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.
Singapore will become UAE? I just don't see it.Singapore has depth, does not look like a version of Disneyland, provides multiple ethnicities with citizenship or permanent residency, etc. When the oil runs out the UAE and Saudi will realize their attempt to make their locations a quality tourist destination won't have succeeded. The few citizens will no longer be offered a 1st world life. UAE should be ashamed of building all of their garish buildings, and infrastructure at the expense of employing 3rd world labourers extremely low wages, forcing them to live outside of the cities in disgusting conditions, etc. Singapore treats their labourers coming in from the countries living wages and living amongst Singaporeansl they can acquire permanent residency and they can bring their spouses and children with them. @@cdn4767
@@sbaumgartner9848actually singapore literally does not grant citizenship to ANYONE since a decade ago and they only let people making more than 10 million a year bank there. They gotten so rich they no longer have any reason to grant citizenship
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.
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.
Another thing is that, haters gon hate singapore and complain and complain. They act like they’re living in Brazil, Mexico, Columbia or Malaysia to name a few. These are those born lacking love from their parents
(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 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.
That's a good point. I will say that there can be some drastic downsides to a government owned bank, but it looks like Singapore is a great example of government owned banks done well. And in combination with all the other factors mentioned in the video, it really adds up.
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.
Who owns the court, and why then has people's action party dominated the Singaporean politics for the whole of it's existence on rates which only one "democratic" country is familiar to, Japan?
@@makhnothecossack4948 the judges are not political persons and have nothing to do with politics. Every court in the world, in any country is run by the State. Is there such a thing as a court not 'owned' by the State. What you say makes no sense.... only uneducated people will say such things.
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
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.
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......
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.
Your comment about Singapore being too small for urban fighting is an excellent point. Just look at the challenge the Israeli military have when dealing with underground tunnels, Hamas fighters and supporters hiding in Gazan cities. It's the most complex and dangerous fighting for both sides. Luckily so far Singapore has managed to keep a relationship with it's neighbours and China and the USA.
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
Do you know why they can afford? Because over 80% of housing is public, and they rent it on 99 year deals. Repairs and whatnot are funded like the old British council housing which was destroyed by Margaret Thatcher.
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.
@@Zidan8248 yeah, youre right. Gov should give us all the wealth so we can be free to sit at home all day and watch Netflix. Work = slavery. You got it
*Freedom + ruthlessness + inherited wealth + luck = wealth = power. Also if Singapore is so free, then why is their housing mostly publicly owned like in England before Thatcher?
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.
From a Sgp perspective, it's a blessing as it can charter its own path. From a Malaysia perspective, the majority of majors can still hold on to their power and Malay based policies.
It worked well for both parties. From an outsider's perspective it's easy to point out Singapore's transformative successes since independence, but the separation also meant Malaysia retains its socio-political ideologies and removed a potential source of domestic conflict.
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.
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
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 ?
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?
To be fair, Singapore is only 729km^2, It I would be incredibly impractical to afford each of the 5.7 million citizens their own house. I think Singapore made the right choice with high rise apartment blocks; this way there’s plenty of space left for industry, airports, and even some green space.
I just saw a list of top 10 countries with crappy GDP or economy or something (can't remember exactly...maybe it was debt??) and Singapore made that list.
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.
You’re talking about 100 years ago about Thailand. Ok, Singapore started 57 years ago when we separated from Malaysia. Our first prime minister Mr Lee Kuan Yew took us from the 3rd world status to become the 1st within 1 generation....that’s fast. What he did was phenomenal, he stemmed out corruption, introduced meritocracy, instilled in the people of different races the need to co-exist, and built enough public housing for the masses. Took us over 50 years to achieve what we have today, all thanks to one man Lee Kuan Yew who started the ball rolling. Now his son Lee Hsien Loong is our current prime minister, who is as brilliant as his father, is the architect of today’s Singapore. The son Lee Hsien Loong has bought in more wealth to Singapore than his father and this is why Singapore is so rich now. Both father and son are as capable and brilliant. Singapore is just lucky to have as our leaders.
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.
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.
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
@@ParallelComparison look. Thats reality. Every business and every country is looking out for themselves only. Every business's success is every other business's threat.
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.
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 😂
First off their housing and healthcare is garbage with most Singaporeans flying to Taiwan or Europe for healthcare. It also ignores the mass discrimination against Malays and the legalized corruption
@@andylee4513 no guns? What do you do when you get angry? Here in Canada I open carry jelly donuts. Anyone messes with me and THAT STAIN AINT COMIN OUT!
@@polardiscoball That is your society Possession of firearms is certainly death sentence or life imprisonment here Dont try it here Just look at the death by firearms in the US Like what Biden said. ‘US is an international joke’.
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.
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
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 )
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.
@@overtonpendulum2071 bruhhh inteligence is not measurable, the tests are not statistically significant. IQ is more ideology than anything else. Do your research
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🤦🏿♂️🤦🏿♂️
the country is the people... when people given a free hdb flat , free health care, free education n free social services... singapore is communist with asian charactics.....
We have to first define what GDP is before this question can be answered. The main point to note is that GDP is not the total salaries in USD received by everyone in the country.
i tend to agree, their lives doesnt reflect their wealth and i dont mean just physical assets, its just so stressful that they have to cross over to malaysia for a peace of mind- thats what many of my sporean friends told me.
@@2404640 They cross over for leisure or short weekend holiday to other neighbouring countries as well after working hard. So it is somehow a recharge for them. However those who cross over border daily for work or education in Singapore are more stressful. They need to wake up very early in the morning to beat the jam and go back late at night.
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.
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.
@@leonardtan4601 You said it all in one sentence. There are many ports along the same trade route and around the same location but how come they......??
Ya. US spent hell lot of time and money poking nose into other countries business. Trying to influence other countries to take side against Russia and China.
yes you're right. Singapore doesn't have any natural resources - no precious metals it can mine, no land for farming or to house its population, no water source able to sustain the population, no common cultural or racial factors to unite the population, no military to defend itself. How unfair to compare us with the US.
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.
They will. They will Liberalize Singapore. Call Mr Yew a Bigot and Anti Democracy and than Run the Nation he built to the Ground.
well said
I’m sure they’ll be like uae, prepare for that to come.
Singapore will become UAE? I just don't see it.Singapore has depth, does not look like a version of Disneyland, provides multiple ethnicities with citizenship or permanent residency, etc. When the oil runs out the UAE and Saudi will realize their attempt to make their locations a quality tourist destination won't have succeeded. The few citizens will no longer be offered a 1st world life. UAE should be ashamed of building all of their garish buildings, and infrastructure at the expense of employing 3rd world labourers extremely low wages, forcing them to live outside of the cities in disgusting conditions, etc. Singapore treats their labourers coming in from the countries living wages and living amongst Singaporeansl they can acquire permanent residency and they can bring their spouses and children with them. @@cdn4767
@@sbaumgartner9848actually singapore literally does not grant citizenship to ANYONE since a decade ago and they only let people making more than 10 million a year bank there. They gotten so rich they no longer have any reason to grant citizenship
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.
Mudflaps
If only all of Venezuela have that same trust in Maduro
@@keithsim2914
Maduro is incompetent and Chavez set the country up for failure.
“Nation can move forward”
Depends on how competent the government is
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.
who were the corrupts in question ?
i think the fact that english was made to be our first language helped boost the economy as well!
How does a language boost the economy?
Yeah how?
Definitely! Good point. They are compatible. Plus, English language has the highest vibration (not sure why, but it does.) Xx..
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.
Where's the Swiss standard of living that was promised 2 decades ago? Lol
@@kingpet46 All the ministers have achieved their Swiss standard as promised. Not the citizens.
Another thing is that, haters gon hate singapore and complain and complain. They act like they’re living in Brazil, Mexico, Columbia or Malaysia to name a few. These are those born lacking love from their parents
@@kingpet46, Have you work on it?
@@WumingBoshi-oe9yu3ib7p yup. Moved to Aus for a better work life balance and a better quality of life..
(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)
Hahaha... bro talking hawker. Haha
This channel deserves much, much higher viewership. Please keep making these! Thanks for the great videos!
Well then share the crap out of it.
Thank you! Please share!
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.
Thank you. These are valuable points that get lost in over-simplification/ focussing on the aspects that are relatable to the Why Minutes writers
That's a good point. I will say that there can be some drastic downsides to a government owned bank, but it looks like Singapore is a great example of government owned banks done well. And in combination with all the other factors mentioned in the video, it really adds up.
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.
Most of us don't understand that. Good insight
What are you even talking about? Singapore is rated as being less Politically free than Even Israel or Poland
Based, where I live any idiot can become a politic lmao.
Who owns the court, and why then has people's action party dominated the Singaporean politics for the whole of it's existence on rates which only one "democratic" country is familiar to, Japan?
@@makhnothecossack4948 the judges are not political persons and have nothing to do with politics. Every court in the world, in any country is run by the State. Is there such a thing as a court not 'owned' by the State. What you say makes no sense.... only uneducated people will say such things.
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
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.
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......
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.
Your comment about Singapore being too small for urban fighting is an excellent point. Just look at the challenge the Israeli military have when dealing with underground tunnels, Hamas fighters and supporters hiding in Gazan cities. It's the most complex and dangerous fighting for both sides. Luckily so far Singapore has managed to keep a relationship with it's neighbours and China and the USA.
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
Do you know why they can afford? Because over 80% of housing is public, and they rent it on 99 year deals. Repairs and whatnot are funded like the old British council housing which was destroyed by Margaret Thatcher.
Source of Singapore's prosperity is they are economically the freest nation on planet Earth.
hong kong is the freest nation on the planet
@@ifuknjk I don't think you're up on current events. Didn't you see what happened in Hong Kong last 2 years?
@@Inquisitor6321 I live in hong kong
@@ifuknjk how's that CCP authority working for you?
@@Inquisitor6321 good
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.
Freedom + responsibility = wealth
You sure that freedom
@@Zidan8248 yeah, youre right. Gov should give us all the wealth so we can be free to sit at home all day and watch Netflix. Work = slavery. You got it
@@thailandlife12
In other words, government should give you all the wealth so you can be a slave to your habits and indulgences.
*Freedom + ruthlessness + inherited wealth + luck = wealth = power.
Also if Singapore is so free, then why is their housing mostly publicly owned like in England before Thatcher?
@@makhnothecossack4948 your right, socialism is much better and always makes life better and more fair
Great video that I will be sharing.
Thank you for watching!
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.
I still cant believe Malaysia kicked them out
Ik, as a Singaporean, our lives would be radically different if we stayed
From a Sgp perspective, it's a blessing as it can charter its own path. From a Malaysia perspective, the majority of majors can still hold on to their power and Malay based policies.
It is a blessing and thank God for that.
It worked well for both parties. From an outsider's perspective it's easy to point out Singapore's transformative successes since independence, but the separation also meant Malaysia retains its socio-political ideologies and removed a potential source of domestic conflict.
Now Malaysia don’t want give us water
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.
Miracle that the whole island is occupied by Karens
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.
This place is an ideal tourism destination, not sure about living one.
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
Good brought up.
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 ?
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?
To be fair, Singapore is only 729km^2, It I would be incredibly impractical to afford each of the 5.7 million citizens their own house. I think Singapore made the right choice with high rise apartment blocks; this way there’s plenty of space left for industry, airports, and even some green space.
I just saw a list of top 10 countries with crappy GDP or economy or something (can't remember exactly...maybe it was debt??) and Singapore made that list.
@@katie7748, Foreign money deposited in Singapore is counted as debt.
that's an oversimplification to back up the "let companies run free and wild" right's free market pipe dream.
A country is only as wealthy as it’s citizens. Said the Richest Man in Babylon.
Low crime, no corruption, strict government, high standard of living - that's Singapore for you
“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
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.
You’re talking about 100 years ago about Thailand. Ok, Singapore started 57 years ago when we separated from Malaysia. Our first prime minister Mr Lee Kuan Yew took us from the 3rd world status to become the 1st within 1 generation....that’s fast. What he did was phenomenal, he stemmed out corruption, introduced meritocracy, instilled in the people of different races the need to co-exist, and built enough public housing for the masses. Took us over 50 years to achieve what we have today, all thanks to one man Lee Kuan Yew who started the ball rolling. Now his son Lee Hsien Loong is our current prime minister, who is as brilliant as his father, is the architect of today’s Singapore. The son Lee Hsien Loong has bought in more wealth to Singapore than his father and this is why Singapore is so rich now. Both father and son are as capable and brilliant. Singapore is just lucky to have as our leaders.
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.
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.
no I'm Singaporean and I'm poor as fucccccccc but nonetheless I'm proud of my nation
Same broooo. Nice NS pic
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
Thats not their reason gor doing it. They just want other options in case US blocks of their trade route through Singapore
They tried it by buying some land in malaysia but so far no news of It's update.
@@RonLarhzthat BS. no. They never did try such.
@@calvyncraven1141 Doesn't change the fact that it will destroy someone else's rice bowl
@@ParallelComparison look. Thats reality. Every business and every country is looking out for themselves only. Every business's success is every other business's threat.
because we are overtaxed.
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.
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 😂
First off their housing and healthcare is garbage with most Singaporeans flying to Taiwan or Europe for healthcare. It also ignores the mass discrimination against Malays and the legalized corruption
This has to be the most truthful comment I have read on this video.
@@night6724
Singapore got its independence by Malay discrimination against the Chinese.
because of the many vids on why singapore is so rich, the ordinary folks are being targeted by numerous scams.
One does not deserve to keep their money if they lack common money management sense and security.
How do they manage to live without assault rifles? 😂
Owning a gun here is death penalty. Or life imprisonment
@@andylee4513 no guns? What do you do when you get angry? Here in Canada I open carry jelly donuts. Anyone messes with me and THAT STAIN AINT COMIN OUT!
@@polardiscoball That is your society
Possession of firearms is certainly death sentence or life imprisonment here
Dont try it here
Just look at the death by firearms in the US
Like what Biden said. ‘US is an international joke’.
@@andylee4513 How do you milk sheep?
Tell them their election was stolen and ask for donations. 😀
@@polardiscoball You are so much closer to them. You go tell them yourself
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?
Simply pay your political leaders the world highest wages, and they will make their citizens rich.
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.
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
I feel like a lot of it has to do with education.
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 )
If you’re LHL, you deserve that kind of salary too...
Pay peanuts you get corruptions.
Is peanut if were to compare with his wife.
Gray Area for Financial establishment. 😜
What the USA and the rest of the world can be.
1:55
Why a tiny NATION like YISRAEL is so very RICH?
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.
What is average IQ?
One critical factor I never see mentioned. High average IQ of 106. Ethnic groups include Chinese and high caste Hindus.
IQ is not real, its quantified for a non quantifiable thing. You should check videos/articles about this. Highly recommend
@@drilon8623 False. IQ is very real and important. People who deny it do so out of ideology and because they don't know what they're talking about.
@@overtonpendulum2071 bruhhh inteligence is not measurable, the tests are not statistically significant. IQ is more ideology than anything else. Do your research
@@drilon8623 Lol that's te dumbest most unscientific statement I've heard in my entire life. It even trumps creationism.
@@overtonpendulum2071 why are you so insecure about this, do you have low iq
I blame the British empire and colonialism. Oh wait sorry, wrong video 🫣🫣
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🤦🏿♂️🤦🏿♂️
Only the elites are rich while ordinary Singaporeans are slogging day in day out to make ends meet.
And the rich got there by doing nothing. Have u read the story of new Money like secretlab?
I rather we be poor
singapore richer than usa per CAPITA... 5 million population.....
Laugh in Singaporean*
Seriously? Sure or not? Maybe the country is but not majority of its people whom mostly are average and live humbly.
the country is the people... when people given a free hdb flat , free health care, free education n free social services... singapore is communist with asian charactics.....
We have to first define what GDP is before this question can be answered. The main point to note is that GDP is not the total salaries in USD received by everyone in the country.
i tend to agree, their lives doesnt reflect their wealth and i dont mean just physical assets, its just so stressful that they have to cross over to malaysia for a peace of mind- thats what many of my sporean friends told me.
@Advocator Of Truth King living like pigeons with no freedom of speech? thanks but no thanks!
@@2404640 They cross over for leisure or short weekend holiday to other neighbouring countries as well after working hard. So it is somehow a recharge for them. However those who cross over border daily for work or education in Singapore are more stressful. They need to wake up very early in the morning to beat the jam and go back late at night.
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.
can you quote me a country where there is no income or wealth disparity?
But I’m Singaporean and poor as shittttt
Not all Singaporean are rich. Thousands live in poverty here.
AHAHAHAHAHHH HOW DO YOU FEEL THE OVERHYPE OF SINGAPORE.
It's the South East Asian branch of North Korea
75% Chinese. THAT's the reason.
@Jokowi
Thumbs down when he got to “a lot of other countries…” without substantiating that claim.
Right, I just gave you a thumb down...
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.
Location is one thing. Having good leader with foresight working for his people is another
@@leonardtan4601 You said it all in one sentence. There are many ports along the same trade route and around the same location but how come they......??
its hardly a fair comparison! spore is a city with much less commitment and far less complexity than the US!
by that logic you cant compare any countries then lol wtf
Ya. US spent hell lot of time and money poking nose into other countries business. Trying to influence other countries to take side against Russia and China.
Malaysia number 69
yes you're right. Singapore doesn't have any natural resources - no precious metals it can mine, no land for farming or to house its population, no water source able to sustain the population, no common cultural or racial factors to unite the population, no military to defend itself. How unfair to compare us with the US.
If the case is so simple, then all countries should break up into 'less complex' city states and every one get richer
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!
singapore is a dictatorship