How Singapore Got So Crazy Rich
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- čas přidán 22. 05. 2024
- Singapore has transformed itself from a colonial trading port to a buzzing financial center in just a matter of decades. It’s been held up as an example of how small countries can seek a pathway to rapid growth and development. So what’s the city-state’s formula for success? And as Lawrence Wong takes over from Lee Hsien Loong as prime minister, what must he do to maintain it?
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00:00 Introduction
00:54 Lee Kuan Yew’s strategy
2:03 Finance transformation
3:10 Leisure and Entertainment
4:20 Singapore’s challenges
5:18 Leadership transition
#Singapore #Wealth #Bloomberg
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Senator, I'm Singaporean.
Senator was right. Some foreigners are indeed members of the ccp. And TikTok is a tool under ccp ownership via bytedance.
🤣🤣🤣🤣🤣🤣🤣
irrelevant, ccp takes foreign members
SinkaPoorean bah
But, Sir... ...😂😂😂😂
Their strategic planning and revamped financial systems truly paid off. Personally, I shifted to thorough research and saw returns grow to 1.7M in just 16 months. It's incredible how applying simple principles works on any scale.
Singapore is now a model in many aspects. You mentioned returns. how do you tell if its a result of research or simply luck? the role of luck is usually downplayed in investments
When success is consistent, it’s not luck. research was the challenge until it led to Emily Ava Milligan, a top fund manager, her strategy made 319k into this and counting.
I pasted her name into safari, her page popped right up, I quickly realised how popular her sessions were. Your example is rare and tangible i wish i had this earlier to reference. thanks
Shows what a country can be without corruption.
And never whine and complain about the British.
@@TheBooban helen zille (south african opposition leader) had the -audacity- to tell south africans of the singapore success story & what it took..she was cancelled
A country where people cannot protest, limited freedom of press is not a country without corruption. Let alone a country where the successor of the PM is his son, shows you how corrupt the system is.
fear of the death penalty can do a lot for a society
like in Rome currency manipulation can result in execution
Proud Singaporean here! Our nation's success is thanks to the incredible vision of Lee Kuan Yew and his team. 🇸🇬
is the death penalty included in his 'incredible' vision?
@@yeetboi268 That's just the price to pay. Not Singaporean.
@yeetboi268 Yup. If this 'incredible vision' includes the death penalty, so be it because I know I will never do anything to deserve the death penalty in the first place. That's personal accountability. So I figure if I couldn't have the cake and eat all of it, I could at least eat more than half of it. 😂
@@jessieang5604 yes so tax money wouldn't be wasted treating criminals
I would say you can also give a big thanks to low taxes
The fact is that a lot of countries have the potential to become very strong both militarily and economically. But the corruption makes it impossible for the country to become so.
The potential of a country is based on Its demographics.
Nigeria
It’s impossible for EVERY countries to become rich economically and militarily strong
Ghana
@@jonnymcgrath4816 I didn't say "every". I said "a lot of countries". It does not not mean every country, but rather it means some countries...
Hard-working, law abiding, decent people. Their success is well deserved!
The society reward those people. Unlike the western society that favours lazy, law breakers, substance abuse people.
Because left-wing parties have a 0% win rate in elections
And no immigration
@@KayArcher the country was built by immigrants
@@KayArcher1 million PRCs, 20% foreign born citizens
"we should build on what we have today." IF ONLY EVERY OTHER LEADER UNDERSTOOD THIS.
There are 2 kinds of ‘other leaders’ in the world: (1) leaders in the entrenched longstanding regimes and (2) those in the Western-democratic system. The former are mostly interested in self-enrichment while the latter are mostly interested in winning the next term. Both sets have no interest in long-term benefits to their countries.
That is also applicable to ourselves..
i can only uwu
Yes, but the problem is some countries don't have anything, really.
@@momcilolukovic6451 there are many examples of nations that emerged out of ‘nothingness’ like Israel or Singapore. There are also powerful countries that experienced rise and fall, like Japan, China, Russia or Germany. The important factor is having a capable and strong leader who will make their citizens adopt a will to succeed and discard a defeatist mindset.
There is a method to Singapore's miracle. Never blamed others, never blamed themselves, never blamed anyone.
Never Say NEVER 😎 Justin Bieber
Never turn down a money laundering investment schemes
In the Philippines you can blame everyone but yourself. Lol.
A Chinese majority population
@@wallstreetzoomer we are Singaporeans first.
This is a perfect example of a government/leadership that focuses on serving the people.
Most countries in the world don’t even do that. Once politicians gain power, they realize they can easily serve themselves and thus corruption exists.
Its not simply about serving themselves, in western democracies they can import their voters.
It takes ONE visionary and capable leader to transform a country!
Yes if its a tiny dot
consider as "dictatorship">>???how many years lky was there as preminster?
Singapore is such a great example for Asian countries
Created by Britain. Indeed 😉
@@wendywolfmanhow many countries created by Britain are garbage today? Take credit for that as well ;)
@@wendywolfmanMore like despite the mess that the British left
@@wendywolfman
Abandoned by them during WW2. Europe was more important
There are plent of great examples. Taiwan, SK and Japan are all wealthy countries.
The BTO flat in Singapore has been instrumental in fostering wealth creation among a majority of citizens.
I was told to spread my money across different things like stocks and bonds to protect my $750k retirement savings. Now, with the markets being shaky, should I keep adding money to my portfolio or consider other options?
Absolutely! Having a financial expert has been a game-changer for me. They provide tailored advice that takes into account my unique financial circumstances, which has helped me make informed decisions and avoid costly mistakes.
Thank you for sharing your positive experience! I've been contemplating seeking the guidance of a financial expert myself, but I wasn't sure where to start. Do you have any recommendations on how to find a reputable financial advisor or firm? I'm particularly interested in someone who can provide personalised advice and help me develop long-term strategies for financial growth. Any insights you can offer would be greatly appreciated!
Financial experts such as Dustin Dwain King offer extensive knowledge and experience, aiding clients in crafting tailored financial strategies to achieve their objectives.
Oh yeah that's true, Dustin Dwain King is also the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Because LKY was one of the last truly great statesmen and sacrificed his life to build up the country. I say this as a westerner.
sacrificed his life? how can a dictator sacrifice his life?
@@SaveOnCPA A dictator is responsible, a democrat is never to blame.
It was actually the oil industry. It was basically a gas station for traders. It constantly invested in human development. And made sure that money could only be put into productive assets
Yes this is an underappreciated factor in the so called “Singapore Story”. Oil and petrochemicals played a crucial role. Glad someone else is pointing that out.
Per the video, it started with manufacturing.
The oil industry is because of the leadership though. Singapore has no oil reserves, but has one of the largest oil refining facilities
Plenty of African countries had an oil industry. Besides conspiratorial nonsense about white people stealing everything, why weren’t they successful then too if that’s all it takes?
@@theotheleo6830Well… “manufacturing” plastics from petrochemicals, and refining, as well as electronics
I worked in this incredible country for two years. Although I wouldn't have children in Singapore, It is scary how efficient a country can be. I wish more leaders would look to Singapore as an example of proper leadership.
Singapore, the worlds fiercest and friendliest little Authoritarian One Party State. That comes directly from Singaporean family of mine. They have an unspoken social contract with their government, and from what i've seen, most Singaporeans will happily give up many of their freedoms for the safe, prosperous and long lives they get to live.
They democratically elect the one party
This is what people don’t understand. You can have a one-party state and still experience tremendous success. In fact, many political scientists and philosophers believe this is a more effective form of governance. The party is more accountable because the people are under no illusions as to who is in control, and this makes the party more responsible if no other reason than to prevent mass uprisings that will overthrow it. It also allows for more robust policymaking that isn’t halted by other parties playing politics.
@@alancantu2557 A one party state's danger is that if it is NOT honest, controls the media AND there's no 3rd party that counts the vote - there is NO accountability to the people.
Or like in California where counties are rigged for easy elections which also destroys accountability.
But Singapore lucked out with a benevolent dictator like the great Lee Kuan Yew. His tactics might have been heavy handed but they clearly worked.
tbh I don't think LKY massed much wealth compared to most dictators.. they did benefit from the system but not a crazy amount
The answer is universally known: NO CORRUPTION! As simple as that!
It's definitely more complex than that.
Low corruption not no corruption.
@@thailux6494 No corruption is a big part. The other part is LKY. He set the basis how SG should be govern
Its a country build by the people and FOR the people. Unlike so many developed countries. Canada where I live in, Tax the people to death yet its infrastructure is pale compared to Singapore.
Malaysia is the best in this area
As a Swiss citizen, I congratulate Singaporeans for their achievement! I wish you much more success.
I use to believe that the government was openly corrupt, but working in an industry that is close to one their ministries, its amazing how the people working in the government care about Singaporeans and their welfare. Sure some of the politicians are corrupt, but the people on the ground working for the government, prioritise the welfare of the nation and I can see their passion in maintaining the status quo.
And another driving factor is reputation, Singapore isnt corrupt because corruption will directly affect the money coming in as a country with no natural resource.
THANK YOU!
The challenge is not in maintaining the status quo. If we only maintain status quo we dead because everyone else is moving forward.
@@aislt8786 my bad, by status quo I meant Singapore’s continued drive for constant improvement and actively seeking out methods that will keep Singapore ahead of the curve such as AI etc.
Many Chinese Malaysian already migrated to Singapore become PR or convert to Singapore citizenship for fair, better life and clean government
if you go to causeway and see who's waiting in line at 4am everyday, you'll notice what race
malaysia is an apartheid state
@@AB-ub4cc
Yes I noticed that too but that shows us type C's are not exempt from being racist too.
Singaporean should be proud of their beautiful country. I really wish for the same success for Haiti.
Do t forget it has very intelligent people who respect the law and value safety. Can’t say the same about other parts of the world that constantly struggle…
Funny..you didn't see how their law abiding people behave in other countries law right ?
Singapore's journey from a colonial trading port to a global financial powerhouse is truly remarkable! 🌟 The country's focus on strategic planning, innovation, and creating an attractive business environment has been instrumental in its success story.
Being a tax haven, a money laundering and gambling place for billionaires is also truly remarkable 🌟
@olska9498 Even so, Singapore still ranks among the lowest risk for money laundering in the world. As for casinos, I am sure you know full well which are the top 'power houses' out there, so let's not cherry pick.
@@jessieang5604 Which ranking of money laundering risk are you talking about?
@olska9498 The Basel Anti-Money Laundering Index.
@@olska9498Conspiratorial fantasies are truly remarkable.
If I didn't live in America I'd wanna live in Singapore!
Low corruption, heavy investment in education and infrastructure, a government that regulates properly and builds trust for companies and individuals... The recipe is there, but most countries just decide not to implement it.
So much owed to the vision of one very very intelligent and driven man. Lee Kwan Yew’s contributions were immeasurable. Arguably the best nation builder of modern times
"Arguably"? Don't know if that's pun intended but they do imprison you if you "argue" (protest, dissent or object)
Clean govt is the key here. Pride and sense of personal responsibility and duty in every citizen - whatever you are doing, and whatever job you have
You mean, the illusion that you have clean government. Which is the lie which needs to be preserved so Singapore can continue to help people with their money laundering.
African and so proud of these Singaporean Leaders! So proud and happy! I wish our continent had that kind of visionary leaders! Always blaming the colonizers while embezzling countries riches and leaving their own people starving! They have the knack to still go out and beg!
I think Rwanda, once a place of genocide, is modelled on Singapore. The districts are well planned and streets orderly and clean. It has risen from the ashes.
@@ymhktravelAnyone who has been to both know they are not comparable
First and foremost, represent your country and not the continent of 54 countries; Singapore is the only developed country in SEA. We decided it was impractical to wait around for everyone
@@NewmaticKeSingapore is definitely not the only developed country in SEA, and even then the average level of development between the two regions is not comparable.
@@ymhktravel yeah maybe. But then again, economically Rwanda is not at the same level as Singapore. Is Rwanda GDP per capita even above $300? Singapore's GDP today is above that of UK, France roughly $100,000. It will take years for Rwanda to be there if it is even possible.
It’s rare to see most of the people in the comment are proud to be led by their country’s leader and also not because of propaganda but rather because of facts. I wish my country has this
It was controlled and restrained by it's government. You want them to go to jail? So no negative complaints
@@richardnuevoNah its fine to criticise the SG government. But what you can't do is slander them. If you do, they won't wrongfully imprison you or detain you. We're not that kind of country. What they will do is personally sue you. And they will win.
Truly amazing SINGAPORE 👏👏👏
my little red dot ❤
It's shows what leadership can achieve Lee kuan yew is a visionary.
Wait, so all this time we're told that public expenses are bad but Singapore rose because they built proper public infrastructure, protecting and even nurturing their citizens. Public transit improves the value of land, despite what NIMBYs say.
Americans have that mindset of: taxes are bad. But actually, if the money is used well then that tax money goes to infrastructure, schools etc.
@@truehappiness4UI don’t think the average person is opposed to taxes just not over taxing, especially when rich people now have a lower tax rate than the middle class and hold more than half the wealth
Hiro, comparing tiny Singapore's transportation system with huge countries' is not conducive to learning anything.
@@earlysda There's always lessons to be learnt from any situation. Closing off oneself is the true reason why it's always never conducive for learning
@@takcody tak, please reread my comment if you didn't understand it, as your comment doesn't address it at all.
It's a country with leaders who continue to see the importance of allowing, with regulations, international investments. It is a country full of problem solvers rather than blaming it's history and other people. Japan and it's aging leaders should quickly learn from Singapore. This including more Japanese natives to learn the English language.
While I agree with the former, I don't understand this English obsession. You don't have to speak English to become developed or improve your country; that's just a colonial mentality being perpetuated. Japan, ironically, developed itself without speaking a lick of English, and doesn't need to speak it either in the future. Developing people's own language infrastructure is far more important.
@@tstcikhthys well it seems they are pretty well off with their english. They are not focussed on such issues
@@tstcikhthys It has nothing to do with a colonial mindset and everything to do with being practical in a globally connected world. Plenty of places that were never colonised by the UK have freely adopted English to make their lives easier in a global setting. English is the de facto lingua franca of world finance markets, global trade, aviation, shipping, international law etc. It doesn't matter if more people speak Arabic or Mandarin, theyre not the default. It was Koine Greek 2000 years ago when the Bible was written and today its English.
@@shakeelali20 People incredibly overestimate the importance of English on the world stage, especially now with AI translation available. Even before, it was possible with hiring a translator/interpreter, which is what still happens in contexts like the UN. South Korea, for example, is the #1 in plastics surgeries, and performs them on foreigners who go there to get them where the doctors have interpreters. They're also world leaders in shipping, semiconductors, and electronics. They didn't need English to achieve any of this success, nor will they need it to maintain it. Japan, same thing. China, same thing. Everyone within an economy doesn't need to learn English themselves in order to be successful; they just need to learn and innovate, and that can happen in any language.
i love how tough their laws and punishments they have over there
shows what a country can achieve by focusing on themselves without corruption or whining about others constantly
It's a city state, so many cities had done much better without restrictions on speech. Also the life is horrible for working class with high cost. They don't have country side to look for cheaper accommodation
@@SubhanAISBabbling drivel.
They work too, differently but work. And, work is work; no matter the front from.
@@SubhanAIS what no many Singaporeans believe that the country has extremely high cost of living because they expect condominiums, cars, luxury goods etc as a commoner which isn't realistic in any country
For all the comments saying that there is no corruption, there is corruption, it’s just low. Recently, there was a corruption case regarding one of our ministers (S. Iswaran), you can search it up.
There is corruption everywhere. The point is on a scale it’s not comparable to most countries.
There is no comparison with other countries.
The first country about i think to start a business in Asia is Singapore because of low corruption.
So as long as your leaders and politicians wants what's the best for your country, it can happen.
Irrespective of the issues, this is a huge success story
1-sentence summary: Singapore became wealthy through strategic planning, focusing on manufacturing, finance, low taxes, and attracting global businesses and talent.
I'm afraid its much simpler.
Benevolent authoritarianism...
I think you might be correct, actually.
Unlike its neighbours, Singapore has no natural resources. Therefore it has to rely on its people to push the country. Its neighbours on the other hand are rich with natural resources but they keep screwing themselves through endless corruption. Thus Singapore progresses and its neighbours, regresses. Just look at the strength of the currency and it speaks for itself.
ezermt, your comment is mostly correct, but we need to remember that humans are the number one natural resource every country has.
Its location, location, location. Try put the Island in the middle of somewhere else.
Great work! amaizing!
I love Singapore. They had a strong leader with a vision, pragmatism over ideology, social harmony, law and order, and subtle authoritarianism for stability.
Lee Kuan Yew is one of the greatest political leader of the 20th century. His leadership is what made Singapore the country it is today
His leadership reminds me of the stories I heard of American founding fathers
American founding fathers valued Christian values of freedom over almost everything else.
Lee Kuan Yew, not so much.
Lee isn't unique though. There is another Lee Kuan Yew in the middle east, right by Africa. Country called Oman
Singapore is great living example of how great people can make difference. People with courage and innovative ideas made a resource scarce piece of land into most advanced among their Asian peers! Glory to their former president Mr Lee as well!
A revolutionary leader who forcibly changed its people way of doing things. Lee provided them a rule of law to follow and enforced it forcibly.
The Asian bling or display of wealth seems to be the most elaborate of all races. It's mind-blowing sometimes the extent they get to.
Blacks?
Like it or not, one party rule system works best for country's development. Just look at Singapore, Japan and China. No political turbulence every 4-5 years that wastes country's time and energy. Change of leadership always so smooth and no major policy change after. Easily plan and execute long term goal.
Taiwan as well minus the recent years
50 cents deposited
It has to be built on the premise that the party is not corrupt and truly wants the country and economy to prosper rather than just lining their own pockets.
Even south korea
How about India
Singapore numba 1
I enjoy watching your videos, they are always educational but The most important thing that should be on everyone mind currently should be to invest. Especially with the current economic crisis around the word. I mean I have heard of people making upto $250k in couple weeks during this crisis and I'd like to know how.
Yes, a significant number of people are making impressive six-figure earnings in this crisis, but generally, such strategies are effectively carried out by those who possess deep knowledge of the market.
You're correct; I always advise new investors to seek guidance from professionals and to invest under their supervision for successful long-term gains.
I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@_LauraRowley How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
In this case freedom of press is not really a priority when you have a leader like Lee Kuan, one has to consider the state of journalism today, and how much deceit and outright lies destabilise an entire reigon. I hope Singapore keeps its values close and keeps a firm grip on its prospects, instead of following the downward spiral of the west.
The country is rich, but the people generally from my observation are quite stressed with the higher and higher living costs.
Not all countries are perfect, and the culture of working hard has already been instilled in singaporeans hence it is perfectly fine if people are stressed because they know that soon they won't be stressed, so as long they can work hard to achieve it. Its the general Singaporean mindset that helped Singapore grow and not be that problematic to its residents
Happy to have visited amazing international chefs
Realy I like this video so so much
Thank you.
Leadership is key. Listen to Lee Kuan Yew, the man was a visionary
Lee had many problems, but he could run a country fairly well.
Proud Singaporean here....
Very interesting report. 👌
At one point of time the Malaysian ringgit (MYR) and the Singapore dollar (SGD) were level. One country went on to become a a world renowned hub and the other is hurtling towards mediocrity with its skewed policies, religious extremism, systemic corruption and systemic racism.
Yup racism is really bad, only mandarin speaker can get better jobs, higher salary, systemically widen the income gap, and social segregation right from vernicular school, employment and retirement
Try abolished the ISA like Malaysia.
Best country in the world
Apart from economic success and transforming into a financial hub, Singapore should do more about it to become a brightening yet sparking star. Here are the ideas that are really mental: building an intellectual capital city, constructing a vernacular cultural museum or teaching citizens how to be creative. And also, the main thing is building a space centre and putting a human onto the moon.
Hope Singapore will be better and prosper more even since.
"The health of society matters much more than the rights of the individual" - Lee Kuan Yew
Many countries in Africa, the Caribbean and Latin America could've been like this, but instead they constantly complain to Europeans about their problems (despite most European countries leaving them alone for 60+ years), and their massively corrupt governments.
So far the only country that looks to be adopting Singapore's playbook is El Salvador, wish them well
Most africans are aware of their corrupt and selfish leaders, most people complaining or blaming colonization don't even live in africa. Botswana was one of the poorest country when gaining independence, yet it got quite stable, became an upper-middle-income country, peaceful and innovative thanks to their bright government. As for instance, Rwanda is one of the poorest countries worldwide nowadays, however their president Kagame is truly transforming the country, doing the best for its citizens. Corruption is unfortunately the main factor holding Africa back from developing. In addition their selfish leaders won't do anything for it
@obrandondonaldson1208 But seriously, who's been corrupted African leaders in the past 60 years?? and where is corrupt money deposited?? in offshore banks created and ran by westerners, maybe??
Such a dumb comment by the OP. The Brits did little in Singapore besides making it a port. They didn't enslave the people, steal their resources, expropriate their land, etc. When you have no conception or knowledge of history best to avoid sweeping judgements.
Singapore city layout looks a lot like Toronto. Interesting!
Toronto looks like Singapore.
Don't compare the Third Financial Hub in the World with Toronto please ❤
They have leaders with a vision.
Proud to be able to be raised in Singapore!
Minimal / No corruption +Long term goals and plans to meet them + Thinking about the future generations and not just themselves
All things that here in the UK are completely alien. Everything is corrupt and politicians greedy and get away with it, hoarding the money for themselves. We have no long term goals, and even if we do, no one owns them or follows through with them, or if they do they are only things that benefit the upper class. Everything is done on the short term to try appease current voters / the current economy, at the detriment of everyone a few years down the line.
Not just in the UK, but here in Australia as well. Long gone are the generation of national leaders who put the future of the country at the forefront of their agenda. Singapore, South Korea, China....great examples of leaders dragging their countries out of poverty and becoming the next economic powerhouses. Democratic leaders nowadays are increasingly short sighted, often delivering empty promises, short term policies, just for the sake of the next election. Our future generations have no hopes of buying their own homes because they have to bear the consequences of increasing national debt.
Indoenshiya: Please Guys, Relocate to BALI 🌏
@@zerogamer3380 Agree, but perhaps China shouldn't be as admired as Singapore or South Korea. Yes, they have raised the living standards of the population but there is also the argument that they never should have been that poor in the first place! The Cultural "Revolution" and the "Great Leap Forward" pushed the country into poverty.
@@roastnut Absolutely. As a Singaporean, China is being incredibly annoying in the regions around here too. If a country wants to learn and follow an example, China should not be on that list.
@@zerogamer3380 That's every truly democratic country in a nutshell.
Lee Kuan yew !
Competent and financially incentivised leaders
Success is one thing, but maintaining it is a whole different matter.
That’s Incredible Economy.,🙏🙏🙏👏🏾👏🏾👏🏾👍👑💎
This is pretty shallow for Bloomberg. For a Business documentary, I can't believe how you guys did not cover the financial stability that attracted the flow of wealth as well. For example the Currency Stability model between Singapore and Brunei, the work of the MAS and the active investments by Singapore's sovereign wealth funds to maintain the CPFs of locals.
YOU mean CPF - the people money own by the government ?
6:21 It doesn't invalide the fact that inequality is still declining, feelings may be important to consider, but they should never invalidate empirical evidence
Awesome video. Thank you
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One of thing this video missed is Singapore gets influx of 300,000 Malaysians workers everyday which add to the GDP and artificially inflate GDP per capita figures(they are not citizens so not added to Population count)
Makes sense. So my guess it is about 10% inflated
So based on your logic the $300,000 Malaysians could have just stay and work in Malaysia and that 10% could have been yours. Eureka.
@@qawazauri3422cant be yours unless 30000 jobs at once lololol
@@qawazauri3422 Yes, in time, don't worry, the significant portion of 300,000 will leave SG and live/work in Malaysia. It's a no brainer, once that happens, 10% GDP will be shelved, it's simple economics. GDP added, population denominator remained.
@qawazauri3422 Yes, in time, don't worry, the significant portion of 300,000 will leave SG and live/work in Malaysia. It's a no brainer, once that happens, 10% GDP will be shelved, it's simple economics. GDP added, population denominator remained.
Lawrence has inherited Singapore. Yeaaaahhhhhh
Argentina could've become like that, but it stumbled. Maybe Vietnam will be Singapore 2.0 in Southeast Asia, since it's also dominated by one party
Singapore has other political parties. People vote in elections. It's not a one-party state. The difference is that Singaporeans have so much trust in the PAP (the party that transformed Singapore into a developed nation) that they continue to vote for it. They know the PAP is the party that can maintain prosperity in Singapore.
A lot of countries say they could've been like that but they didn't. That's because they never had the right forward thinking leaders that believed in things like meritocracy.
@@user-jt3dw6vv4x Singapore has been dominated by one party for decades, which is similar to China
@@containedhurricane because people vote for the PAP all the time. I already explained it in my previous comment. No, it's not similar to China at all.
@@user-jt3dw6vv4x Chinese have also been voting for the communist party in China
It didn't turn them rich overnight, which many politicians and voters in the world think what their govt can do. It requires long term planning, execution, innovation etc. Mere talking won't work. Thus the reason Singapore govt being one of the restrictive in term of press freedom coz they don't mean BS.
I went to Singapore no joke there is NO trash in the streets I haven’t seen one bit and I see a lot of cool cars like Porsche 911’s
leaving Malaysia is the best gift Singapore ever received. Look at Malaysia now
It's a tiny country, would they have the same success if they were a bigger island nation?
with the same leaders, it would probably become one of the most powerful countries in the world lol
Yes
@@juice8431still relatively successful, most prob yes. But to have the same degree of success as a much bigger country, not too sure abt that. Sg is really small with no natural resources and hence, not a threat to other global powers nor is there any precious resources for other countries to loot.
@@Joeysenru You think big powers didnt see singapore as a threat 😂😂read about all the maneuvering Lee Kuan Yew
had to do
@@juice8431 : read and am very aware of his maneuvers and im of the view that LKY is a huge reason for sg's success due to his charisma and amazing ability to convince and 'befriend' other global powers. But cos sg is a small nation, LKY knows the limit and vulnerability of sg and will not step too out of line to incur wrath of the super powers then and hence, sg was allowed to prosper. But if he had been in charge of a much bigger country, Im not sure if he would have still played the same role. Or would he have been more agressive and in the process, invite more hurdles.
My strategy has always been to invest half of my income in the stock market every new month, the second part of my strategy is not to sell for at least 5 years, but recently my portfolio has suffered major decline about $150k in losses. Should I rather invest in crypto this time?
I don’t see a problem aggressively invested into equities as long as you have enough cash to live on for 5 years, most people consider using financial advisors in order to avoid a fiasco
Success usually comes to those who are too busy looking for it.
I would love to get in touch with this expert, how do I go about that?
Shut up bots
noone cares
🔥🔥🔥
Glad to see Singapore can be so successful despite its conscientious 17.5% corporate tax rate.
Malaysian here... why are we so far behind? 😫
Malaysia is already doing quite well. You can't compare yourself to us
Yes the top 1% will stay rich and become richer.
Education, skill set, hard work, and no political polarization or corruption can lead to a prosperous nation, in my opinion.
Singapore is the only country in the world that moved from 3rd world country to 1st world country in a single generation....
Singapore GDP per capita not only passed the UK but also the USA.
Indoenshiyans: Guys please move to BALI 😄
Let me ask u... How many truly global brands are from Singapore? What are the some of the well known non-GLC backed companies?
@mingzmings88 there are some tech firms used in cell phines which then moved elsewhere
@@mingzmings88 Singapore is a tiny city-state with a relatively small population. One wouldn't expect it to be a global player.
@@mingzmings88 You know, I honestly don't know. But companies do base their offices in SG. When I think about it, when it comes to art, music and entertainment, I don't know any band/artist/product from SG too.
Singapore is literally a parking lot for foreign money as a gateway of East Asia. I bet the high costs of living is unaffordable and absurd, with its limited use of land.
Totally agree
Come, experience, then opinion
Perfectly summed
It's an example which other nations can embrace.
A key driver of wealth creation in Singapore is the universal Central Provident Fund and how this can be used to purchase a home. This gives everyone the opportunity to build equity of sg$x00k over their working lifetime. Mortgage repayments are
Those Singaporean that are still complaining today, after so many hardworks and achievements have done by the gov, should try surviving in any other country, see if you can do better
Agreed, the Gen-Z and bottom 10% of millennials complain so much, hopefully they grow out of it someday and realize being born in SG is already living on Easy Mode
With a rapidly rising ocean and much of Singapore being near sea level, how long until it is underwater?
It already has plans to tackle this problem.
On what planet is there a "rapidly rising ocean"?
@@earlysda In many parts of the US, the sea level has risen 6 inches over the last 20 years. Worldwide sea levels are rising far faster than scientists have estimated.
@@sarabeth8050 sarabeth, I'm so sorry that you have allowed the mass media to lie to you.
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Here are some facts to help you get up to date: "You might be interested in a paper by Kurt Larson, a now retired USGS geologist written some 20 years ago. He evaluated data from core-sampled coastal river sediments and peat bogs along the east coast from Long Island Sound to Delaware and found that sea level rise in this region has been between 1 and 2 mm/year for the last 6,000 years with no evidence for acceleration during that time. The study is Larson and Clark. “A Search for Scale in Sea-level Studies”, Journal of Coastal research, July 2006."
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"SAN FRANCISCO / TIDES OF HISTORY / Presidio gauge has measured the bay’s rise and fall for 150 years
Over the years, the gauges also showed a gradual rise in the sea level - eight inches in 150 years. However, there was also a period of 38 years, ending in 1913, when the sea level declined. "
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The Boston Globe, a mass-media outlet breathlessly lied to its readers that: "The record-breaking sea level is yet another data point showcasing a decades-long trend that is accelerating at a startling pace. As climate change worsens, the shoreline along much of the city will need new flood protections, such as berms, sea walls, and restored marshlands, as early as 2030, the latest available data provided by Boston plainly show.
As 2030 approaches, climate resilience experts told the Globe, the rapidly accelerating pace of sea level rise necessitates action."
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While in the real world, using observed data, we see that: " The acceleration of Boston sea level rise over the last 30 years has been … well … not to put too fine a point on it … basically zero. Zip. Nada. Nothing."
They've had five decades of success, perhaps their governance and press regulations are the correct strategies for their circumstances.
Being TAX HAVEN and helping massive corporations to evade local taxes was surely on of the main reasons.
In documentary videos, a standard American accent is often essential.
Answer: Socialist Market Economy.
- Central planning of the economy.
- Public ownership of strategic industries & assets.
- 80%+ public housing.
- Socialised public services.
And very low corporate tax
@@meeraj-4774 it's actually not that low relatively speaking. Social welfare states like Sweden and Finland have 20%, Norway and Denmark have 22% tops.
low rates was really just a signal of a business friendly environment. Lee Kwan Yew himself ranked the tax rate as low on the list of the things that really made the difference in attracting companies, his view was that as long as it was competitive it was fine. Reason being that most large companies don't pay tax anyway due to accounting trickery.
Yes. Very controlled or managed for the general population. A welfare state with a mind for incentives. But at the same time very liberal for business. And low crime unlike China and Denmark for that matter.
@@nkristianschmidt what's the crime rate in Denmark and China respectively Vs Singapore?
Careful now, I'm very familiar with both having spent a lot of time in each so I know first hand it's safe, but I'll humour you.
One factor for a country to become rich is the peace and order.