Why is Singapore so rich? | CNBC Explains

Singapore is a tiny country, but it's managed to become an Asian economic hub. CNBC's Xin En Lee explains how the country went from third world to first world.

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[rext]

As they say, it's fun being a tourist in Singapore but tough being a citizen.

[Sumire]

Singapore is that one friend in middle school that took a bunch of extra curricular classes and programs, got to go to Harvard and is now better than you.

[mikefly]

I'm currently visiting Singapore now for the past few weeks from USA, and I'm so impressed with how beautiful Singapore is. Its so clean and safe, the people are absolutely wonderful and friendly, the food is excellent, and I really love it here. I wish American cities could be like Singapore. I've travelled all over the world, and Singapore is my favorite place so far.

[sdnalyam]

Singapore has excellent public transport. You don’t need a car. Take out cars and Singapore is Not the most expensive city.

[boras]

No corruption : this a major reason of Singapore prosperity.

[JIANGTG]

1. why is Singapore so rich ?
2. Having efficient, far-sighted and clean Government is very important but nobody can teach.
3. Bad government always drives its country to the last ditch .
4 Having full and sincere hearts to serve the nation and people is very crucial but not just thinking " HOW DO I GRAB GOVERNMENT RESERVES AND IGNORE PEOPLE CONDEMNING ME BECAUSE I AM SO SELFISH "

[alyssanguyen]

Not many people use cars in Singapore. My family didn’t because the train system is really good. It’s not a big place and you can get places easily with taxis and public transportation. It’s also really safe so even though I was young I was allowed out alone :)

[andrewbalan]

I was waiting for you to mention why Singapore fared so well. In my view it has more to do with leaders like Lee Kwan Yew than anything else. His reforms are directly resposible for what Singapore is today. Yes it's a tiny country, but it was in the hands of a great leader. How many great countries have been brought to their knees because of incopentent, stupid leaders? Singapore never had that, they always had at the top somebody that was dedicated to advance the citizens cause over anything else...and of course, that has paid off hansomely.

[Enviotonin]

But housing is no longer affordable. And the reason why there is no strikes in Singapore because its illegal to strike.

[paaome]

In the past 30 years ago, Thailand used to be recognize as "Tiger of Asia" and Singapore was literally one of that to become the economic powerhouse. But in 1997, the economic crisis ruined Thailand a lot. The impact caused the number of suicide, crimes and unemployment are incredibly high. After that, Thailand has stuck for decades in development due to corruption and military action. At the same time, Singapore's economy was developing so fast and no one couldn't even believe that such a small country and water aren't drinkable like Singapore can surpass Thailand easily. Nowsaday, we truly admire Lee Kuan Yew, the former PM and Singaporean people for their hard work and dedication of the country. We mostly talk about Singapore when it comes to politics, education and innovation and we see them as a role model.

[markthompson]

When I visited Singapore, I was constantly amazed and impressed by the pristine cleanliness of virtually every part of the city.

[msZarajerusalem]

I’m Malaysian working in Singapore for 7 years, no doubt Singapore are the rich country.I can earn more money when I work in Singapore rather than working in my country.Beside rich country, the cost of living in Singapore also expensive so I chose to stay in malaysia, close border to Singapore.So I have to wake up early at 4am to avoid traffic before I reach at workplace around 7.30am.Most important thing have to work hard.Working in Singapore give me big opportunity to save much money as I can.I hope Malaysia will be better in the future, so I don’t have to leave my family behind and work in SG.

[FrancescoDondi]

Why would you want a car there, with the subway you can walk anywhere.

[ceciLOVEtaco]

I think you have to distinguish between rich country & rich citizens .
Singapore as a country, is rich because foreign riches enjoy tax-free environment so they change their nationality to Singapore to escapes taxes . But local Singaporeans don't enjoy any benefit from it . So as the country seems to be richer, it citizens probably don't feel it at all .

[ncabcabin]

Singapore is beautiful. One of my favorite travel destinations

[crookedpaths]

I have a backyard. In Singapore that would make me super rich. Wealth is relative.

[aliciafields-worldtravelle]

I visited Singapore in 2017 and had a great time..the people are super friendly....love from Kenya

[dcflow]

This was very interesting. Thank you for your hard work!

[TheSunMoon]

My fellow Singaporeans be like: "We're rich meh?" 😂

[hummit]

The main reason why Singapore is rich is that it is blessed with strong leaders, eg Lee Kuan Yew. LKY has undeniable foresight in the transformation of Singapore into what it is today. The subsequent generations of leaders are able to build on his legacy. High calibre leaders that looks at least 10 to 20 years ahead, low corruption, highly educated workforce, business friendly environment and fantastic infrastructure are the pillars of Singapore's success.