Why Is Singapore So Rich? How Did It Achieve Such Wealth?

@Openbrainchannel
Why is Singapore so rich?
How did it become the most developed country in Southeast Asia?
Let's discuss how Singapore has evolved from a precarious port city into the world-class city it is today!

00:57 How wealthy Singapore really is
02:19 Innate geographical location
03:25 Export-oriented economic strategy
04:26 Government leadership
05:46 Attracting foreign investment
07:32 Why does Singapore succeed?

Have you ever been to Singapore?
Or do you currently live in Singapore?
Leave a comment below and let us know!

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#singapore #rich #wealth #history #lawrencewong #wongshyuntsai #leekuanyew #primeminister

[Rickyeock]

Singapore is so rich because they have the right system that ensure opportunities for all who is willing to work hard.. I’ve travel the world, singapore is the best place to bring up family and accumulate wealth

[JIANGTG]

Singapore is quite rich because of many reasons :
1. Each generation of national leaders ( from Lee Kuan Yew to Goh Chok Tong to Lee Hsien Loong ) rendered their far-sighted, pragmatic, creative . selfless, effective and non-corrupted services to the country and people .
2. Singapore has shown the world its unique political stability and social harmony ( racial, cultural and religious ) . All these are important impetus to overall national development.
3. Singapore does not " take side " in multi-power struggle. It upholds the balanced foreign policy.
4. Singapore strives for ever improving governance in terms of education, health, national budget planning, defense, smart investment, anti-corruption, etc

[kittoybig]

Simple answer. They have smart, capable and forward looking leaders. They genuinely care about its own people unlike leaders in other ASEAN countries who only care about lining their own pockets.

[angeluscorpius]

Almost every video I have seen on the topic of "Why does Singapore succeed" mentions Location. While that is certainly a factor, or simply a consideration, Penang and Malacca are nearby but are not as successful. Batam and Bintan are also near Singapore but are not as successful. Location may be a necessary, but insufficient condition for success. And I might even argue that it may not even be necessary.
"Export-orientation" may be more critical. Basically, Singapore pursue "globalisation" (in the 70s) before "globalisation" was a concept or even a catch phrase or a trend. Basically, when Malaysia kicked Singapore out of the federation, Singapore turned not to her neighbours, but to the world (as her oyster), Look at the other "Asian Tigers" from the 80s/90s - South Korea, Taiwan, and Hong Kong are all export-oriented. China started opening up in the 80s, and by the 2000s, she was as export-oriented as any of the Asian Tigers, if not more so, China had become the "Asian Dragon" and the "factory of the world". Because all these Tigers and Dragon treated the world as their oyster.
"Government Leadership" is critical. More importantly, Consistent, enduring, and good government is important. It is not just important to be consistent and enduring, North Korea's leadership is consistent and enduring. But no one (outside N. Korea) will call it Good Government. In contrast, there is the United States with two major parties - the Republicans and the Democrats. One argues for Small Government, and the other argues for an inclusive government (which tends to be large), And so that country oscillates between Republican and Democrats, between small government and large government. Never realising or even trying to provide Good government.
The other thing about Singapore's govt is that it is pragmatic and almost non-ideological. The two parties in the US are ideologically entrenched. They fight for their beliefs and values, instead of fighting for what is good for the people.
China used to be non-ideological. Or less ideologically entrenched. Deng Xiao Ping set China onto the path of "globalisation" and being export oriented. And the next two leaders went with the flow.
Then Xi Jinping and his ego or need for aggrandisement took over, brought HK to heel, thus castrating that port city's essential characteristic. Sought to remedy the wealth gap, and China's unsustainable unbalanced economic model, and in the process derailing China's manufactured and fraudulent growth. The net effect of his heavy handed ideological-based reforms was to frightened foreign investors away.
Why? investors were spooked by Xi's economically unfriendly, and heavy handed policies. And also "decoupling".
The secret of Singapore's success is to be open to the world. To offer services that the world needs. As a major port, ships calling at Singapore will need bunkering Services (refuel and replenish supplies). Singapore provided that. Then Singapore also realised that oil was a critical resource, which Singapore does not have (no oil fields). So Singapore started to refine petroleum and to store raw and refined petroleum. Which means that Singapore has a store of vital resources.
Expensive cars. This is another consistent mention in videos about Singapore. Because people who make such videos have preconceptions about what is a necessity for life. Many live in countries that are so badly planned that a car is a necessity to overcome bad city or urban planning. Singapore is differently planned. Public transport starts at just over S$1 (approx. US0.75). A long trip may cost about S$2. I was on holiday in New Zealand recently, and bus fare starts at NZ$2.50 or about S$2 (US$1.50). And that's for the shortest ride. The highest fare we paid was NZ$5.50 for a longer (but not the longest) ride. Singapore has policies to dissuade residents from owning and using cars. Which is why car prices are so high. Someone once said something like a fair country is not one where the poor can own a car but one where the rich will take the bus. Or something to that effect.
Other factors for Singapore's success is our healthcare, education and forward planning. Which were not covered, so I'll just say, look at Singapore's score on the Human Development Index, our PISA scores, our ranking on the Corruption Perception Index, the Chandler Good Govt Index, ranking of the best healthcare in the world, Life expectancy rankings, Transparency International Corruption Perception index. Basically, what all these scores mean is that Singapore's govt actively pursues policy so that Singapore ranks with the best in Human Development, Education, Healthcare, Safety, Security, and trust in our institutions. And so our govt.

[MultiWorld]

Singapore was separated from Malaysia in 1965. At that time, this tiny republic was in a desperate situation in order to survive. In Chinese culture, becoming poor is viewed as very shameful. This is one of the main reasons why Singapore is so wealthy.

[manchu-qumw]

If Malaysia is not corrupted and complacent with their lazy politicians, Singapore would not have risen so rapidly. Credit to LKY pragmatic and corruption is a disease that must be eradicated. Baby boomers will appreciate the achievements under LKY leadership. Today is a sad reality of the high cost and pressure of living here.

[Waicheewahsimon]

Singapore is a garden City no corruption safe country ❤ races live in peace and harmony Singapore is our home❤

[User_XxHarrypotterxX]

Lucky I am born in Singapore which have no earthquakes and others disaster, while other country has it.

[itchtravel]

"Why Is Singapore So Rich? How Did It Achieve Such Wealth?"
SIMPLE ANSWER, LEE KWAN YEUW

[ireniarespuesto]

In my three years of stay in Singapore, I never saw beggars on the street. For me, it's an indication that the officials in the government are really doing their job religiously.

[Waicheewahsimon]

Because we have a good government good leader foreigner tourist ❤why Singapore so rich thank you country leader invest in Singapore ❤

[Borneos]

NO CORRUPTION. LAW ENFORCEMENT WORKING WELL. GOOD SECURITY. GREAT FOUNDER.

[esmondcheng]

I consider that I'm Singaporen I am wealthy

[cutecuteoldold]

We Christians ascribe greatness to our God ✝️

[Waicheewahsimon]

Singapore build good friendship with china Malaysia Indonesia USA other Country leader we welcome foreigner worker tourists country leader visit work migrate in Singapore ❤

[ynctsnu]

No brainer answer: Zero corruption, merit-based education system & no religious extremism absurdities (unlike its neighbour countries). 🤡👍

[eugeneteo]

SiGP is just bless with not so hard working neighbours .some are corrupted to the max.

[TreasaVeigas-qqjm]

Does not make sense in the good God's world. Whether rich or poor, doing what is right and good is more important than being rich in this beautiful world of the good God.

[steventay]

Because we give citizenship and permanent residence to rich foreigners.

Many Singapore citizens are struggling

[esmondcheng]

But do you know Singapore need to go to gst=good sevice tax and every 18 year old boys must go to national sevice and cars need to pay coe every ten years and one more Singapore car need to pay the causeway by the ERP system not like Malaysia still need touch and go