If you really want to do engineering, do those higher end engineering, maybe like aerospace engineering where people still value quality and safety for higher price. Don't do those mass-manufactured engineering like civil, mechanical, electrical, electronic and computer engineering where China and India are flooding the market with graduates.

However, there is no safe engineering discipline. If it is something that can be taught in university, there is no stopping China and India from teaching them and mass producing graduates who will be desperate for any salary they can get.

And in Singapore, anything can be liberalised by importing foreign professionals willing to take developing world's salary. You can study whatever you want, but if one day the government allows free movement of labor for your profession, there is zero protection from cost competition.

The logic seems to be like:

Bill Gates was a computer programmer and he is a billionaire.
Be a computer programmer and prepare to be a billionaire too.

Such rare cases do happen, but does it happen to the majority?