Why is Singapore so RICH?

why is singapore so rich

Singapore is a tiny country, so tiny you can drive across the island in just an hour. Despite its size and lack of natural resources, Singapore’s million people enjoy one of the highest average incomes in the world, ahead of countries like Germany, France and Japan.

So, how did this little island get so rich?

Singapore doesn’t have resources like coal or oil but it does have something countries can’t buy, location. The island sits in the middle of an important trade route connecting Asia to Europe. That’s a key reason why the British decided, back in 1819, to set up a colony in Singapore. Location isn’t everything though. There are several countries nearby that could have made use of their whereabouts, but they weren’t quite as successful. That’s because there are other ingredients that go into this crazy rich Singapore recipe.

Raffles Hotel, which is one of the most prominent icons of Singapore’s colonial history. Unlike some of its neighbors, which wanted to separate themselves from their colonial histories, Singapore kept close ties with Britain, even after independence in 1965.

That decision announced to the rest of the world that Singapore was open for business. That’s important because we know now that exports help to grow and expand an economy. But back then, it wasn’t conventional wisdom. Singapore, Hong Kong, Taiwan and South Korea, became known as the four Asian tigers, which have grown rapidly since the 1960s. Their rise was fueled by exports, industrialization and more crucially, big doses of government intervention. This was especially true for Singapore. Labor strikes were common on the island in the 1960s, even with high unemployment.

On top of that, there was a housing crisis, with Singapore being home to one of the largest slum settlements in the world. So how do you build a more disciplined labor force to attract investment? Well, you give them something to work for, like a house of their own, which is why one of the first Singapore government agencies set up was focused on building affordable public housing. While just nine percent of the population lived in public housing in the 1960s, that figure stands at more than 80 percent today, add in greater employer rights and strikes became extremely rare. At the same time, the government attracted foreign investment through tax incentives, growing the economy and easing unemployment, which fell from an estimated 14 percent in 1959 to percent in the 1970s.

singapore growth

By the 1980s, Singapore was a regional manufacturing hub, and it was the world’s biggest producer of hard disk drives. But today, manufacturing makes up only about 20 percent of Singapore’s GDP. Take a look at Singapore’s growth in GDP. You can see two big surges, one beginning in the late 80s and another at the start of the new millennium. Ironically, Singapore has a downturn to thank for that. You see, in 1985, Singapore went into its first post-independence recession, prompting the government to introduce new measures. State-owned companies like telecommunications were privatized to make them more competitive. Then at the turn of the century, service industries like finance and insurance were further liberalized. That openness helped to grow the share of services from just 24 percent of GDP in 1985 to more than 70 percent in 2017.

Multinational companies began to set up regional headquarters in Singapore. That attracted even bigger players, boosting Singapore’s attractiveness to corporates and in turn its GDP. Now, Singapore is ranked as one of the world’s easiest places to do business. Singapore has been praised for transforming itself from a developing to a developed economy. But do most Singaporeans feel rich? Well, not exactly. Two of the most important reasons? The high cost of living and inequality.

For five years in a row, Singapore has been named the world’s most expensive city, ahead of New York and London. That’s largely because of taxes on cars, making Singapore the most expensive place in the world to buy and run an automobile. It’s also the third most expensive place on Earth to buy clothes. But personal care, household goods and domestic help in Singapore tend to be less expensive than in other major cities. While Singapore is rich in terms of GDP per capita, the median monthly salary is $3,270. That doesn’t sound too bad, but about 20 percent of that goes into a mandatory savings account. You can use that account to pay for medical bills, housing and education, but it does restrict the purchasing power of the population. You’ve probably heard of the movie Crazy Rich Asians, which was set here in Singapore. And it’s no wonder. Because Singapore has about 184,000 millionaires, making it truly the land of the crazy rich.

That’s great news. But Singapore also has a fairly high rate of inequality, compared with other developed countries. Let’s look at the Gini coefficient, which is a scale used to calculate inequality, with zero being the most equal and one being the least. Singapore’s Gini coefficient, after accounting for taxes and transfers, was 0.356 in 2017. That was worse than countries like the United Kingdom, Japan, Korea and Germany, although it fared better than some, like the United States. Is that number really that bad? That question had books like this flying off the shelves. A think tank ignited public debate on the divide in social classes, after it found that on average, Singaporeans who live in public housing have fewer than one friend who lives in private housing. The government has called the issue of inequality a national priority, but it remains to be seen if it is a problem that can be tackled effectively.

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Guide to Renting Serviced office in Singapore

serviced office singapore cost

With Singapore‘s rise as a ‘Key International Business Center’ and ‘Asia’s Regional Business Hub’, the development of business undertakings has never been more prominent. Alongside this development comes requests for monetarily practical, proficient and alluring work spaces that are prepared to deal with all business needs. Leasing an office space that in a flash meets the essential prerequisites of new businesses and quickly developing organizations can end up being a testing exercise. Thus, adjusted workplaces in business focuses have turned into a famous rental choice for some new companies as they present low start-up costs, adaptable rent terms, better administration of restricted assets and an esteemed street number. In spite of the fact that a higher rental charge is the value you pay for this comfort, it isn’t difficult to discover something that suits your financial plan.

This article offers direction in leasing an adjusted office on Singapore concentrating on offices and administrations offered, rental costs, rent terms, rent length and other related data. In the event that you require help in choosing whether to settle on leasing an overhauled office or a customary office, allude to what kind of office to lease in Singapore control.

Essential Introduction

What are Serviced Offices?

Adjusted workplaces or business focuses are proficient, completely prepared and prepared to-utilize office spaces, that are accessible for lease on a prompt premise and on adaptable terms. Overseen by specific organizations and situated in Singapore’s CBD (Central Business District), these workplaces offer you a renowned place of work, a decision of various sizes of suites (that can oblige 1-10 people) and an adaptable span of tenure.

You can profit by an individual office suite inside an oversaw office that offers you access to pleasantries, for example, gathering, utility rooms, gathering/meeting rooms and propelled IT foundation. Rental charges are regularly comprehensive of the base lease, utilities, security, office furniture, and so on.). The main extra expenses brought about are for additonal benefits on a for each utilization premise.

Who ought to decide on Serviced Offices?

Overhauled workplaces are most appropriate for organizations that are

  • proposing to migrate somewhere else and are as of now looking for a brief arrangement
  • associated with customer connection and are probably going to profit by an esteemed work locale
  • new companies that are at first needing to test markets and try to concentrate on maintaining their business without investigating office the board
  • needing extra space/administrations for a transient task
  • prone to extend or cut back eccentrically

Many overhauled workplaces are taken up by new businesses, consultancy firms, agent workplaces and undertaking groups from enterprises, for example, back, IT or protection.

Focal points

Vital area in Singapore’s CBD in Grade A structures and prominent work locale like One Raffles Quay, Suntec City, Prudential Tower, Singapore Land Tower, One Fullerton, Centennial Towers (Marina Square), UOB Plaza, Ngee Ann City (Orchard Road), Raffles Place, Cecil road and so forth. These halfway found workplaces give you simple access to offices like open transport, lodgings, banks, eateries and so forth.

Quick accessibility with no start-up expenses and capital consumption, for example, inside structure, office furniture, gear, remodel and organization charges.

Promptly accessible business bolster, for example, regulatory staff, secretarial administrations and also on location meeting and conferencing offices accessible on interest.

Spare pointless settled expenses by paying for extra administrations just as and when you use them.

Adaptable rent course of action with brief times of duty.


The accommodation of an overhauled office comes at a higher rental expense and may work out to be costly in the long haul.

Sharing of normal assets, for example, gathering and meeting rooms does not ensure accessibility consistently.

These workplaces don’t give you an alternative or degree for individual marking as far as style or stylistic theme inside or remotely

Leasing an adjusted office may produce a negative relationship of being little and flimsy. There is likewise lesser perceivability of your business signage as it regularly just structures some portion of a divider mounted rundown on the gathering catalog leading group of the business focus. This issue could be the single greatest downside of getting an overhauled office for some organizations.


The indicative rental fee for a workspace that seats 1-2 persons ranges from SGD 500 – SGD 2,000 per month, while a 6-10 people seating capacity can cost you between SGD 4,000 – SGD 10,000 a month depending on the office location in Singapore and the specific business centre you choose.

Check out a comprehensive guide about Cost of Serviced offices in Singapore.

Guide to Lazada Taobao Shopping in Singapore

taobao lazada singapore

Love to shop? Good news! You’re now able to buy from the world’s most vast Ecommerce site, Taobao. This online Chinese mega mall is now available to those of us in Singapore in English, making it so much easier to buy over 400,000 products that were not available before.

Lazada and the Alibaba Group (the owners of Taobao) are responsible for this epic shopping news that will forever change the way we shop. The website links to Taobao so that shoppers in Singapore can directly access the Taobao products they want.

Thanks to Lazada, you’ll have access to Taobao’s electronics, home products, clothing, and so much more. And if you need more reasons to click and shop, check it out:

1. You can buy more things

On this site, you can shop from 5 million products, but that’s not all. Over 400,000 items that were not available before are being added to it specifically for Singapore.

2. No need to translate

Since Taobao is basically all in Mandarin, Singaporeans whose Mandarin skills aren’t up to muster can breathe a sigh of relief. No more using an agent to help, and no more guilt for slacking off on those Chinese lessons.

3. Fixed shipping rates

Nothing is worse than finding something you love, adding it to your cart, and then going to checkout to find that the shipping costs more than the item you were going to purchase. With this site, a fixed shipping rate of just $2.99 will be applied per order which is a much sweeter deal.

4. No more fakes

It’s true that you’ll find a lot of designer imposters on Taobao. But through Lazada, there are stringent controls over the authenticity of the items sold. Lazada will not tolerate fakes and has a strict protocol to follow should they think something is not authentic which means you can buy with peace of mind.

Now that it’s even easier to shop online with this new mega e-commerce shopping access, it’s likely that actual storefronts will start a more rapid decline. The death of the mall is nigh so click on in to Lazada and check out the shopping of the future!

Well if your still not comfortable surfing the mega site, continue browsing awesome Aliexpress reviews and continue to have FREE SHIPPING from the Chinese suppliers today!

Be Inspired

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We put together a series of short inspirational films as a starting point for discussions on the craft of writing and understanding texts. Singapore Literature Prize winner Suchen Christine Lim and UK novelist Jeremy Sheldon explore ideas of character, a sense of place, memory, history and belonging and how they relate to creative writing

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