View Full Version : Singapore – Are We Really That Rich?
According to the International Monetary Fund, Singapore is listed as the third richest country in the world with a GDP Per Capita of US$61,567.28. GDP Per Capita is the total output of a country divided by its population.
If we exclude the first and second on the list, Qatar, which leaks oil, and Luxembourg, a tax haven in Europe, we’re number one! As amazing as this sounds, we have to ask ourselves the tough question of just how much the average Singaporeans have benefited from the growth of the country’s GDP Per Capita.
The median income of a worker in Singapore is $45,240 (US$32,356.69). This may seem like a tidy figure to most people, but consider an alternate thought for just a moment.
By exploring this a little, we will know that the GDP Per Capita of the United States (US) and other large countries are diminished by the fact that the people in these countries have the choice to be “unproductive.”
What we mean by “unproductive” is that they have more options to lead the lifestyles that they choose. This includes moving to a less competitive city, working less, earning less and enjoying a lower cost of living.
In Singapore, we have always been taught that we must be productive citizens. So if we only consider the “productive” citizens, using business-centric states as proxies, we find US cities such as Boston, Houston, Washington DC, Seattle and New York coming out ahead of us. These cities have higher GDP Per Capita than Singapore as a city, yet the people living there enjoy the inherent benefits of being part of a society which allows them to retire peacefully and become “unproductive” in a cheaper city after they have played their parts.
On the flipside, in Singapore, our retirement age keeps increasing.
Our greatest resource, our people
Assuming that what our current government said is true, and that our only natural resource in Singapore’s is indeed our people. You would expect then that this “highly treasured resource” to be remunerated well compared to countries that have other resources to rely on.
Yet in Singapore, we have one of the highest income inequalities in the world. It is hard to overlook this apparent contradiction, that a country that prides its people as its only natural resource, with nothing else to turn to, has such a high-income inequality. The people in Singapore have worked hard, but the richest in the country seemed to have cornered the economic benefits.
While home prices and rents have increased substantially, it is only the people who own them and who are able to unlock this value that gets to see the fruits of a successful country. In the meantime, struggling Singaporeans, both young and old, have to cope with eye-watering home prices, stagnating income level and inflation.
To be fair, the government has realized and appreciates the struggles of the people, coincidentally more so after the last General Elections. Some of the statistics have improved since, such as a marginal narrowing of our income inequality. But the effort put in has to continue for any meaningful difference to be made over the long run.
https://sg.finance.yahoo.com/news/singapore-really-rich-000056295.html?linkId=16525803
what a stupid article ... i can not believe Yahoo allow this type of nonsense article ...
Is the writer a Singaporean? Before complain this and that ... please look at how our little country managed to achieve what we have today. It is through hardwork and be productive!
what a stupid article ... i can not believe Yahoo allow this type of nonsense article ...
Is the writer a Singaporean? Before complain this and that ... please look at how our little country managed to achieve what we have today. It is through hardwork and be productive!
We are asset rich but cash poor mostly but what is the use of having all our assets locked up in the property we live in? And can our property increase in value indefinitely? What if longterm trend is downwards? Does population have to keep increasing so that our properties go up in value? That is not sustainable and also HDB is leasehold, so value cannot keep doing up right? If it comes down then doesn't everything follow suit? That is why I want to cash out as after 7 or 10 million is reached, prices prob have to come down.
"Is the writer a Singaporean? Before complain this and that ... please look at how our little country managed to achieve what we have today. It is through hardwork and be productive! "
perhaps the confusion lay in the difference between country and people?
"These cities have higher GDP Per Capita than Singapore as a city, yet the people living there enjoy the inherent benefits of being part of a society which allows them to retire peacefully and become “unproductive” in a cheaper city after they have played their parts."
Why didnt the writer consider Johor as part of retirement plan?
Every singaporean should seriously think about selling HDB, and renouncing singapore citizenship to collect the full amount of CPF. With that could enjoy a comfortable retirement in a landed home in Johor.
What do you give up? the express lane in immigration counter. that's it. you can still visit singapore as a foreigner.
Be glad that we are asset rich ... some countries you do not even have a chance to be asset rich and has problem to put food on table, poor health care, polluted environment, non existent public transport, poor/discrimination education and high crime rates.
Do not that those things we are enjoying now for granted, It is through sounds policy and good execution that we have we have today!
The writer is trying to write a balanced view.
Inequality is real.
The inherent value of stable and efficient system is not immediately apparent until you move to one that does not have it.
There are those who said that after 5million, 10million they hope to move out. But there are many millions more who want to come in, and are stopped at the gates.
I am not sure whether SG is suitable for retirement with the changes in Pioneer packages. But I am certain it is amongst the best in the world to raise kids and work when our productivity is high.
not forget natural disaster to wipeout your assets
"I am not sure whether SG is suitable for retirement with the changes in Pioneer packages. But I am certain it is amongst the best in the world to raise kids and work when our productivity is high."
how is productivity being measured again?
perhaps employers prefer getting FTs as they have more value for money as compared to singaporeans.
of course please dont bring up why these companies set up in singapore instead of philippines, india etc, that has nothing to do with productivity of individuals.
"I am not sure whether SG is suitable for retirement with the changes in Pioneer packages. But I am certain it is amongst the best in the world to raise kids and work when our productivity is high."
how is productivity being measured again?
perhaps employers prefer getting FTs as they have more value for money as compared to singaporeans.
of course please dont bring up why these companies set up in singapore instead of philippines, india etc, that has nothing to do with productivity of individuals.
All the Masters , the whole world govts and elites want their people to have passion ,commitment, integrity, honesty, hardwork, sense of belonging, abide to law and self contented. It will be a wonderful and happy world to live in. If you r one, probably you will be happy to live in most countries
From someone who is staying in France since Mar 2007.
Life in Singapore is too fast compare to where I am staying now.
Space is too small, housing is too expensive, car is unnecessary in Singapore.
But with the right planning staying in Singapore can be the Best in the World.
Have a open mind, think out of the box, the world rotate around the sun, it don't rotate around Singapore.
Get out and look at Singapore from the outside and you will find it is the Best in the World.
Always look at a cup of half fill water as half empty and half full.
Go Paris, London and all the Top city and then look at Singapore, this is what we will be getting.
Be prepare, the rich can move to any city in the World, only the poor get to complain.
I still prefer working in SG. Been to Australia and Germany for short stints.Great for retirement but night and weekend can rot unless you are pub lover.
From someone who is staying in France since Mar 2007.
Life in Singapore is too fast compare to where I am staying now.
Space is too small, housing is too expensive, car is unnecessary in Singapore.
But with the right planning staying in Singapore can be the Best in the World.
Have a open mind, think out of the box, the world rotate around the sun, it don't rotate around Singapore.
Get out and look at Singapore from the outside and you will find it is the Best in the World.
Always look at a cup of half fill water as half empty and half full.
Go Paris, London and all the Top city and then look at Singapore, this is what we will be getting.
Be prepare, the rich can move to any city in the World, only the poor get to complain.
proud owner
26-08-15, 15:07
i have lived in London, NY, Stockholm, Shanghai, Frankfurt.
Lived - more than 1 year.
The one thing that makes Singapore less conducive is the HEAT and Humidity ...
One can complain of the cold in winter, -25 deg cels in Stkh, -15 in Manhattan etc, a good winter coat will suffice.
In Spore, i cant go out bare bodied.
The rich history and culture of Europe / USA, gives rise to monumental/history buildings, museums , plays, concerts etc is something that we are lacking.
it is sad that as a young nation, we are giving up alot of our culture, especially the younger generations.
Space is something spore can never have...
to drive from 1 states to another, experiencing its Food, buildings, etc ...
to go skiing in winter, to lie in a field of orange leaves in the Fall, to pluck the fruits in the Orchards, etc these are things that way surpass shopping in the malls...
yes Spore is a good place to bring up kids ... safe .... but the education system does not allow our children to "think' ... the Scandinavian edu system is the best, something that Spore is trying to copy...
between Social Security and Quality of Life ..... we have to decide which do we prefer ....
i can tell you ... a lot will Choose both ....
study in Singapore, make your $$$ ... and move away to enjoy the quality life style later ....
what a stupid article ... i can not believe Yahoo allow this type of nonsense article ...
Is the writer a Singaporean? Before complain this and that ... please look at how our little country managed to achieve what we have today. It is through hardwork and be productive!
Yahoo has a reputation for engaging duds for their content, it seems.
People who have own agendas.
The writer is trying to write a balanced view.
Inequality is real.
The inherent value of stable and efficient system is not immediately apparent until you move to one that does not have it.
There are those who said that after 5million, 10million they hope to move out. But there are many millions more who want to come in, and are stopped at the gates.
I am not sure whether SG is suitable for retirement with the changes in Pioneer packages. But I am certain it is amongst the best in the world to raise kids and work when our productivity is high.
U hit the point. I have not heard even one FT or FT turned PR who have said they want to stay on to retire. They are here to reap the economic benefits and raise their kids. Their intention is always to renounce their permanent residency here and head home to retire. It will not be as simple for us as other countries do not open up permanent residency as easily as we do. And more importantly my friends and families are still here and I want to stay close at where they are.
i have lived in London, NY, Stockholm, Shanghai, Frankfurt.
Lived - more than 1 year.
The one thing that makes Singapore less conducive is the HEAT and Humidity ...
One can complain of the cold in winter, -25 deg cels in Stkh, -15 in Manhattan etc, a good winter coat will suffice.
In Spore, i cant go out bare bodied.
The rich history and culture of Europe / USA, gives rise to monumental/history buildings, museums , plays, concerts etc is something that we are lacking.
it is sad that as a young nation, we are giving up alot of our culture, especially the younger generations.
Space is something spore can never have...
to drive from 1 states to another, experiencing its Food, buildings, etc ...
to go skiing in winter, to lie in a field of orange leaves in the Fall, to pluck the fruits in the Orchards, etc these are things that way surpass shopping in the malls...
yes Spore is a good place to bring up kids ... safe .... but the education system does not allow our children to "think' ... the Scandinavian edu system is the best, something that Spore is trying to copy...
between Social Security and Quality of Life ..... we have to decide which do we prefer ....
i can tell you ... a lot will Choose both ....
study in Singapore, make your $$$ ... and move away to enjoy the quality life style later ....
Just read ur post and yes that's my points too. The FTs and PRs and many new citizens are here only for economic benefits and have a safe place to bring up their children.
Yahoo has a reputation for engaging duds for their content, it seems.
People who have own agendas.
Was the writer complaining? I thought he was merely highlighting some facts and that to retire well here you need to have a very solid retirement fund. Hong Kong has the same issue.
Same articles different view from different people reading it.
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