According to the Cost of Living Index published by Numbeo, Singapore is the 7th most expensive place in the world. What Numbeo did was to collect data of the cost of several items and then calculate the index:
- Restaurants: meal for 2 persons, McDonald's, beer, Coke/Pepsi, etc.
- Supermarket: milk, eggs, chicken, beef, etc.
- Transportation: taxi, gasoline, cost of car
- Utilities, clothing, housing, salaries...
Contrary to most opinions, most items in Singapore are actually below the average versus the cost in the other 146 countries surveyed by Numbeo. These items include food items such as restaurant meals, Coke/Pepsi, bread, bananas, tomatoes, to utilities such as mobile phone and Internet. In other words, the items required for daily living are affordable. Even cigarette (which commands a high tax) is one of the cheapest in the world!
The one that are expensive (and yes, they are priced higher than most other countries) are the higher-ticket items: cars, alcohol, and apartment rental @ the city center.
One interesting observation: the average monthly salary for 1 person in Singapore is $6.2K while the estimated monthly cost for a family of 4 (excluding rent) is $5.5K (single person is $1.5K). Based on this, it is actually possible to live in Singapore pretty comfortably...
All you need to do: avoid alcohol, take public transportation, and stay away from the city center.