Of course many people wonder why Singapore is richer than Malaysia?
However, Singapore is a small country compared to Malaysia.
Singapore also lacks natural resources such as oil and coal but there are several factors that make Singapore ‘richer’.
Among the factors is the location of Singapore which is located in the middle of an important trade route connecting Asia to Europe.
These factors caused the British to colonize Singapore in 1819.
In addition, the fate of Singapore is said to be better than the fate of neighboring countries such as Malaysia, Thailand and Indonesia.
Singapore first established good relations with Britain. Although the country became independent in 1965 but Singapore still cooperated in trade relations.
The decision opens the eyes of other countries that Singapore is open to good relations with any country.
Singapore, Hong Kong, Taiwan and South Korea have been known as the Asian Tigers because of their rapid development since the 1960s.
In the 1960s, Singapore experienced a housing system crisis. The country is experiencing a shortage of settlements, migration problems and slow development.
According to a report from the British Housing Committee, Singapore is labeled as the most crowded and embarrassing country for a country with a civilized society.
As a result, Singapore provides employment opportunities to the people and ensures that its people can own a house.
The Singapore government has established a public housing policy. Public housing prices in Singapore are cheap and affordable.
In Singapore, 80% of the population lives in public housing called the Housing & Development Board (HDB) flat and only 20% of the people live in their own housing.
At that time, the Prime Minister of Singapore, Lee Kuan Yew wanted every citizen to own a house because he was confident that if every family had a house, the country would be stable because at the same time, the government could attract investors through taxes, economic expansion and unemployment reduction.
The move caused the unemployment rate to drop to 4.5% in the 1970s from 14% in 1959.
In the 21st century, service industries such as finance and insurance were privatized, causing many multinational companies to start making Singapore the choice of headquarters location.
Singapore is also one of the easiest countries to open a business due to its tax relief and easy access to the Asian region. Such a policy benefits many investors as well as entrepreneurs.
Singapore also practices a transparent and zero-corrupt administration. The country, which was once one of the most corrupt countries, is now Singapore in the top 10 list of anti-corruption countries.
Although Singapore is a rich country, its people have to face the high cost of living.
For five consecutive years Singapore has been named the most expensive city in the world, surpassing New York and London. In fact, car taxes in Singapore are also said to be the highest in the world.
However, in terms of the cost of personal care, household goods and domestic products, the price is cheaper in Singapore than other countries.
