Many in the world have heard of Mr. Lee Kuan Yew, the founding prime minister who passed away in March this year. All these are the same factors that make Singapore still one of the richest countries in the world. That's great news. , which aided the country in obtaining numerous international investment opportunities from multinational giant companies. He also limited the operation of foreign banks and rather encouraged the development in the technological sector. Singapore’s prime minister cried when he … Singapore has done extremely well. Malaysia can well afford to relax with its abundant natural resources, Singapore has to stress trained its human resources to keep its balance sheet healthy. Nature gave Singapore both, and when the empire building British found it they knew they’d just struck geographical gold. Singapore had a very good hand and played it with great skill. One of the tourist must-dos in Singapore is to head to Long Bar at the … Former Prime Minister Lee Kuan Yew made it a point to turn the government of Singapore around. Singapore is a tiny country, but it's managed to become an Asian economic hub. It answers questions and explains the backstories so you can make sense of what you see on the surface. Two years later, the leader of the Malays forced Singapore out. Here is why. Lee Kuan Yew, who led Singapore from 1959 to 1990, said “Asian values” were better than “the disruptive individualism of the West.” Singapore had economic freedom, but political freedom—not so much. The great majority came from China, and many of them were ambitious types wanting to make a go of it in an increasingly dynamic commercial centre. S kyscrapers dominate Singapore’s cityscape in a country where home ownership is above 90 per cent, the biggest Silicon Valley firms are setting up shop and the region’s richest park their wealth. In the early 1960’s, it was poorer than Mexico. So, why is it that Singapore’s prime minister allows himself to be so crazy rich but make Singaporeans so crazy poor? Next, Singapore became a global financial centre. The Singaporean government motivates free-trade, which aided the country in obtaining numerous international investment opportunities from multinational giant companies. Singapore’s second big, natural advantage is its location. Singapore was once a country with the most slum areas in the world because of so many poor people that live in it. Singapore is keen on helping their locals grow out of poverty and improve their way of life. One recurring feature in the Crazy Rich Asians series is the difference, and sometimes the tension, between old- and new-money families. CNBC's Xin En Lee explains how the country went from third world to first world. His strong financial and economic policies ensure a corruption-free environment in the government. Dubbed Asia’s most expensive drink, this cocktail named “The Jewel of Pangaea” can be found at Pangaea, a club for the affluent in Singapore. If you want to trade between East Asia and India, Africa, Europe, or the Middle East, you pretty much have to travel through the Strait of Malacca—which runs right past Singapore. Tin, rubber, and petroleum were the primary cargo. Business and talent are enhanced in Singapore. As time passed by, the Chinese had grown to have more achievements in the business and education in Singapore. There were several early attempts to exploit the island’s advantages, but it would be the British who really succeeded after their arrival in 1819. The government (rightly) Why Is Singapore So Rich? However, it has two natural advantages that make it one of the most strategic pieces of real estate on the planet. If you live somewhere that’s relatively wealthy and successful, following world news can be uncomfortable. To aid these local industries, several avenues to obtain funding were made available. However, skipping Singapore on your SE Asia tour is a huge mistake! Foreign companies did most of the manufacturing, but Singapore profited. So, telling Peru or Mali they should copy Singapore is pointless. 25 years later, it was three times as rich. So, when Singapore began life as an independent state in 1959 it had a host of advantages. But Singapore also has a fairly high rate of inequality, compared with other developed countries. Its government has made savvy decisions, and their achievements demand respect. The simple answer is exceptional leadership. So—a prime location, a population of immigrants, the English language, a great education system, and good relationships with foreigners. However, just as people with natural gifts still have to develop them, so with Singapore. Most other countries have less to work with. A very small one: it’s about half the size of London or Los Angeles. Not Singapore. Every year, hundreds of ships passed through the harbour. Singapore is a tiny country with few natural resources and a population of just 5.6 million, but it’s managed to transform … All the answers concentrate on showing that Singapore is rich, has excellent infrastructure, education, government, healthcare, etc. Related Post: Why is Singapore is preferred by the rich and mobile? By the time it won its independence from Britain in 1959 it had become a formidable player in the region, providing not only a good location for trade but key connections with producers, financial services, and firms to process and market the commodities. Source 10. First, its strategic location and natural harbour helped. Thus, funds were properly allocated to help its citizens get out of poverty and transform the country into one of the most successful countries all over the globe, with a per capita income that even surpasses European and other Asian countries. Singapore is rich in human resources and good in finances. We respect your privacy. That’s great news. Singapore has a set of advantages that most places don’t. Some other kids, some other countries, just can’t compete. The financial and economic policies of the country are all geared to keep the country free from corruption and political turbulence. Aside from this, the country is also considered as a regional hub for foreign exchange, where its GDP significantly benefits. However, it’s not a great model for other countries to follow. The first is its harbour. Singapore is rich because it worked very hard to attract rich global MNCs and supply them with all the resources they need to run and expand. ensure that funds are available for entrepreneurs to start up or maintain their businesses. Singapore also focuses on the technological sector, making it a regional hub for some international companies. The Rest of the Iceberg will help you understand the world. This was a different route to prosperity from the one followed by other Asian success stories such as Japan and South Korea, which relied less on foreigners and finance and built major corporations of their own, such as Toyota, Sony, and Samsung. That would ensure the continued dominance of the Malay people in the new state. As more wealth is created in the world, more of it is concentrated among the richest people in the richest countries. Aside from government grants, the top 10 personal loan money lenders in Singapore ensure that funds are available for entrepreneurs to start up or maintain their businesses. Most Expensive Cocktail in Asia. Singapore is working on survival mode and has outdone it. Today, the average Singaporean earns more than the average person in virtually every other country. We’ll let you know if it’s featured on the site. It can then be interesting to find out how Singapore became so rich and what makes the country maintain its status. But after its independence in 1965, the former British colony was transformed into a major manufacturing and financial center. Plus, Singapore is the second busiest city in the world. 5G could deliver up to USD 3.3 trillion of economic and social value in Latin America by 2035, Net-zero emissions in EU by 2050 can be achieved at net-zero cost. Singapore has little land and no natural resources. Its new leaders made the most of them. In fact, when it comes to purchasing power in 2017, the International Monetary Fund ranks our island nation’s GDP (Gross Domestic Product), which comes in at … top 10 personal loan money lenders in Singapore. Workers aren’t free to protest. From being one of the most corrupt countries in the world when it gained its independence from Britain, Singapore now belongs to the top ten in terms of being an anti-corrupted country. That understanding will help you engage the world’s challenges better. We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used. Fewer than 20 opposition politicians have been elected since 1965. They needed people to develop their new colony, so they encouraged people to immigrate. Previous How Singapore’s World-Famous Street Food Could Disappear Next How Singapore is securing its food supply with rooftop farms Suggested Posts. Singapore, city-state located at the southern tip of the Malay Peninsula, about 85 miles (137 kilometres) north of the Equator. These lenders are licensed by Singapore’s Ministry of Law to regulate the interest rates and modes of payment they impose. How did the crisis affect the countries of Southeast Europe and what are... Leonardo Badea (BNR): Economic reconstruction must also target the future, not only the... Leonardo Badea (BNR): Reducing inequalities, an imperative for resetting the economy after the... Romanian startup fenix.eco expands smartphone distribution to B2B with BNP Paribas Personal Finance SA Bucharest Branch, eMAG Ventures: investment program for technology companies, The German fashion retailer MARC O’POLO opens the largest mono-brand store in Romania, in AFI Cotroceni. Singapore started at the low end of manufacturing but managed to upgrade its skills so that it didn't fall out of the regional production chain as its incomes rose. Natural Factors that made Singapore a rich Nation The most undeniable natural factors that make Singapore rich are its small size, harbor and strategic location. And you probably also ask whether there’s a solution—whether there’s a way for other countries to flourish. Alongside better job opportunities, living in a better home greatly improved the condition of the locals. Aside from this, the country is also considered as a regional hub for foreign exchange, where its GDP significantly benefits. Today, Singapore is considered as one of the richest and most developed countries in the world. Some other kids, some other countries, just can’t compete. Singapore is an authoritarian country. Singapore was once a country with the most slum areas in the world because of so many poor people that live in it. Here are ten reasons why you should include Singapore on your SE Asia itinerary. , Singapore was slowly transformed into a megacity that aided its citizens to slowly move out of the slums into planned housing facilities. Many multinational companies have chosen to set up their bases in Singapore, next to 154,000 small and medium enterprises. The combined gross domestic product … Talk about Singapore and their crime rate will almost always be mentioned. They do better than people in Germany and Japan. So why did Singapore succeed so comprehensively? Britain was the world’s leading economic power and they saw the island’s strategic value. Singapore is one of the richest countries in the world to date and the country’s success can be attributed to former Prime Minister Lee Kuan Yew’s foresight and wisdom. Aside from this, the economic and housing development boards provided opportunities for the locals to grow out of poverty and upgrade their living conditions. It consists of the diamond-shaped Singapore Island and some 60 small islets; the main island occupies all but about 18 square miles of this combined area. June 4, 2019. Alongside better job opportunities, living in a better home greatly improved the condition of the locals. Why is she so rich? However, this was not always the case as there was a point in time when the country had literally no natural resources available for them to build their economy. Why is Singapore so rich? Singapore is a little like one of those freakishly gifted athletes at school who could do everything well because of natural gifting. 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