Some of the main considerations for expatriates planning to live in Singapore include the culture, cost of living, transportation and taxes.
With Singapore recently listed as the fourth-most expensive city for expats, it is important to understand the differences should one decides to relocate here.
A quick look at expats in Singapore
Based on a survey HSBC, the main 3 reasons which many chooses the expat life in Singapore are
- Earnings improvement
- Better quality of life
- Better prospects when it comes to their career
Based on the survey, a majority of expats in Singapore comes from Eastern Asia followed by Europe and South & Central Asia respectively.
TL;DR- Cost of living in Singapore vs rest of the world
For better illustration, we compared the cost of living in Singapore with some of the countries around the world.
As shown below:
- Cost of living in India is 182% cheaper than Singapore
- Cost of living in China is 90% cheaper than Singapore
- Cost of living in Japan is 182% cheaper than Singapore
- Cost of living in South Korea is 40% cheaper than Singapore
- Cost of living in Australia is 6% cheaper than Singapore
- Cost of living in Germany is 31% cheaper than Singapore
- Cost of living in France is 13% cheaper than Singapore
- Cost of living in USA is 14% cheaper than Singapore
source: Expatistan
Further Reading: Illustration and breakdown of costs
Cost of dining in Singapore compared with rest of the world
| Country | Cost of Meal (Inexpensive Venue) | Imported Beer (1 Can) | Meal at Mcdonalds |
|---|---|---|---|
| Singapore | S$12 | S$10 | S$7.50 |
| South Korea | S$8.43 | S$6.02 | S$7.23 |
| China | S$4.01 | S$3.21 | S$6.02 |
| Japan | S$9.82 | S$6.14 | S$8.35 |
| India | S$2.97 | S$3.77 | S$4.95 |
| France | S$19.16 | S$6.39 | S$12.77 |
| Germany | S$15.97 | S$4.79 | S$11.17 |
| Australia | S$18.14 | S$8.06 | S$10.08 |
| USA | S$19.14 | S$6.84 | S$9.57 |
Cost of groceries in Singapore compared with rest of the world
| Country | 12 Eggs | Cigarettes (Marlboro) | 1 Kg of Apples |
|---|---|---|---|
| Singapore | S$2.58 | S$13.75 | S$4.30 |
| South Korea | S$3.99 | S$5.42 | S$8.47 |
| China | S$2.16 | S$4.01 | S$2.18 |
| Japan | S$2.68 | S$5.59 | S$8.33 |
| India | S$1.22 | S$3.96 | S$2.59 |
| France | S$4.05 | S$11.65 | S$3.61 |
| Germany | S$2.62 | S$10.06 | S$3.55 |
| Australia | S$4.32 | S$27.21 | S$4.11 |
| USA | S$3.22 | S$9.57 | S$5.94 |
Cost of transportation in Singapore compared with rest of the world
| Country | Public Transport (1 Way) | Gasolin (1 litre) | Taxi (Normal Charge, 1km) |
|---|---|---|---|
| Singapore | S$1.80 | S$2.26 | S$0.55 |
| South Korea | S$1.51 | S$1.51 | S$1.17 |
| China | S$0.40 | S$1.35 | S$0.47 |
| Japan | S$2.58 | S$1.63 | S$5.03 |
| India | S$0.40 | S$1.48 | S$0.30 |
| France | S$2.55 | S$2.16 | S$2.94 |
| Germany | S$4.39 | S$2.15 | S$3.19 |
| Australia | S$4.13 | S$1.41 | S$2.02 |
| USA | S$3.08 | S$0.94 | S$2.29 |
Cost of rental in Singapore compared with the rest of the world
| Country | Apartment (1 bedroom in city centre) | Apartment (1 bedroom outside city centre) | Apartment (3 bedrooms in city centre) | Apartment (3 bedrooms outside city centre) |
|---|---|---|---|---|
| Singapore | S$2694.24 | S$1751.08 | S$4648.60 | S$2910.85 |
| South Korea | S$795.24 | S$506.99 | S$2110.24 | S$1281.75 |
| China | S$701.29 | S$416.30 | S$1542.22 | S$841.30 |
| Japan | S$1020.10 | S$696.90 | S$2234.70 | S$1366.36 |
| India | S$239.88 | S$147.79 | S$572.77 | S$345.36 |
| France | S$1089.78 | S$854.43 | S$2015.58 | S$1519.95 |
| Germany | S$1088.15 | S$812.73 | S$2142.13 | S$1562.24 |
| Australia | S$1666.48 | S$1282.89 | S$2687.02 | S$1892.43 |
| USA | S$1684.21 | S$1329.13 | S$2729.56 | S$2120.45 |
source: NUMBEO
Read also: How Much Is Enough To Live In Singapore?
While researching, we also came across a question on Quora regarding the average cost of living for a couple in Singapore. We would like to share the most upvoted answer.
What is the average cost of living for a couple in Singapore? What would be the average expense towards condo rent, groceries, medical insurance, vacations etc.?
For couples with high monthly expenses:
Food and groceries: $1500
Transport: $1500
Rental: $4000
Income tax: $500
Holidays: $700
Entertainment: $500
Medical insurance: $200
Total: $8900
This is based on a couple who
• regular eats out at restaurants
• drives a car or takes a taxi heavily
• rents a condo
• travels to Japan, Australia or Europe for holidays
• has medical insurance for private hospitals
• has pricey hobbies
For couples with low monthly expenses:
Food and groceries: $600
Transport: $200
Rental: $800
Income tax: $500
Entertainment: $100
Holidays: $200
Medical insurance: $200
Total: $2600
This is based on a couple who
• eats mostly at home or in hawker centres
• takes the bus and train
• rents a room in a HDB flat
• watches movies on weekends
• travels regionally for holidays
• has medical insurance for government hospitals
Financial Planner Daniel Tay who provided the really detailed answer also mentioned that he excluded payment for other insurance, savings and investments. It really depends on each couple’s situation, life goals and the type of financial advice you receive.
f you encounter any questions, feel free to ask Our Community! Do check out our blog for more information while embarking on your personal finance journey!
