If you know a little bit about the world and Asian countries, you have probably heard about Singapore. Their young rich, millionaires and many other things. In Singapore 10 percent of the population is a millionaire. You probably have seen the Integrated Resorts of Marina Bay with the floating infinity pool, which is one of the world’s most photographed buildings. While Asia is still trying to develop, how does a small country like Singapore become so rich? And could other countries in the region learn from them?
Singapore in brief.
Singapore is home to 5.5 million residents of which over 30 percent is not native to the country. Most of the Singaporeans are bilingual, with English being the most common. Other than English most can speak Malay, Mandarin or Tamil. The country consists of 63 islands including the main island Pulau Ujong. Singapore reserves 10% of its land for greenery, building beautiful botanic parks for the people to enjoy. Present day Singapore was created and founded by Lee Kuan Yew, who became Prime Minister back in 1970. Lee Kuan Yew brought the Third world economy to a First World economy in a single generation. Ever since he began ruling the country its economy has been growing. [YourSingapore.com]
So why is Singapore doing so well?
This is because a few reasons. Singapore has been rewarded a few names, “Easiest place to do business” for ten consecutive years by the World Bank, most “Technology-ready nation” and the 2nd most competitive nation by the World Economic Forum, 4th largest financial center and is home to be one of the top 2 busiest container ports since the 1990s.
It has some good policies standing to help grow the nation economically. Singapore is like I said before the easiest place to do business and this is because of its Pro-business/Foreign Investment Policies. These policies help support starting businesses in Singapore by granting tax exemptions of up to 200 thousand Singapore Dollars for all new starting companies. 60% claims could be made for the purchasing of equipment and giving trainings. This is all applicable if you have at least 3 Singaporean employees. If you don’t? You can still claim a 200% tax rebate every quarter, after filling in some forms.
Another way Singapore keeps growing is due to forced savings. As Singapore does not have a high personal income tax, Singaporeans are forces to save up 20% of their monthly income. When you retire you can withdraw the money as pleased. In this way Singapore gets to hold a large amount of money to invest in ways to support the grow od the GDP.
Singapore basically has no strikes, riots, is not contributing to wars and has the same elected government for a long time. Therefore it can focus on long term policies and plan ahead way farther than other nations can as they have to focus at all of these things first. Thus Singapore has implemented very effective policies to maintain economic growth and maintain high employment rates. So high even that the highest recorded unemployment rate was only 6%, while the overall average is even a way lower 2,5%.
Another big part in the Singaporean economy is their container port. This port handles a fifth of all containers worlds’ containers yearly and half of the world’s annual supply of crude oil. No wonder the Singapore port is number 2 on the busiest ports list. Their cooperation with other ports around the world extends to 600 ports in 123 countries. Which include the United States, China, Australia, Japan and the ASEAN countries.
Ever since the elected government is in place, the Singaporeans expressed their confidence in them. Therefore a lot of countries could learn from the way Singapore operates.
Singapore number one.
As you will understand by reading the first part, Singapore is doing quite well on almost every subject.
Crime rates are the lowest in the world. Though Singapore is definitely not a big country, it makes sure that the population is safe. When looking around you in the subway, you will see that nobody is worried that their cellphone or bag will be snatched. The crime rates in the nation has been decreasing the last couple of years. This is due to some police tactics in fighting crime. The police put up cameras throughout housing blocks and car parks to fight crime. From 2010 through 2013 there have only been 63 murders, which averages at a rate of homicides per 100.000 people per year of 0.3 which is very low compared to Thailand (5) and the United States (4.96) according to Gunpolicy.org.
Singapore is, as we all know, situated in Asia. Asia has one of the largest rates when it comes to corruption, however Singapore belongs to one of the least corrupt countries in the world. This nation is now fighting corruption were necessary and penalizes every act of corruption with long jail time and large fines. A side note, Singapore does not distinguish between white or blue collar crimes.
The Singaporeans are the healthiest country in the world as well. They love walking and exercising outside, which I probably would more often as well if we were to have parks as nice as theirs. The botanic parks are built to keep Singapore green and healthy. Singapore even had a program to fight obesity where they tried to lose 1 million kg with the whole population. [BBC.com]
Obtaining a very healthy private wealth is not very hard in Singapore. This is due to the fact that many regulations in place, focus on helping to grow the GDP. And actually helping the people set up companies in which they create their own little empire. Many of the wealthy people in Singapore obtained this within 10 years. Noted is that about 10 percent of the population have a private wealth of at least 1 million US dollars. Even though for instance a car is way more expensive than in other countries due to a 150% tax addition and a $42.000 certificate needed to own the car, you will find a lot of high end cars on an afternoon walk through the city. Therefore Singapore is one of the fastest economically growing countries in the world. [Quora.com]
A lot of great features mentioned above make Singapore one of the leading countries economically in the world. Besides exceeding many countries in that aspect Singapore ranks very high on many different other aspects and lists. This all in little over 50 years, Singapore went from a Third World country to a First World country. I know that Singapore is not nearly as big as the rest of the ASEAN countries I still think the rest of the region can learn and pick up some of the nation’s rules and regulations.
A lot is to thank to the people of Singapore who trust and believe in the party in charge since the very first democratic elections back in 1960. The country is always striving to be the best and to exceed where people and other countries would not expect. Therefore I would love to once go to this country with its beautiful botanic gardens, the landmark that is the Integrated Resort of Marina Bay and to experience this striving country and its people.