How did Singapore become an insanely rich country despite having pretty much zero resources that it can exploit?
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Singapore was established as a port city by the British Empire. It was a convenient location for consolidating goods going to and from Asia and the various British colonies in the area.
When Singapore became independent, it continued to use its central location to make money. Low taxes, low barriers to trade, low corporate taxes, and one of the least corrupt governments in Asia all combine to make it a very business-friendly nation.
Banking and finance, plus it’s in a well situated place even if it doesn’t have a lot of natural resources like oil or minerals
Singapore was established as a port city by the British Empire. It was a convenient location for consolidating goods going to and from Asia and the various British colonies in the area.
When Singapore became independent, it continued to use its central location to make money. Low taxes, low barriers to trade, low corporate taxes, and one of the least corrupt governments in Asia all combine to make it a very business-friendly nation.
Their legislation are pretty business friendly and their population is highly educated. This make them very competitive in field of banking and high technology. They also have a big port in a very strategic location near the strait of Malacca between the Pacific and Indian ocean. It’s the second busiest port in the world, the biggest by cargo and half the world’s annual supply of crude oil go through it.
It’s an important trade hub, historically where ships coming from Europe would stop to trade with ships coming from China and Japan.
If you look at its location on the map, Singapore is located exactly where a ship coming around the tip of India would pass on its way to the Pacific.
There are similar points of geographically bottlenecked trade in Istanbul, Tangier, Cape Town, the UAE… if trade ships have to pass you, you might get rich middle-manning the trade.
Their legislation are pretty business friendly and their population is highly educated. This make them very competitive in field of banking and high technology. They also have a big port in a very strategic location near the strait of Malacca between the Pacific and Indian ocean. It’s the second busiest port in the world, the biggest by cargo and half the world’s annual supply of crude oil go through it.
Singapore was established as a port city by the British Empire. It was a convenient location for consolidating goods going to and from Asia and the various British colonies in the area.
When Singapore became independent, it continued to use its central location to make money. Low taxes, low barriers to trade, low corporate taxes, and one of the least corrupt governments in Asia all combine to make it a very business-friendly nation.
Banking and finance, plus it’s in a well situated place even if it doesn’t have a lot of natural resources like oil or minerals
Banking and finance, plus it’s in a well situated place even if it doesn’t have a lot of natural resources like oil or minerals
Their legislation are pretty business friendly and their population is highly educated. This make them very competitive in field of banking and high technology. They also have a big port in a very strategic location near the strait of Malacca between the Pacific and Indian ocean. It’s the second busiest port in the world, the biggest by cargo and half the world’s annual supply of crude oil go through it.
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