<p>Singapore is one of the four Asian lions along side</p><ol><li>Hong Kong </li><li>South Korea </li><li>Taiwan</li></ol><p> Singapore is also considered one of the wealiest countries in the world with an ever booming economy. <em>It would be a dream come to for me to have a residence and job at Singapore.</em></p><p><strong>Now, Why is Singapore so rich ? </strong></p><ol><li> <em> Share of GDP in the service sector is massive which boosts the economy many folds </em></li><li><em>Singapore and its history. This involves its relations with the British  I.e having a close bond with them. </em></li><li><em>A smart government with amazing policies that benefit both the state and its people </em></li><li><em>Tax benefits etc for investment!!</em></li></ol>

Ever wondered why SINGAPORE is such a strong economy? 

<h1>Why is Singapore so rich ? Analyzing different factors&nbsp;</h1><img height="320" src="https://1.bp.blogspot.com/-uHMjoaVdI0Q/YGvMRZurbkI/AAAAAAAAQFM/k0uyRjVaSPMBwfhuXE9BLd2WT9YW-ns9gCLcBGAsYHQ/w214-h320/d839a69e961ed1dff870a54239fbd3a8.jpg" width="214"><img height="398" src="https://1.bp.blogspot.com/-87bF0GN8kkA/YGvMRUwu60I/AAAAAAAAQFI/VjtqG8SeSbwZRAEFTEVV_upKZHKGNL7jwCLcBGAsYHQ/w320-h199/2c8201e4cac226bb22168fd9f613092d.jpg" width="200"><div>Singapore is one of the four Asian tigers along with Hong Kong, South Korea, and Taiwan. All these counties have maintained high economic growth rates and are one amongst the wealthiest countries. The tigers have such strong economies that have withstanded major crashes like the Asian financial crises of 1997 and credit crises of 2008. But what makes Singapore stand out?</div><div>Before analyzing let's look at Singapore's population and their GDP per capita which shall show an in image of how rich Singapore and all its residents actually are. Singapore only has about 6mil citizens but its GDP is nearly 340 million dollars which makes GDP per capita 58,500 dollars. Which makes it more richer than prominent countries like Germany etc. It all started with its property rights system and its smart economic choice after independence which we shall look into. Before that let's talk about its size and location.</div><div>Singapore is a very small country. So small that you can go from one end of Singapore to another end in less than an hour. It does not have any natural resources like oil or coal. But all of this can be compensated with what give Singapore a headstart. The location. Located between Europe and Asia it connects the trade between both this major trading continents. This is the main reason why the British found Singapore attractive back in the 19th century. However location is not everything and there are various other islands and big countries near by so what makes Singapore stand out ?&nbsp;</div><div>It all started way back during independence when most of its colonial neighbours wanted to get rid of the British and get an independent state, Singapore kept close ties with the British. This is not all, even after independence Singapore had a close bond with the British. This meant only one thing that Singapore is a country which would love to business with everyone instead of starting from fresh which most countries that got independence from British did. Okay...so how did this help ? Well its quite simple British had resources and expertise which both combined help in talking good decisions as well as grow and expand the economy at a rapid rate. This fueled industrialization in the new Singapore. But&nbsp; Singapore was not always this rich! Back when Singapore got independence labor strikes, unemployment and housing crises was very common. Half of Singapore in the 1960s was no less than a slum. But the Government policies had changed this for ever to the beautiful Singapore we all see today.</div><div>To address this problem, One of the first government agencies set up was to build affordable places where people can stay. And how do they solve unemployment ? It was easy they make them work to build their own homes. This tackled both issues at once. The government also provided a lot of tax benefits and incentives to attract the foreign companies and countries to Invest in Singapore but we will talk about that later. Coming to the Singapore housing developments, it was managed by the HDB or housing and development board and it is generally regarded as a successful example of national housing. Singapore went from only 9% people living in public houses to about 80% or more&nbsp; people living in public houses now. This shows how they solved the problem of slums and unemployment in just a decade which is insanely amazing.</div><div>Another factor is regarding the share of GDP owned by each sector. Initially to kick start the economy the economy Singapore was a manufacturing hub and a leading producer of certain items. However,&nbsp; this did not last long as slowly the focus of the government moved from manufacturing to service sector. This is further boosted by the 1985 recession which forced the government to privatize state owned companies and during later stages finance and service sector was liberalized. This reduced the share of manufacturing drastically and increased the share of service industry from nearly 20-25% in the 1970s to more than 70% now. And a good service and finance sector with tax benefits only means one thing! MORE BIG COMPANIES AND PLAYERS !! This resulted in Singapore being the regional headquarters for a lot of big companies.</div><div>These are some of the factors which made Singapore so rich and one of the most expensive cities. But simply saying that Singapore is rich and all its citizens are really rich does not make sense since there high&nbsp; inequality and the cost of living in Singapore is really high as well. How ever the number of millionaires in Singapore is astounding as well. Also did you know Singapore is the most expensive place to buy a car ! The Singapore government also reduces the purchasing power by creating a account where 20% of your income goes and it can be used to paying for education and health which I believe is one of the polices and should be implemented all over the world to make people more focused on a sustainable way of spending money rather than spending all of it branded items or the flex culture.</div>

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Why is Singapore so rich ? Analyzing different factors

Why is Singapore so Rich. Analyzing different factors

Ever wondered why SINGAPORE is such a strong economy?

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