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Singapore is richer than US, UK or France per capita. Lawrence Wong’s challenge as PM will be maintaining that
- In just six decades of independence, Singapore has transformed itself into Asia’s wealthiest nation and a financial services giant
- Incoming Prime Minster Lawrence Wong has his work cut out for him to maintain his country’s standing as a pinnacle of wealth
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It has been independent for just under 60 years and is smaller than New York City. But make no mistake, Singapore is very much in the big leagues when it comes to money.
The ascendant financial hub at the crossroads of global trade has in a relatively short period of time, in historical terms, transformed itself from a colonial trading port to the wealthiest nation in Asia – and one of the richest in the world.
The tiny island outpost has moved deliberately from being a manufacturing powerhouse to financial services giant and now tourism and tech.
In the process, it has managed to boost its per capita gross domestic product far above Britain, France and even the United States.
But as a new prime minister takes power for the first time in 20 years, clouds are forming on the horizon. The question now is how does Singapore maintain its winning streak.
Singapore has long been the prime example of how small countries can seek a pathway to rapid growth and development, particularly if they have limited natural resources.
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