What Makes Singapore So Rich?

Mihai-Alexandru Cristea 17/04/2020 | 14:02

Today, Singapore is considered as one of the richest and most developed countries in the world. However, this was not always the case as there was a point in time when the country had literally no natural resources available for them to build their economy. It can then be interesting to find out how Singapore became so rich and what makes the country maintain its status.

Economic Development Policies

Singapore is keen on helping their locals grow out of poverty and improve their way of life. For this reason, the government encourages Singaporean industries and businesses to be put up. To aid these local industries, several avenues to obtain funding were made available. Aside from government grants, the top 10 personal loan money lenders in Singapore ensure that funds are available for entrepreneurs to start up or maintain their businesses. These lenders are licensed by Singapore’s Ministry of Law to regulate the interest rates and modes of payment they impose.

Housing Development Policies

Singapore was once a country with the most slum areas in the world because of so many poor people that live in it. But because of the housing development policies established by the housing board, Singapore was slowly transformed into a megacity that aided its citizens to slowly move out of the slums into planned housing facilities. Alongside better job opportunities, living in a better home greatly improved the condition of the locals.

Technological Sector Development

Singapore also focuses on the technological sector, making it a regional hub for some international companies. The Singaporean government motivates free-trade, which aided the country in obtaining numerous international investment opportunities from multinational giant companies. Aside from this, the country is also considered as a regional hub for foreign exchange, where its GDP significantly benefits.

Clean Government

Former Prime Minister Lee Kuan Yew made it a point to turn the government of Singapore around. From being one of the most corrupt countries in the world when it gained its independence from Britain, Singapore now belongs to the top ten in terms of being an anti-corrupted country. The financial and economic policies of the country are all geared to keep the country free from corruption and political turbulence. Thus, funds were properly allocated to help its citizens get out of poverty and transform the country into one of the most successful countries all over the globe, with a per capita income that even surpasses European and other Asian countries.

Singapore is one of the richest countries in the world to date and the country’s success can be attributed to former Prime Minister Lee Kuan Yew’s foresight and wisdom. His strong financial and economic policies ensure a corruption-free environment in the government. He also limited the operation of foreign banks and rather encouraged the development in the technological sector. Aside from this, the economic and housing development boards provided opportunities for the locals to grow out of poverty and upgrade their living conditions. All these are the same factors that make Singapore still one of the richest countries in the world.

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