How a country becomes rich

Singapore is one of only a handful of countries to have managed to become rich in the past half century. A former colonial outpost it now has the third highest average income in the world. How did it do it? And why are social tensions now showing?

It may surprise you to know that Singapore has more millionaires per capita than anywhere else in the world. One in six households are in the millionaire club. They come to this city-state by design. The government offers low taxes, raising their revenues through a property tax on the expensive, multi-million dollar houses of the ultra-rich. In return the rich spend — boosting the local economy’s shops and restaurants.