, this gonna drive up the applications from Singaporeans. So if you are a Singaporean applying to INSEAD, it is like an uphill battle carrying a 20kg field pack with matador. Only creme de la creme can get in. So for most people, local MBAs still remain as a more attainable option.