Singapore is an expensive city with a Cost of Living Index of 87.6 (NYC=100). Groceries (81.0) and restaurants (53.4) are also relatively high compared to NYC, contributing to the overall high cost of living.

The housing market in Singapore is very expensive, with a Property Price to Income Ratio of 23.2 years. The Rent Index is 63.7, indicating high rental costs as well.

Singapore offers good purchasing power with an index of 115.0 (NYC=100), suggesting strong buying power for residents.

Singapore has a progressive personal income tax system for residents, ranging from 0% to 24% for income earned in 2024/2025, with the first S$20,000 being tax-free. The Goods and Services Tax (GST) is 9% as of January 1, 2024. There is no capital gains tax.

Singapore is consistently ranked as one of the world's most business-ready economies, scoring first globally in the World Bank's Business Ready 2025 report for operational efficiency. It boasts a vibrant startup ecosystem with strong government support and efficient regulations.

The Central Provident Fund (CPF) is Singapore's comprehensive and mandatory social security system for citizens and permanent residents, covering retirement, healthcare (MediSave), and housing. While direct unemployment benefits are limited, schemes like CareShield Life for long-term care and the Workfare Income Supplement for low-wage workers provide a robust safety net.

Deposits in Singapore-dollar accounts are protected up to S$100,000 (approximately USD 78,500) per depositor per scheme member under the statutory Deposit Insurance (DI) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC). This coverage was increased on April 1, 2024. The banking sector is stable and closely supervised by the Monetary Authority of Singapore (MAS).