5 Things You Did Not Know About Singapore
Singapore is a city many have been to by way of transit. Yet not many fully understand how the city runs as a vital cog of the global economy. Even locals like us were mildly surprised upon learning how Singapore makes its way to the top of rankings, be that in governance, wealth protection, infrastructure or nurturing the society as a whole. Here we present five things you did not know about Singapore.
Bridging the East and the West
Singapore is the smallest country in Southeast Asia. Yet it is one of the biggest commerce, finance and transport hubs in the world.
Singapore is Asia’s Precious Metals Trading Hub. Straddling geographically between the fast growing markets of China, India and Southeast Asia, it has become an efficient marketplace where one can easily import, purchase, store and even
collateralize precious metals. Its economy is the epitome of ‘free market’, with the government allowing trade to flourish with minimal intervention.
5 Things You Didn't Know About Singapore
Top investor in many countries
Singapore, a city of 5.6 million, is the largest investor in China, India, Indonesia, Malaysia and Myanmar in recent years.
Greenest city in Asia
Two-thirds of trips during morning commute is by public transport. Stringent laws on littering help maintain cleanliness.
Third richest by GDP per capita
After Qatar and Luxembourg
Tenth biggest forex reserves
USD 264 billion in foreign reserves and gold, after economic giants Russia and India
Singapore is tops when it comes to infrastructure among 231 cities as ranked by Mercer
So what’s behind our success?
2 Wealth & Opportunities
“If I have to choose one word to explain why Singapore succeeded, it is ‘confidence’.”
-Lee Kuan Yew, founding father of modern Singapore
As a small city state surrounded by big countries and vulnerable to external market forces, the Singapore government is always forward-looking. Some of its strategies are being formulated to be implemented 50 years into the future. Be
that policies in economics, defense or social development, the government continues to garner support from its citizens when implementing its programs.
16 budget surpluses in the past 21 years
Second in Global Militarization Index, 1 million troops in two weeks
Very clean as per Corruption Perceptions Index (7th)
Forex reserves, USD 250 billion (10th)
WEALTH & OPPORTUNITIES
Savings rate is among the highest in the world due to a fully funded (not pay-as-you-go) plan. Singaporeans are given ample opportunities to succeed in the workplace, with the city-state being the Asian headquarters for hundreds of MNCs.
Singapore-based firms, be they private or owned by its two sovereign wealth funds, are the top investors in Asia-Pacific.
Top creditor nation per capita
GDP per capita, as per IMF and World Bank (3rd)
2% unemployment rate
Living in Singapore is made comfortable as most everything here simply works. The buses, trains and taxis are efficient, crime rates are very low, internet service is fast and reliable and hopping in and out of the country via arguably
the world’s best airport is something to look forward to.
Most technology ready economy, World Economic Forum
World's fastest internet
Best infrastructure, topping 231 cities in the world, Mercer
Busiest port in the world (2nd)
The government has made great strides in ensuring the health and employability of the everyday Singaporean. Programs include subsidized quality healthcare and comprehensive drug abuse prevention. At the same time, the government here in
Singapore ensures social mobility for its citizens, substantially funding education for everyone.
Lowest level of drug abuse in the world
Highest in Math, Science and Reading Literature (2nd)
Healthiest people in the world, at least 1 million inhabitants
Lowest infant mortality rate (2nd)
Setting up a company in Singapore can be completed in a few days. The labor policies here are pro-business, mainly supported by a talented and hardworking local workforce, and complemented by foreigner workers who can be easily hired.
The government also supports SMEs – the largest employer group in the country – by way of tax breaks, cash grants and assistance in expanding sales activities in other countries.
Easiest place to do business, World Bank
Lowest income tax rates in ASEAN
Open society, business-friendly labor laws, 30% non-resident, 39% non-citizen
Global leader in electronics, oil refining, biotechnology, water treatment
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