From a slum colony to one of the wealthiest countries

rise of singapore: Singapore was once struggling in the shadows, but now it stands as one of the four dragons of Asia along with Hong Kong, South Korea, and Taiwan. In 2019, it surpassed the United States to become the world’s most competitive economy.

While some people think of Singapore as a tourist destination, savvy businessmen see it as a low-tax haven and corporate hub.

But we all know that the story was very different until a few decades ago, when Singapore was in a dire state.

The island was once one of the world’s largest slum colonies, with little or no natural resources available, unemployment was extremely high, and communal riots were common.

But today, you may be surprised to learn that Singapore is one of the richest countries in the world, with more millionaires per capita than anywhere else in the world. The Billionaire Club increased its membership from 34 in 2022 to 41 this year.

So what brought them here in just 40 years? Read on to find out the secret to Singapore’s success.

I. Strategic location

One of its main strengths is its location, making it a perfect hub for global trade and business.

The island is located on a valuable trade route called the Maritime Silk Road connecting Asia and Europe, and is strategically located in the middle of Southeast Asia as a trade and logistics hub.

Singapore’s location within a six-hour radius of the Southeast Asian country makes it an ideal hub for accessing the region and its growing consumer market.

In particular, the Port of Singapore is the busiest transhipment port in the world.

II. Electronics and hardware industry

Singapore’s major exports include electronics, chemicals and services.

The electronics industry is a major driver of Singapore’s economic growth, contributing 8% to the country’s GDP. In 2020, electronics accounted for approximately 38% of total fixed asset investment of $17.2 billion.

The country is home to eight of the top 10 fabless semiconductor companies and 12 semiconductor assembly and test operators, including three of the world’s leading outsourced semiconductor assembly and test companies.

Singapore is also home to the world’s largest hard disk drive (HDD) factory.

III. Solving housing problems

With all this, the Singapore government. We have solved the people’s biggest problem: housing.

At the time, Singapore was once a country with the largest number of slums due to its low-income population. In the 1960s, only 9% of the population lived in public housing. But today, more than 89% of Singaporeans own their own home.

The Housing Board’s housing development policies have transformed Singapore into a megacity, helping citizens move out of slums and into well-planned housing facilities.

This, combined with improved job opportunities, has significantly improved the living conditions of local residents.

Who drove these economic changes?

After independence in 1965, Hong Kong, a former British colony, developed into a major manufacturing and financial center, and Lee Kuan Yew was the driving force behind this economic transformation.

When the government. After the recession following liberation in the 1980s, industries such as finance, communications, and trade were liberalized to promote economic growth.

With a population of 5.92 million, Singapore’s GDP has increased since independence from $970 million in 1965 to $466.8 billion in 2022.

According to an HSBC report, Singapore is expected to surpass Australia to become the country with the highest percentage of millionaires among Asian adult populations by 2030.

Written by Shivani Singh

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