SG and the rich 1st world country in general live a good life because of slave labor, either within their borders or in someone else country, there is no escaping this. If you look at prices of goods vs wage earn for example, SG have it a lot better then most countries around us.
For example. prices of most luxury goods in SG is about 10-15% more expensive then Taiwan(I'm using Taiwan as example coz I just came back from there so I am familiar with the cost and wages there), yet the average SG wages for similar positions are more 50-100% higher then Taiwan, in fact the average local fresh grad with a starting pay of 2.5K earns almost twice as much as a fresh grad from Taiwan. However the goods in Taiwan is not 1/2 the price in SG. Example a cheap meal at a countryside stall will set you back about SGD$2.5(TWD$50-70) and that's the cheap rural areas, yet in SG it's still easy to find food at $3-3.5 even in the middle of the CBD area.
The strange thing however is the lower wage level U go, the wages in Taiwan starts to level with the wages in SG. The minimum wage in Taiwan is about SGD$700-800, in SG the lowest level worker also earns about that much. No secret as to why the cost of goods in SG is not that much different from Taiwan yet we are earning almost twice their wages. Want to make a good guess how the prices will go if we force implement a minimum wage at set it to 50% higher then today???