Why Singapore Is So Rich 

Did u mention that Lee Kuan Yew also threatened the death penalty then on those found guilty of corruption? That is why Singapore is so prosperous as corruption is one of the lowest in the world.

You have mentioned many of the reasons why Singapore is so successful. From business perspective and attracting foreign companies to invest (FDI), there's one item that many other countries are lacking and that is , trust. What Singapore promise to do they deliver, not if and but.

(i don't think it's related to this video) as a singaporean, i think one of our best aspects has to be the choice between public & private healthcare. we're also the few cities where there are cheap options for food (hawker centres)

Singapore so rich because their leaders smart and inovative.

Singapore the best place to live on planet earth. Best education, best population, best healthcare. Tell those elderlies why they still have to scrape by to get by......

It was in the UKs national interest to ensure Singapore was a shipping and naval hub. They funded Port facilities and the rest of the world used them. That was what started the ball rolling. Also. Don't underestimate the power of having common law available to encourage financial services to use the island as a base in Asia.

I still cant believe Malaysia kicked them out

Visiting Singapore City (on Singapore Island) is unforgettable. I was there in 1992, and some things of note: Their greatest export was drinking water, with a giant pipeline to Malaysia. The ocean currents moved west part of the year, and east the other part, and this reduced the fuel cost of shipping around the island. The Meritocracy required that only the best could run for office. The amazingly strict laws kept people cooperating (public caning for sticking your bubblegum to public locations). It is illegal to own a home on the island, with a few grandfathered in. They have the world's tallest apartment building.

Great video that I will be sharing.

Tax as a share of GDP is 15.5% in Singapore, compared to 16.4% for the U.S (not including state taxes). The difference is that the U.S. gets 43% of its revenue from individuals and only 6% is paid by corporations compared to 19% paid by individuals in Singapore, and 28% by corporations. Marginal tax rates are useless for comparison because high marginal rates don't equate to higher tax receipts. On the other hand in Singapore the certificate allowing ownership of a car now costs $106,000 and with more taxes on top of that a Toyota Camry costs $168,000. At the end of 10 years the certificate expires and the car must be destroyed.

We learnt from the west adpot the great values and ditched the crappie one enhance to fit the local environment. As for political freedom is a long progress same as above we learnt from the west and compare with our Asian neighbors whom rushed to "political freedom" and again adopt and enhance for our social environment. As a nation of no resources is we adopt a free trade and political netrual approach. For a young nation to achieve success one must have a common goal and thrive towards the planned praticual objectives. So singapore success is not a miracle but good planning and agility to adept to changes along the way and hardwork of the Singaporean

This is a bunch of crap. Singapore's economy isn't anywhere near as "free" as people like this would like to believe. Take their real estate market. No one actually owns their home. They lease their home from the government and real estate transactions simply deal in the transfer of these leases. This allows Singapore to engage in centralized planning of their cities decades in advance. Private political contributions are considered bribery and are heavily prosecuted. All political campaigns are publicly funded. Singapore's success comes down to a few things: -Geography -Good government that operates independently of the private sector -Robust public housing, public education, and healthcare policies -Outcompeting their neighbors, largely by mandating their population to adapt to American, Chinese, British and Aussie market demands -Exploitation of cheap foreign labor (what educated Singaporean would want to take manual labor jobs?) -Political unity of purpose towards common goals -Smart centralized planning that doesn't just amount to cooperate kickbacks The moral of the story here is that a country CAN benefit by being pro-business without being completely subservient to business interests.

Miracle that the whole island is occupied by Karens

that's an oversimplification to back up the "let companies run free and wild" right's free market pipe dream.

“Most free economy in the world” Clearly this guy has never tried to get a car in Singapore. Watch Economics Explained How Singapore Got Crazy Rich

Low crime, no corruption, strict government, high standard of living - that's Singapore for you

I do not know how they got here but here are reasons why they are going to remain wealthy in the future: Strategic location in one of the busiest trade route and in the middle of emerging economies like Indonesia, Vietnam, etc.. Safety. Singapore is one of the safest country in the world, despite being located in South East Asia. You should only visit other SEA countries if you know what you are doing and have done proper researches about the areas you are going to (I am an Indonesian btw. and I still do my researches before visiting my neighbouring countries, heck I even do researches before visiting some cities and islands in Indonesia). Whether you are a tourist or a businesspeople, you can visit Singapore without any worry. Low corruption (if any), especially compared to its neighbouring SEA countries. If you are a businessman, doing business in SEA is tough because you have to deal with mafias, hidden fees, bribery, etc., which I believe do not exist in Singapore or are very rare. If one must open a regional office in SEA, I truly cannot think of legit reasons not to open it in Singapore (other than cost perhaps). Everyone speaks English and Chinese. The language spoken in the highest number of countries and the language with the highest number of speakers. A big problem when working or doing business abroad is a language barrier. In Singapore this is not a problem. Arguably the best airport in the world, definitely the best in the region. Anyone travelling to SEA or Australia should opt to transit in SG if direct flight is not an option. Very modern, very safe, very clean, has everything you want from food to shopping to entertainment. If your visa allows, you can also hop on the MRT to explore the country if the layover is long. You can do so in other countries as well of course, but in the area there is no countries as safe as Singapore, especially for a tourist.

because we are overtaxed.

50k sgd to get a car in Singapore equivalent you buy a house in USA..

Aaaaaandd because Singapore gained its success without a hands-on, top-down approach there's not much that can be learned here kids. Let's look back at the USSR. Turn to page 143 and take notes from the top.

Well this guy misses a lot in his analysis. He is basically just advocating for free markets. He neglected to mention mandatory public housing fund , healthcare and the fact the Singapore is highly financial dependent economy. There is little to no "industrial capacity" making them dependent on financial services driven "economy" if tou want to call it that. They are also not supporting a global architecture of free trade with their own military like we are in the USA. Just as Amazon is dependent on public roads so too are these nations dependent on international money flow and goods trade. If you cut that off Singapore would not be "wealthy" as this man claims. Again he is not telling the full story....Next up Nick please tell us how the UAE / Dubai is "thriving" but this time let's try using the whole story 😂

because of the many vids on why singapore is so rich, the ordinary folks are being targeted by numerous scams.

What is average IQ?

You forgot to mention annual salary of Lee Hsien-Loong as current prime minister of Singapore is higher than salary of POTUS (Almost doubled). In fact Lee Hsien-Loong has the highest head of government's salary in the world (even he voluntarily decreased his own salary )

singapore richer than usa per CAPITA... 5 million population.....

my observation and i stand corrected... here goes, given that spore is soo rich, shouldnt you think that their citizens have a 'swiss' standards of living? well, in general, i dont see that at all. there are quite a number of them struggling to make ends meet. now i say in general, of course the more prosperous ones are there like in any country. but i would expect with such wealth, their population would be well provided for in terms of all aspects, but sadly the wealth distribution is below par. hence, my conclusion? yes, the government is very wealthy but not their citizens, in general its true i think.

Seriously? Sure or not? Maybe the country is but not majority of its people whom mostly are average and live humbly.

But I’m Singaporean and poor as shittttt

Not all Singaporean are rich. Thousands live in poverty here.

@Jokowi

It is location, location, location. Indonesia has a better location, but it has 55 times the population. Malaysia has a good location too, but Singapore is directly right in the intersection.

its hardly a fair comparison! spore is a city with much less commitment and far less complexity than the US!

Why? The short answer is that Singapore did not allow its society to be drag down by socialism and liberalism like in America and Europe!

I think Singapore is the economic miracle of my lifetime thanks to the high, demanding standards of their first prime minister Lee Kuan Yew. However, before he died in 2015 he was starting to be concerned about the next generation of Singaporeans as they hadn't sacrificed or lived through the very tough initial years. I totally agree people can't become soft or expect the good times to last. Unfortunately, many western countries are going through rough times now after decades of focusing on individualism, and mass marketing and now the extreme left wanting to tear down what made us possible to begin with. I just hope the next generation of Singapore's leaders don't fall into this trap that other developed countries are now in.

When the majority of the people believe in what the government is doing despite some discomfort, the nation can move forward. From swampland to a metropolis is not a miracle but perseverance under a competent helmsman.

i think the fact that english was made to be our first language helped boost the economy as well!

Singapore has a very unique economic system that can't really be compared to any other country. But this guy tries to just focus on the parts that sound super Capitalist/Republican to try and make that the lesson. But he leaves out that while the government of Singapore has low taxes, it owns the banks, and is basically the biggest profiteer in business transactions, rather than the actual corporate leaders. Profits of the financial sector turn into a public budget, which is spent to create very large welfare state, with 80% of its population living in public housing, great public infrastructure, etc. They don't need to charge a high percent income tax when they basically take 100% of financial sector profits. Just letting private companies do whatever they want is not a magic country building technique.

It isn't a 'limited political freedom' in Singapore - just not the kind of populism and shit-stirring, commercial lobbying kind of politics Americans expect. There're multiple political parties, all having equal rights and participation in elections - with only one caveat, if one makes a claim, it better be true with evidence and can be proven in open court... that keeps politics honest and clean.

An enlightened government together with a largely immigrant and very hungry population. When your one goal is to leave a secure legacy for tomorrow's generation and all you have is the shirt on your back , even God is moved to send down graces. When decolonisation meant suspicion of western ideals, Singapore sought out the best practices from the West. She literally begged the biggest brand names to relocate to her shores, creating new jobs and facilitating transfer of technology. This is the story of the prophetic vision of one man and a generation who had nothing to loose. They laid the foundations of a modern Singapore. BUILD on your foundations. Hard work does not kill. Sloth, short-cuts, byways may. And always allow religions to flourish. God has to be on your side.

This channel deserves much, much higher viewership. Please keep making these! Thanks for the great videos!

Even when Singaporeans complain and complain about stuffs are expensive, they still can afford homes in singapore. They can even bought properties in Malaysia like most Singaporeans did since the 90’s

Source of Singapore's prosperity is they are economically the freest nation on planet Earth.

Being so rich without any natural resources, nor military hardware to sell, just a unique and perfect governance. Man, Singapore's truly living put of this world

GDP per capita is misleading because many Malaysians commute everyday to work in Singapore, so their labour goes into the GDP but their presence doesn’t count towards the per capita.

I can say, the macro economics is very pro businesses and sg government is very active to promote tomorrow’s potentials tech n ecologies to manage advantage. (Even in Singapore military- the ships/Air Force must be a 1st strike basis; as Singapore is too small for urban fighting). Being that- Singapore is prompt to advocate effectiveness n efficiencies in both public/private businesses and the people r highly educated n hardworking. Mostly importantly the level lawful justice and law abiding, has made Singapore into a “trusted” hub for investments.

Freedom + responsibility = wealth

But u must know that its external debt is 400% more than its gdp per annual. Maybe it is their strategic policy to maintain such a high debt with high reserve as well or really in debt everyone not aware of ?

A country is only as wealthy as it’s citizens. Said the Richest Man in Babylon.

no I'm Singaporean and I'm poor as fucccccccc but nonetheless I'm proud of my nation

This place is an ideal tourism destination, not sure about living one.

Foreigners: Wow, Singapore is so rich. Singapore government: Singaporeans, you are so rich. We have one of the highest GDP per capita. Average Singaporean: Are we rich? I don't feel rich, sorry. I chase the bus everyday to go to work. I live in a spartan HDB apartment, which will be taken away after 99 years. We pay so much for our water and electricity. Are we rich?

You know, almost 100 years ago, we (Thailand) are like the best guy in Southeast Asia. Then Singapore soared and we became the second. We said "Don't worry we're still better than anyone else." And right now Indonesia is rising, we, on the other hand are downgrade to the same tier as Malaysia and maybe Vietnam especially our education. LOL, Oh gosh, I love this irony. I'm kidding, we're still the best guy in Southeast Asia, a 100% true.

How do they manage to live without assault rifles? 😂

This is why if I ever became a dictator, I would make finance and economics compulsory subjects at school. As well as some Thomas Sowell books. Corrupt politicians would have a tough time fooling them.

China wanted to dig through Thailand to have a man made key choke point so that ships will pass through there instead. Very interesting way to destroy someone else's bowl of rice 0:45

Simply pay your political leaders the world highest wages, and they will make their citizens rich.

Good brought up.

This guy has no idea what he is talking about property rigts in Singapore is not that strong the government seized all land and started public housing. Every city state is rich as long they are not invaded or sanctioned and among city states Singapore has one of of the highest taxes, not to mention there is a forced savings account for healthcare

It’s funny that this guy believes that gun control is authoritarian yet is tap dancing for a guy that imprisoned his political opponents and a country that’s a de facto one party state🤦🏿‍♂️🤦🏿‍♂️

😱😱😱You’re not supposed to tell anyone!!!

I feel like a lot of it has to do with education.

I blame the British empire and colonialism. Oh wait sorry, wrong video 🫣🫣

Why a tiny NATION like YISRAEL is so very RICH?

I rather we be poor

I like that this video does not pretend to suggest easy answers to the question of "Why is Singapore so Rich?". At 0:38 the usual answer of "Location, location, location" is touched on, but immediately dismissed. Cos, Singapore's neighbours are also equally well located. Why aren't they as successful and rich? Govt Policies are touched on, but then ALL governments have policies. Some even similar to Singapore's. Why aren't they as rich? I suspect it is because Singapore's government is made up of policy wonks who study the implications of policies, before rolling those policies out. The eradication of corruption, also means that the policy wonks can focus on the outcomes of policies without ulterior motives or considerations as to how to enrich themselves. The govt is thus able to made policies purely for the good of the people. (I do not know why other government policies fail, but I suspect many are undermined by corrupt intent, but that's just my speculation.) If I may suggest, I believe good (basic) government policies should: 1) Focus on the Economy, If you can provide good jobs, half your social problems are solved. If your economy is growing, your people will have hope. If people are getting decent wages, they can afford housing, education, food, healthcare, necessities, and even luxuries. 2) Focus on the people. Provide education because your people need to be educated for the next generation of jobs. Provide Healthcare/maternal care/ reproductive care, because that is what people worry about. Provide aged care because everyone grows old. 3) Focus on what works. Don't be slaves to the petrified ideas of Dead White Men. Don't be afraid to try the ideas, but if they do not work, dump them and try another. 4) Focus on the Future. Keep an eye on the future. What works today, may not be relevant tomorrow. Help your people move with the times. DO NOT hang on to jobs and industries just because.

What the USA and the rest of the world can be.

Laugh in Singaporean*

But what is the quality of life? Do people have to work 80 hour weeks to be able to afford to live there? How much is healthcare?

Gray Area for Financial establishment. 😜

1:55

One critical factor I never see mentioned. High average IQ of 106. Ethnic groups include Chinese and high caste Hindus.

Only the elites are rich while ordinary Singaporeans are slogging day in day out to make ends meet.

Only the government and ministers are rich. High reserves and high salaries. Their concerns do not gel with the public. Most inflation is not imported but self induced hence what ordinary people greatest fear is inflation and sickness, heck they do not even fear mortality. What some elites fear is that there are not enough women on the Board of Directors, or how they look in the eyes of the world, especially Asia. There are also no free loaders, you consume what you can make. There is no big scale welfare schemes either, except for some community funds available to end of rope stragglers. Beauty is nobody leaves.

75% Chinese. THAT's the reason.

It's the South East Asian branch of North Korea

Thumbs down when he got to “a lot of other countries…” without substantiating that claim.