When we compare this to the GDP per capita of states in the US, according to the U.S Department of Commerce, Singapore would only rank 15 th – on par with a state like Nebraska or Minnesota – and some ways losing to Massachusetts and New York, which rank 1 and 2 in the US with a GDP per capita of US$65,500 and US$64,600 respectively. What, therefore, were the fundamental mechanisms explaining Singapore’s stunning economic success? ​In obituaries of Lee Kuan Yew and during his lifetime, emphasis was placed on his “authoritarian” politics or his espousal of “Confucian values,” but what in strictly economic terms was the basis of Singapore’s sensational success? var platform_element_id = "772053444736081596-1.0.1";
While we’re not saying that this is a bad thing, it definitely diminishes how rich we feel by taking cash out of our hands and putting it into a retirement building fund. Read Also: How Much Do You Need To Earn To Be Above Singapore’s “Average”? _W.platformElements = [];
That’s what this article aims to shed some light on: why many Singaporeans do not actually feel “rich” at all, despite the statistics. Learn together with like-minded Singaporeans at the Personal Finance Discussion SG Facebook Group by discussing a range of personal finance topics. if (typeof document.documentElement.appReady == 'undefined') {

Successful Asian developing countries showed a pattern of economic growth fundamentally driven by capital accumulation. All Rights Reserved. var _ElementDefinition = PlatformElement.extend({});

Talk about paying for our homes with our CPF, this brings us to our next reason why we really don’t feel that rich in Singapore – it’s so expensive. el: '#element-100d83e8-a6e8-449f-8551-8a9444fa20c5'
The Tyranny of Numbers: Confronting the statistical reality of the East Asian growth experience. His finding was used by U.S. economist Paul Krugman in a famous 1994 paper entitled “The Myth of Asia’s Miracle” to predict Asia’s coming economic failure.

However, this may not be comparing apples to apples as other global cities may be producing even higher GDP per capita but is weighed down by taking the average of the whole country. (1995, August). This is a consideration that the majority of Singaporeans do not have – when we retire in Singapore, we have to bear with the same costs as when we were working. While foreigners in other countries gawk when they learn about our expensive car and housing prices, those who live in Singapore are the ones who actually have to pay those prices. If you have not done so, subscribe to our free e-newsletter to receive exclusive content not available anywhere else. });
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What this portrays in the global marketplace is that Singapore is a rich man’s playground. w.widgeticOptions = {domain: 'widgetic.com'};
This naturally includes China. PlatformElement,
$5,400 in 2019. function setupElement176555722719956475() {

This puts a strain on our finances and is a big cause of worry for younger Singaporeans living here. document.documentElement.appReady = 0;
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Vu, K. M. (2013). To start with the facts, by 2013 Singapore’s per capita GDP was 104 percent of that of the U.S. calculated at current exchange rates. [2020 Edition] Best Savings Accounts for Working Adults in Singapore, What Are The Best SIM-Only Plans In Singapore (2020 Edition), 5 Cheapest Cars In Singapore That You Can Buy In 2020. if(_.intersection(_W.loadedPlatformDependencies, dependencies).length !== dependencies.length){
Foreign Affairs, 62-78. this.constructor.__super__.initialize.apply(this);
Krugman, P. (1994). setupElement176555722719956475();
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We’re definitely a country that produces a very high GDP per capita. Economic commentators, especially those outside Asia, have been reluctant to recognize the new paradigm for economic growth that originated in Asia, since this would acknowledge the failure of Western ideas that still greatly predominate in the literature on economic growth and development.” This may seem like a decent amount, however, after taking away your employer’s CPF contributions (17%) and your individual CPF contributions (20%), you are left with less than $2,800 per month. Singapore has a highly developed and successful free-market economy. });

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