Americans React to Why Is Singapore So Rich?!

Americans React to Why Is Singapore So Rich?!

Why is Singapore so dang Rich because they have otter and I’m going to leave you at that actually maybe because they have money because you know what Rich means having a lot of money I think the merlon actually produces money so you’re saying if you drink the water hey it’s fresh we

Learned that last video it’s not ocean water it’s fresh water we did we did so we’re hitting up the merline when we go back guys we’ll be posting our recent Singapore Vlog actually at the beginning of January so if you want to check that out make sure to go subscribe to our

Travel Vlog Channel Link in the description and Link in the pinned comment first impressions of Singapore we were shocked most modern city in the world what this is Asia what what our first and only impression of Singapore let’s check this out we’re going to learn some more about the dang wealth in

Singapore here we go the tiny country so tiny you can drive across the island in just an hour despite it size and lack of Natural Resources Singapore’s 5.6 million people enjoy one of the highest average incomes in the world ahead of countries like Germany France and Japan

So how did this little island get so rich money cuz they have a cruise ship on top of a building Singapore doesn’t have resources like coal or oil but it does have something countries can’t buy flow tow the island sits in the middle of an important trade route connecting

Asia to Europe that’s a key reason why the British decided back in 1819 to set up a colony in Singapore location isn’t everything though there are several countries nearby that could have made use of their whereabouts but they weren’t quite as successful that’s because there are other ingredients that

Go into this crazy Rich Singapore recipe I’m at a Raffles hotel which is one of the most prominent icons of Singapore’s Colonial history unlike some of its neighbors which wanted to separate themselves from their colonial histories Singapore kept close ties with Britain even after Independence in 1965 that decision announced to the rest

Of the world that Singapore was open for business that’s important because we know now that exports help to grow and expand and economy but back then it wasn’t conventional wisdom Singapore Hong Kong Taiwan and South Korea became known as the four Asian tigers which have grown rapidly since the 1960s their

Rise was fed by exports industrialization and more crucially big doses of government intervention I thought they got rich out of ice cream this was especially true for Singapore labor strikes were common on the island in the 1960s even with high unemployment on top of that there was a housing 1960s get this thing

Off that R far through crisis with Singapore being home to one of the largest slum settlements in the world so how do you build a more disciplined labor force to attract investment so interesting that that was in Hong Kong too one of the largest slums both of

These cities that are like insanely rich now were slums at one point massive not even that long ago too and Korea was very similar to that too that is called productivity good job Singapore well you give them something to work for like a house of their own which is why one of

The first Singapore government agency setup was focused on building affordable public housing while just 9% of the population lived in public housing in the 1960s what do you mean the biggest economy in the world they don’t have money for that come on they can just

Live in tents why do they need a house that figure stands at more than 80% today adding greater employer rights and Strikes became extremely rare at the same time the government attracted foreign investment through tax incentives growing the economy and easing unemployment which fell from an

Estimated 14% in 1959 to 45% in the 1970s by the 1980s Singapore was a regional manufacturing Hub and it was the world’s biggest producer of hard disk drives but today manufacturing makes up only about 20% of Singapore’s GDP take a look at grow in GDP you can

See two big surges one beginning in the late’ 88s and other at the start of the New Millennium ironically Singapore has a downturn to think for that you see in 1985 Singapore went into its first post-independence recession prompting the government to introduce new measures state-owned companies like telecommunications were privatized to

Make them more competitive then at the turn of the century service Industries like finance and insurance were further liberalized that openness helped to grow the share of services from just 24% of GDP in 1985 to More than 70% in 2017 multinational companies began to set up Regional headquarters in Singapore that

My favorite multinational company is this FIS wheel multinational company they put them everywhere they do I mean they’re literally in every big tour spot they got one in Hong Kong right on the thing too they’re du London wow very multinational heck yeah that attracted even bigger players ferris wheel boting

Singapore’s attractiveness to corporates and in turn it’s GDP now Singapore is ranked as one of the world’s easiest places to do that’s funny that Georgia is on there true the bureaucracy in Georgia is just so low that’s so interesting Georgia but it’s it’s a country we lived in for a few months so

It’s funny to see it in there because it’s not very well known I mean we literally bought a car in Georgia and it was not that hard it’s like the only car place we could buy a car as a for Foreigner without like needing anything

We didn’t even need like an IDP and then we barely used it and spent a ton of money on it and now it’s just sitting there and we don’t know if it’s been sold or not and we don’t know if we’ll ever get the money back for

It anyways I have an answer on why we aren’t so rich Singapore has been praised for transforming itself from a developing to developed economy but do most singaporeans feel rich well not exactly two of the most important reasons the high High Cost of Living and inequality for 5 years in a row

Singapore has been named the world’s most expensive city ahead of New York and London that’s largely because of taxes on cars making Singapore the most expensive place in the world to buy and run an automobile it’s also the third most expensive place on Earth to buy clothes but Personal Care household

Goods and domestic help in Singapore tend to be less expensive than in other major cities while Singapore is is rich in terms of GDP per capita the median monthly salary is $3,270 that doesn’t sound too bad but about 20% of that goes into a mandatory savings account you can use that account

To pay for medical bills housing and education but it does restrict the purchasing power of the population you’ve probably heard of the movie Crazy Rich agents which was set here in Singapore and it’s no wonder because Singapore has about 184,000 millionaires making it truly the

Land of the out of 5 million is that the highest percentage has to be right for a country I would assume so has to be the only thing that would be there is Hong Kong but Hong Kong wouldn’t I don’t think that’s crazy they’re crazy Rich that’s great

News but Singapore also has a fairly High rate of inequality quality compared with other developed countries let’s look at the genic Coe efficient which is a skill used to calculate inequality with zero being the most equal and one being the least the most equal I would assume would be something like Denmark

Or Norway Iceland coefficient after accounting for taxes and transfers oh USA gosh that’s bad was 0.356 in 2017 that was was worse than countries like the United Kingdom Japan Korea and Germany although it fared better than some like the United States is that number really that bad that question had

Books like this flying off the shelves a think tank ignited public debate on the divide in social classes after it found that on average singaporeans who live in public housing have fewer than one friend who lives in private housing the government has called the issue of inequality quality a national priority

But it remains to be seen if it is a problem that can be tackled effectively so I wonder how differently the income inequality is affected by the fact that it’s such a small country basically like a city state I wonder what that means yeah I mean I guess it

Would mean there’s like the US is really there’s massive income and inequality but you can move to places that are significantly cheaper or as Singapore you you can’t it’s all going to be I’m sure there’s areas that are less expensive but it’s still this little area of Singapore where everything’s

Expensive and typically a city is going to be richer than the countryside of a country so when it’s just all a city for the country you’d expect that all to be richer but I guess the in in inequality is still there I would assume too that

Uh one of the reasons why the inequality is so high is because the uh ease of business which usually means like they the businesses are less regulated and stuff like that they’re cutting some Corners yeah paying a little paying some people less than they need to so then that

Can and then yeah I mean just because a country has a lot of millionaires doesn’t necessarily mean it’s successful Luxenberg well I didn’t see I don’t know how many millionaires Luxenberg has but it everybody makes a lot of money there yeah like the highest you were talking about millionaires but what about

Billionaires us most successful country because of billionaires thank you Elon very epic hopefully you guys enjoyed the video if you did make sure to subscribe we’ll see you in the next one let us know other Singapore stuff down in the comments below do bye

In this video we are back with another singapore reaction. After doing our Singapore geography now reaction we decided to do a why is Singapore so rich reaction to find our more about the history of the wealth in the country! If you enjoyed this reaction to Singapore, leave more suggestions in the comments below!
#Singapore #Rice #Reaction #AmericansReact #Geography

watch Why is Singapore so rich? | CNBC Explains

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