Why Singapore Is So Rich

Singapore was once poorer than Jamaica.

Today, it is one of the richest countries on Earth.

Here's why an island nation smaller than Houston got so rich.

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[sbaumgartner]

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.

[dinbee]

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.

[tkyap]

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.

[share_accidental]

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

[kitsune]

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

[jwong]

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.

[aschoenecke]

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

[share_accidental]

(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)

[liowpohhuat]

Singapore so rich because their leaders smart and inovative.

[eatdriveplay]

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.

[danielzak]

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.

[wenshan]

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.

[Inquisitor]

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

[taipangwong]

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

[Zior]

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

[angxiang]

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.

[davidgalloway]

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.

[yashnigam]

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.

[paulroyal]

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.

[viper_irl]

I still cant believe Malaysia kicked them out