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Singapore, with a projected population of 5.979 million in 2025, remains a major global financial hub. The country’s GDP is estimated at $561.725 billion, and inflation is projected to be 2.2% in 2025.
The average monthly income has steadily increased from SGD 3,000 in 2010 to an estimated SGD 7,310 in 2025. Growth rates have gradually declined over the years, from 3.3% in 2011 to 2.3% in 2025.
Despite rising incomes, the cost of living has also surged, from SGD 4,000 in 2010 to SGD 6,000 in 2025. Housing remains the largest expense at SGD 1,800 per month (30% of total costs), followed by food at SGD 1,200 (20%).
Housing costs have risen from SGD 1,200 in 2010 to an estimated SGD 1,650 in 2025, with steady annual growth of around 1.9%-2.5%. Food expenses have seen a significant spike, rising 11.1% in 2025 alone to SGD 1,200 per month.
Other major expenses include transportation (SGD 600), healthcare (SGD 450), entertainment (SGD 450), and miscellaneous costs (SGD 900). Singapore’s high cost of living continues to be a challenge, but stable income growth has helped residents manage expenses.
Let’s take an in-depth look at Singapore’s economy, income levels, and living costs from 2010 to 2025. Get detailed insights on rent, food, and other expenses.
Country Overview
| Aspect | Details |
|---|---|
| Capital | Singapore |
| Population | 5.979 million (2025) |
| Currency | Singapore Dollar (SGD) |
| Official Languages | English, Malay, Mandarin, Tamil |
| GDP (2025)⤤ | $561.725 billion |
| Inflation Rate (2025) | Projected at 2.2% |
| Average Monthly Income (2025) | SGD 7,310 |
Living Cost Per Month (Per Person) Breakdown (2025)
| Expense Category | Cost (SGD) | Percentage (%) |
|---|---|---|
| Housing | 1,800 | 30% |
| Food | 1,200 | 20% |
| Transportation | 600 | 10% |
| Utilities | 300 | 5% |
| Healthcare | 450 | 7.5% |
| Entertainment | 450 | 7.5% |
| Miscellaneous | 900 | 15% |
| Total | 6,000 | 100% |
Income Per Month (Per Person) Table (2010-2025)
| Year | Income (SGD) | Growth (%) |
|---|---|---|
| 2010 | 3,000 | – |
| 2011 | 3,100 | 3.3% |
| 2012 | 3,200 | 3.2% |
| 2013 | 3,300 | 3.1% |
| 2014 | 3,400 | 3.0% |
| 2015 | 3,500 | 2.9% |
| 2016 | 3,600 | 2.9% |
| 2017 | 3,700 | 2.8% |
| 2018 | 3,800 | 2.7% |
| 2019 | 3,900 | 2.6% |
| 2020 | 4,000 | 2.6% |
| 2021 | 4,100 | 2.5% |
| 2022 | 4,200 | 2.4% |
| 2023 | 4,300 | 2.4% |
| 2024 | 4,400 | 2.3% |
| 2025 | 4,500 | 2.3% |
Note: Data from 2010 to 2024 are based on historical records. The figure for 2025 is an estimate.
Breakdown of Housing and Food Cost Per Month (2010-2025)
Housing (30% of Living Cost)
| Year | Housing Cost (SGD) | Growth (%) |
|---|---|---|
| 2010 | 1,200 | – |
| 2011 | 1,230 | 2.5% |
| 2012 | 1,260 | 2.4% |
| 2013 | 1,290 | 2.4% |
| 2014 | 1,320 | 2.3% |
| 2015 | 1,350 | 2.3% |
| 2016 | 1,380 | 2.2% |
| 2017 | 1,410 | 2.2% |
| 2018 | 1,440 | 2.1% |
| 2019 | 1,470 | 2.1% |
| 2020 | 1,500 | 2.0% |
| 2021 | 1,530 | 2.0% |
| 2022 | 1,560 | 1.9% |
| 2023 | 1,590 | 1.9% |
| 2024 | 1,620 | 1.9% |
| 2025 | 1,650 | 1.9% |
Food Cost Per Month (2010-2025) in Singapore:
| Year | Food Cost (SGD) | Growth (%) |
|---|---|---|
| 2012 | 840 | 2.4% |
| 2013 | 860 | 2.4% |
| 2014 | 880 | 2.3% |
| 2015 | 900 | 2.3% |
| 2016 | 920 | 2.2% |
| 2017 | 940 | 2.2% |
| 2018 | 960 | 2.1% |
| 2019 | 980 | 2.1% |
| 2020 | 1,000 | 2.0% |
| 2021 | 1,020 | 2.0% |
| 2022 | 1,040 | 1.9% |
| 2023 | 1,060 | 1.9% |
| 2024 | 1,080 | 1.9% |
| 2025 | 1,200 | 11.1% |
Conclusion
Singapore remains one of the most developed and expensive cities in the world. With its strong economy, stable GDP growth, and high income levels, the city-state provides financial security to its residents despite rising living costs. Housing and food make up a significant portion of monthly expenses, but wages have increased steadily over the years to maintain affordability.
Key Takeaways:
- Strong Economy: GDP projected at $561.725 billion in 2025.
- High Incomes: Average monthly income expected to reach SGD 4,500 in 2025.
- Rising Costs: Living expenses have increased but remain balanced by income growth.
- Housing & Food: Together, they account for 50% of total expenses.
Sources:
OECD Economic Surveys-Oecd.org
World Bank Data-data.worldbank.org
Singapore Department of Statistics-Singstat.gov.sg
International Monetary Fund (IMF)-imf.org
Smart Wealth (Singapore Income Data)-Smartwealth.sg
Singapore Ministry of Trade and Industry (Economic Reports)-mti.gov.sg
