How did Singapore become an insanely rich country despite having pretty much zero resources that it can exploit?

Question

How did Singapore become an insanely rich country despite having pretty much zero resources that it can exploit?

In: 12

Answer 1

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.