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Americans React to Why is Singapore so rich? | CNBC Explains
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- เผยแพร่เมื่อ 16 ส.ค. 2024
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Singapore has grown to one of the best economies in the world in such a short amount of time! How did they do it? How are they so rich? Let's react!
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I'm no expert but, we don't exactly buy just the car, we are literally buying the space that the car will be occupying, as in the volume of mass it will be occupying in reality, because we have so little space to work with.
You really don't need cars, just walk from mrt to mrt are fey close by. But for specific areas you still need cars or taxi or bus available.
@@wendyshoo3476 Exactly
I am living in singapore for 7 years and i can tell you don't need a car to go one place to another. Taxi fare is cheaper than London Newyork or any other "Developed" countries. The public transport system is so efficient, reliable and clean (you can sit on the floor of a metro). Recently housing prices skyrocketed. Only thing you can complain about singapore that you can get bored sometimes. But you can go to neighboring countries like Indonesia Malaysia Thailand Vietnam and return flight will cost you max 300 USD. It's a great package.
No, you don't have to walk every where. The public transport in Singapore is cheep, efficient safe and clean.
+ walking everywhere in Singapore's heat is insane
Ally Victoria you have to get used to the heat. Being a Singaporean and now resides in Europe when I go home I need a few weeks to get used to the humidity n heat.
@@normaali7506 im a local, lived here and overseas. I really really hate the constant humidity and heat here in Singapore lol
@@emilia2411 If you walk long enough in singapore, you eventually start to ignore the weather.
@@barney3515 Please teach me how to ignore the weather, even a 10 minute shaded walk from school to the MRT kinda kills me on the inside
The cost of living factors in the cost of a car, but since the island is small they have to limit the number of cars that can be allowed on the road, hence the high cost. But honestly, you do NOT need a car in Singapore because the public transportation system is so good. It can be faster to take the subway than a car. Also, food here is cheap (except beef) and you can go out 24/7 and find something that's open. All places also do delivery as well. Housing is expensive but you can pay it from the mandatory savings and the govt adjusts the cost of flats for low income families to the point they almost get it for free.
Vietnam is new power of southeast asia
Rubbish.
@@zaintonputeh8475 Yes, your answer is rubbish.
How many highly paid civil servants take public transport s!?
@@ZeAngryGerman vietnam is rubbish
Just a shoutout as a Singaporean, but half of the 5 mil pop isn't even locals, they are foreigners working here. our actual pop is just slightly above 3 mil. If you think the places featured show Singapore's wealth, you haven't seen the estates that the rich actually live in, and even the neighborhood areas are so fricking developed that each neighborhood is essentially a self sustaining city.
same as a singaporean
Singapore population is 5.6 million, about 3.5 million are Singapore citizens, locals. 0.5 million are Permanent Residents and 1.5 million are foreign transient migrant workers. Non Singaporeans are less than 50%.
Housing in Singapore is expensive, as in London or NY expensive, but it depends what you are: Citizen, Permanent Resident (foreigner who has applied and been accepted to be a PR, similar to the UK's Indefinite Leave to Remain. Not sure what the USA version is) or Foreigner (on a working or studying visa).
Citizens can buy any type of housing.
Foreigners can only buy condos and not landed property or HDB (Social housing).
PR's do have some rights to buy HDB etc, but it's not the same as a citizen.
For a condo you can easily pay US$1m in outlying areas for a 3-4 bedroom place. In the more atas (expensive, posh) areas you can multiply that by 3 or 6. HDB can be a third of that, depending on area, some will be closer to 3/4s of that. Landed property, ie a house, can be easily US$2-3m and upwards to the moon.
Other things are expensive too: cars and alcohol mainly. Food *can* be expensive, but it can also be quite cheap - there are options for almost every price level and the cheap food in Singapore is *Great*. If you want to eat for a couple of dollars at a hawker centre, or at Gordon Ramseys restaurant, or at a 5 or 6 star hotel, all options are there.
For transport you can easily survive without a car. Almost the whole island is built-up city, with excellent public transport buses, trains and taxis. They are cheap, clean, safe and punctual. If you are coming from somewhere like London or NY, you may be pleasantly surprised there. I've been in SG for almost 15 years now, married with 2 kids born here and never had a car. Not having much "countryside" really helps there though!
Location is great as mentioned in the video - in normal times, anyway. Within a 4-6 hour flight you can be anywhere from India, China, Taiwan, Thailand, Philippines - slightly longer than that and you can be in Australia or Japan. Hop on a normal bus and you can end up in Malaysia, get on a ferry and in less than an hour you're in Indonesia. If only Covid would go away!
A little more info for others reading this: Citizens can buy any housing, but for public housing new houses the competition is very high (at least 10-20 buyers competing for 1 unit) for good locations near train stations, and it's pure lucky draw, you can't even pay more to get the apartment. :/ I've been trying for years, so I'm really glad foreigners aren't allowed, I'll never get a house if they're allowed to. Public housing also has a quota for race, there's literally anti-racism built into the system - there has to be a certain percentage of minorities inside a block, and as one of the majority race I have no objections. Minorities like eurasian, malay, indian, get public housing very easily because of less competition.
And yes location's great so my country's always positioned itself as a stop point for sea and air trade by having an excellent airport and proper facilities since the start of our independance. Even for vaccines and stuff like that, the govt set up facilities insanely fast to handle pfizer's -70 degrees requirements. They also do overseas investments iirc, there was a video saying the govt earned billions through smart overseas investing through the pandemic. I guess that's why they can afford free oximeters and free sanitizers and free masks and billion dollar help package for all the citizens. *sigh* now if only they'd teach us citizens how to invest
@@applepie9806 that last line, i feel you! I'd love to learn too lol.
Just a few words to answer this question: High efficient & great government. Simple as that.
I agree I am a singaporean btw
Expensive government too
@@aiko7458 depends what you look at. Their politicians make similar amounts to their counterparts in normal business. However, they do a much better job (largely as a result of being able to find better people). Is a Camry considered expensive when compared to a PT Cruiser? Sure, by price tag. Yet the PT breaks down ever time you sneeze too hard so over all the camry saves you money. Same thing here. That’s why real taxes are so much lower than most countries and they still have a surplus
@@OopsFailedArt I see u have made my unfunny joke an opinion my respect to ur time for that
@@aiko7458 haha writing without the world of emojis does lend itself to extra time spent on missed sarcasm 😹
The high income earners are funding most of the taxes. And the low income get lots of subsidies and quality education to get them out of the poverty cycle. The social mobility is high.
No at all if you're comparing to European countries
A Toyota Vios 2021 would be S$100k n RRoyce Ghost S$1.4m. A public housing(leasehold 99 years) 100SQM is S$250-S$350k depending on zoning. A private landed house 200SQM (freehold) S$3-5m average in fringes outside central business district. A top good class bungalow near orchard road is S$40-80m depending on land area n definitive location.
That last building that you guys saw in an aerial shot is named the Interlace. It is a condominium development with a mixture of 2 bedroom units (smallest at about 807 square feet) to penthouse units (largest at about 6308 square feet). There is 1040 residential units in this development and roughly 1 parking lot for each unit.
Singapore is not that expensive. It depends on how extravagant you are.
😂🤣🤣
yes, i barely spend any money because i live in a cardboard box on the beach. results may vary!
Agree. Also depends on how smart you are.
@Alicia Kat
Your monthly expat salary must be quite ok to make statements like that. 🤔 😁
@@Callsign-Blade_RunnerSG I am a Singaporean. I go to hawker centre. My monthly grocery cost me $600/- When I was in NZ, the food there is truly expensive and going out for dinner is even more expensive. So for me, Singapore is not that expensive unless you want to keep up with the Jones then too bad.
Much as the design of The Interlace is impressive (and btw, it isn't exactly super expensive by Singapore standards) the building at the 11.52m mark is The Pinnacle - which is even more impressive because of the fact that it is Public Housing!
That building is called The Interlace aka The Lego Building. A private residential condominium.
always thought more minecrafty, but yeah
The biggest misconception that people have about Singapore is that the people are rich. It’s the government and the country that’s rich the people not so much.
@@addium3151 this literally had nothing to do with my original comment.
Sry replied to the wrong comment somehow
@@addium3151 no worries
The bunch of buildings that were there in the last part of the video is called "The Interlace". It's a condominium project in the South Western part of Singapore. And it's useless to buy a car as the public transport system in the country is top-notch and there are car-sharing schemes.
Nothing says don't own a car than living in "The Interlace" condo. Thousands of parking spots for such a huge amount of residences, but only one exit and entry. It bottlenecked so bad it could take an hour every morning just to get out.
@@araisikewai damn bro. I didn't explore Interlace much. I thought it will have a few entry and exit points
That’s what I found; lived and worked there for 36 years. Main expense for me was my medical insurance. Found in the last few years that it was doubling in price every year, so I’d have to shop around for an alternative, only to have that one raise beyond my budget the next year. Sharing accommodation with friends can keep accommodation affordable. And I never owned a car nor drove there. That was def above my ability to afford.
One overlooked factor is People of Singapore use 4 languages that are useful in the global market… English as the international business language, Chinese n Indian to plug into 2 of the world’s biggest economies, China n India respectively nlast but not least, Malay for trades with neibors Malaysia n Indonesia
Most people assume the success of Singapore is based on the location and that is very not true,there is so many nearby county around Singapore sharing the same location and why they are not doing so well? This is same as some one give you a great tool but how to make good used of the tool is dependent on the human hands,The success of Singapore was due to the great government trade and development policy and the cooperation of Singapore citizens with the government.
What shocked me the most was seeing so many older people (we’d call them pensioners, in the UK; over 70 and what you’d think would be a retiree.) Many restaurants actually reserve a percentage of their workforce for older job-seekers. Yes, some of them just want a part-time job to boost their pension and keep them busy, but some literally have no family, not enough money to live on and have no choice but to go back to work in their 70s and 80s. I always felt so sorry for them!
The main reasons why Singapore is successful:
1) selfless leaders (not selfish or corrupted)
2) intelligent and competent leaders
3) accountable leadership
4) leadership that values not only loyalty, but talent and dilligence
5) leadership that value social equity over mindless capitalism
6) a society with a culture of meritocracy, education and honesty
2-300k for supercar? You can only own a BMW (maybe 3-5 series) with that amount of money here 😂
Indeed, every city in Southeast Asia has its advantages and disadvantages. I who live in Surabaya Metropoltan still like cities in Southeast Asia with the uniqueness of each city.🙏👍
So guys - Most of the Initial video is correct but we are a island nation of 5 main cultures that were not shared in totality.. Cheers I'm happy my little Rock is recognized !!
Hi friends i am from Singapore, but there are also alot of stress working in Singapore as well, Singapore was forced to work and build up its own economy in order to survive as Singapore has totally zero resources , and all we have are people, so we were forced to think out of the box in order to survive, and also racial harmony plays a huge part as well, as we have so many different races in Singapore, cause initially when Singapore just started there were racial wars and disharmony , and also because of our leader mr Lee Kuan Yew, and hope Singapore can continue to thrive and not get influenced by corrupted people moving into the future
Simple question actually. Uncorrupted government , consistent investment in education , health care & infrastructure. Free port and do business with everyone.
Their heartfelt response at 13:18 about the architecture made me appreciate the country a bit more, and happy to be Singaporean. Even though we complain about it being expensive all the time LOL.
Sorry I meant at 11:55. Think it was a shot of the condominium housing complex :)
One of the major reasons is that singapore has 0 corruption in the government
Singapore is big in private banking. Many wealthy individuals in the region put their wealth in Singapore. Investment returns from foreigners are not taxable if the source of fund has paid tax in the country of origin
I'm a Singaporean but truth is, cost of living is manageable if you don't spend on unnecessary luxury. Cars aren't a necessity here since we have a train and bus network that covers every single corner of Singapore. We can walk 5-10 mins and find a bus or train station. You can never get lost here. Haha
As for high inequality, that's inevitable in every major city. As a city state, the locals have learnt the importance of investment and saving. So either you earn more, or you be financially savvy.
Cars are definitely a need. You won’t understand my pain walking 15-20 mins just to get out of my neighborhood to get to the bus stop. I live very far inside so must cut through like everybody house sia. Then always cars park on both side of the road, wah damn dangerous. Unless if you live those hdb one for old ppl one, ya I think got a lot of bus stop.
@@Pong_ping95You live in private estate is it? I get what you mean.
I am proud to be singaporean!!!
To be frank, the gini coefficient scale doesn't reflect the practical situation in Singapore. Given Singaporean's average salary, everyone would be able to own a car if it was charged at the same price as most other countries. Singapore is a very small country that has very little land mass, which is why cars were made expensive in Singapore with heavy levy so it won't be affordable. Cars in Singapore is a luxury, not a commodity which the gini coefficient scale doesn't reflect. In Singapore, travel doesn't necessary requires cars, public transport like trains and buses are much more affordable than cars. Its the most expensive country to live in by foreign standards, which maybe true for foreigners trying to live in Singapore. However, Singaporean citizens gets massive subsidies for housing and education which i believe makes their cost of living overall much cheaper than countries ranked better than Singapore in the gini coefficient scale.
By the way, that picture of a residential condominium is called The Interlace. Google for it to see more images and read all about this unique architecture where apartment blocks of residential homes are interlaced over one another. It is a sight to behold.
Honda Civic in singapore 🇸🇬 cost $120,000. FYI
Yes lol, many cars go above $100,000, most of us have to pay installment
Singapore isn't expensive to live in at all relative to the average local earnings. You don't have to own a car, and most young people nowadays don't. Most people just use public transport which is clean, safe and efficient. You don't need to own a private condominium either. 80%+ of Singaporeans live in public housing, which is highly subsidized and inexpensive (relatively). Medical isn't expensive as there are public clinics which are really cheap. Other than those, the rest are quite manageable.
Singapore is friendly to any country that value our friendship. She is the most westernised country in Asia. The people are educated and speaks English (British though). A third of the world's shipping pass through Singapore. So, commerce in the lifeline of Singapore. As such, trade and industry is her forte. With this is the government's push for the digital economy. Things generally work in Singapore. She is safe and stable and well managed and well connected with various airlines flying out and in Singapore.
They don´t speak English (British). They speak Singlish. Just watch NDP 2021 on YT to see what I mean.
@@user-ue1lw9rn6n To each one according to its merit.
@@louislim1151 Singaporeans are not British. Why speak like them. If the world can understand Singaporeans, well, that is good. Singapore is the only country in the world that sent a debating team to debate with Harvard University students and won.
Malaysia is closer to western values, as ironic as it is, than Singapore ever will. Personal freedom, right to ownership and freedom of speech is to an extend, protected in Malaysia than it is in Singapore. More McDonalds, doesn't mean you're more westernised, it's just mean you're a corporations lapdog.
Huge middle income in singapore, as an average person in a biz related degree graduate you can easily hit 4k salary before you are 30, by 35 you and your spouse can achieve a pretty comfortable combined household income of around 10k, and that is if both of you are just average.
12:00, that's an award winning private condominium called "Interlace"
The World Bank table on Gini coefficient is blank for Singapore. Why? Why doesn't the Singapore Governmemt provide data required to compute this statistic on inequality? Why? There is also no minimum wages in Singapore. Why? What is the Singapore government afraid of? Very high inequality? High level of underemployemt?
A hyundai avante costs around USD80k after taxes, so most people don't own cars. A 900 sq ft apartment costs above USD730k in the furthest regions of Singapore if you are not qualified for subsidised housing. Most people work to pay off their mortgages and most don't feel rich.
Cost of living is affordable here for locals and super expensive for foreigners living here. Public housing is subsidised, food and public transport are cheap and good. Cars are deliberately taxed to discourage road congestion
Super expensive for foreigners as they are used to the comfort (aircon, car, ‘pte living’….), imported foodstuff and brands from back home. Locals goes to wet markets, buy foodstuff from supermarts carrying local or cheaper brands, do not have aircon on 24/7 in their homes and take public transport.
If foreigners are open to renting a ‘subsidised’ housing (HBB flat or room/s) ~ they can save a lot.😊 Legally 😁
Population 5 millions? The people in SG are not 5 millions. There are Tourists, Foreign workers. So it is not 5 millions. Truly Locals Singaporeans are only about 3.5 millions. So rougly every 2 - 3 person you see. 1 is Singaporean.. Sports cars？ They are for show only. You cant really speed in Singapore.
At 12:30, what you are seeing is a condominium called "The Interlace", located at Depot Road. The parking lots are located at the basement level. I call it the Minecraft building LOL.
I've always found "Inequality" in Singapore as a very emotional issue, one that is not based on reality. The real question should be "wealth mismanagement by the average Singaporean".
For sure there'll be those who are genuinely in need, in every society. Those are the ones that need help, and in Singapore, they do get help. It's not perfect, but the safety nets are there.
The ones making the most noise pertaining to "inequality" are generally those who make very bad decisions with their finances and they need someone to blame other than themselves.
Having said that, if one is smart and conservative in their spending, regardless of class, Singapore is a great place to live. It's safe, efficient, clean and there are job opportunities despite what naysayers claim.
Singapore is "rich" in terms of per capita GDP and COST of living but Singaporeans are "poor" in terms of real wages, productivity, work quality and standard of living. BTW Singapore ministers and top civil servants have million $ salaries the highest on the planet from one of the smallest countries on the planet. Many Singaporeans also lost their jobs to foreigners. Let that sink in.
Here is something you might be interested to know. Singapore actually came from the name Singapura. Which means lion city. Which is a bit weird because there are no lions here, only tigers. However, the actual name of Singapore should have been Singgahpura. Singgah means stopover. People in the region have always used Singapore as a stopover while sailing around the region.
Dn't talk rod ..... Dn't BS ....
You talk rubbish.
Singgah is a Malay word but pura is not.. Unless is from the word pura pura (meaning fake). Combined it makes no sense for a city/place name. So the sanskrit version of simha pura is still more legit
@@anty2312 It´s "rot", not "rod". If you don´t know the difference, then you´re the one doing the "BS".
Er sang nila utama?
Our mandatory savings accounts also have a 4% annual interest rate. Once you reach 65 years old, you can withdraw all that money for an even bigger payout.
Edit: I am giving an example to the Americans. SG guys really need to chill.
cpf
Withdraw all your CPF? Broooooo time to take your medication.
The coporate tax is low becos the govt has other streams of revenue. E.g. our infamous electronic road pricing(ERP) which is the highway toll and GST(Goods and Services Tax).
You didn't mention the biggest contribution to state coffers - Net investment returns from GIC, temasek holdings and MAS. These are what really allow low corporation and personal tax while not incurring budget deficits
Life is actually not very expensive
Only cars and Condo are expensive.
You can do without.
Government is smart and pragmatic
@RNO
LOL.. That’s a really BOLD statement. Malaysia cost of giving birth. RM100 or even 1 Ringgit.
Singapore cost of giving birth. $6000. Cheapest.
What “Life is actually not very expensive”?? 😄
Walao eh food here alr expensive
Lel why did you leave out public housing? They're expensive! Imagine dedicating 20+ years of your salary to pay it off.
Fun fact is that Singapore is the only country that Chinese people account for the majority of the population other than China!
Singapore belongs to the malay once but now belong to majority chinese from china.
Except Singaporeans don't like Mainlanders most of us like western countries more
Most SG Chinese favor Westerners over other races, likely due to confirmation bias that "Ang Moh must be superior".
As for riches. Many Singapore do pay Cash for houses and Cars. Yes. 1 - 2 millions dollars in cash. Because they dont want to pay interests. Why SG so rich? Question answered by host. For people? Some buy and sell houses. In 1960s, a terrace house in Opera Estate cost $6000. In teachers Estate maybe $12000. Now? It is about 1-2 million dollars. A 3 room hdb cost $9000 now selling up $300,000, a 5 room costing 60k to 80k now selling at 500-600k. Many other neighbouring countries with vast lands do not allowed their lands or houses to be sold freely. So their price are very slow moving. A 40k Ringgit bungalow in ipoh, Malaysia after 30 years still only can sell up to 100 k ringgit. Johor maybe more if not under bumiputra.
The young cant afford to buy. The house r for foreigners.
We don't rent a place to stay. We make sure that we start earning before we buy a flat or apartment to stay. This will help us save money wasted in renting. We sell our first home, usually a flat and buy another one. This will help us to pay most of the mortgage off the first home. We will also leave aside a bit of savings to buy insurance, which is a kind of savings. This will lock our money till we are older, like 55 years old. Others invest or buy another property and rent out to foreigners. This will help pay off our 2nd property. This is the average Singaporean. The rich ones will invest in stocks, multiple properties in Singapore and overseas.
My take on Singapore’s economy is that there are definitely room for improvement. It is also evidence that the higher our GDP, the higher the GINI coefficient (measuring inequality). This has been an issue clearly in almost all developing and especially in developed country. I mean look at South Korea. Their inequality stats are pretty high as well. If USA is too far for you to visualise my fellow Singaporeans, look at the Asian Tigers first..
I would say that Singapore is trying to find ways to reduce inequality, without jeopardising GDP growth. Growth has been slowing, which means that productivity is reducing.
Also, if you guys are talking about FT, might wanna look at MNCs (internationalisation). Definitely they would hire more Foreigners to cover the top positions. However, bearing in mind that MNC only made up 20% or less of GDP. While the rest comes from SMEs. I believe SMEs hire more locals because labours are cheaper and skilled. The thing is, MNCs are bringing in technology and upgraded skills which Singapore does not have yet. So where can you find all these skills to learn from? Skillfuture. There are tons of free courses for local citizens. So stop complaining and start upgrading yourselves to get hired with higher pays.
By upgrading, Singapore can reduce the GINI or probably lift the poverty line up a little (apparently SG don’t look at this but I’m pretty sure the gov has it on hand). At the same time, increase productivity and salaries. Win win situation guys.
Cool!...Singapore has an amazing housing architectures!
Suaran how come your comment stated 20hour ago when this video just 6 minutes on air? 🤔🤔🤔
@@haslinddamohamadsainan6952 he join the member subscription. Members will get early release videos.
@@faizulevanasyraf tq for the clarification...
@@haslinddamohamadsainan6952 hi.. sorry for the late reply.. yes, I joined their member subscription. In fact all are welcome to join to support this channel 😊. As member, you'll get early access to their videos.
@@suaran1887 tq.. no problem. td pun ada org dah explain to me... understood..
That building is The Interlace about 1040 apartment
Don't forget our authoritarian but benevolent government constantly being able to get things done super well and take care of us.
Singapore is a dystopia to live imho. You live in a state-leased housing, commute on a state-sponsored train to work with the rest of the schmucks that is just like you eating watered down food imitation of whatever that is around the world, studying in a state-subsidised university just to end up working for a foreign corporation that is the only lifeblood for your "country". You can't voice, rebel or protest, that would mean no FDI, and no FDI is no bueno for the government, so you're stuck there excepting whatever the government decides whats suitable for you. It's depressing, luckily I am blessed as a Malaysian.
About HDB, many of the rich folks don't mind living in HDB as well. These are great public housing.
As for attracting businesses ... our regulation are still relatively strict, even as we make things easier for businesses. A balance need to be struck with the need and wellbeing of the population too
In the futuristic one world economy, you can turn your country into a resort world, gaming world, pleasure paradise and own one of the world's highest per capita income, and yet don't have land to grow a grain of rice, or pump a drop of oil. You just get into the mentality of what the world's richest wants, and give them what they want, and maintain the peace and good governance, and as always, it's easier said than done, to get the good global ratings. Pease out bro.
Many cannot have a vehicle in Singapore because if everyone had a car Singapore would be a parking lot on the roads.
Singapore government is rich. Not Locals living in Singapore.
Agree
Yea... its expensive if your choices are fine dining and cars and posh shopping places...
Mandatory saving? Yea.. we got that.. CPF.. its urgh though.. it has evolved into a hybrid abomination.. it used to be so simple.. save up, use it to purchase a home... continue saving.. and retire with the sum at 55... now... its URGH...
Transport? U don't need no car in SG! I'm serious... the trains and buses practically take u ANYWHERE on the island...
U only need a car if u have a large family to take with u.. and even then, u can just rent 1 for the day... simple...
Food - we have everything your heart desires at various price ranges... so just make sure you manage your expenses.. and your gut..
SAFETY - IT IS SAFE HERE... guns are illegal here... u will not get shot for no reason EVER... Its not just the enactmwnt of the law but also the enforcement of it - and BOY do we enforce it...
Mandatory savings. It just hit me that you're talking abt CPF. Huh. As a Singaporean I've never rrly thought much abt it.
In Crazy Rich Asia, there's a family scene where a Singaporean's Dad reprimanded his daughters for wasting food by saying "In America, children are starving"
Which is kinda true. They eat junk in school.
Sadly, true. Plenty of homeless…
Are you sure they said "America"? I haven't watched the movie but from what I as a Singaporean know of the saying, it usually uses "Africa" instead.
Bruh America is a lot better than Singapore in a lot of ways, I'm Singaporean we all wanna move to some English speaking country so badly
@@jonathanng138 - You don't speak for all of us so don't go using "we all".
Reactors: Texas is like Singapore, we cut taxes and look where are they now?
CNBC: (seconds later) ... has the highest tax for automobiles in the world
LOL!
I am born in singapore and the vast majority are in the middle income bracket. Its a city and the rich tycoons here are mostly foreigners. What are you jealous of? There are limited industries here that you can gain employment from, and it is all work no play culture mostly, for the average person. For eg teachers here work the longest hours in the world. What exactly you are jealous of?
I just wanted to point out though, that what they said was "average income". If you have a huge income disparity, average can still be quite high.
Also, the public housing is getting very expensive and most comes with only 99-year land lease (similar to UK, I think). Property in general, is about 3 times as expensive as in Malaysia. A HDB apartment (public housing) can cost about half a million SGD, while a private condo would cost about the same in Malaysia.
Lastly, the mandatory savings account (CPF) does not fully replaces pension (and we do not have pension in Singapore), and once it runs out, you would no longer have any money for retirement (again, it is a savings account). Hence, you need to find some other form of income even after you retire.
Where in Malaysia? Why do I have workers from across the border mocking at how small my house is when they deliver furniture to my HDB? half a million? I know many HDB were bought way over that and some were above a million. My relatives in Malaysia owns landed property 3-4 times the size of my HDB but cost the same or lower, much lower.
@@zzy341 I was doing some search on property cost and came across shophouses in Penang for 1.8-2M RM (about 0.6-0.7M SGD) compared to shophouses in Singapore which costs over 2M SGD usually.
@@catbitmaster8216 I see. That RM 2m is about the price of a 5 room HDB here (or 4 room in prime area). Landed houses in Penang should be around that price for good locations and you can probably get a larger one than a shophouse. Depending on location, if it’s at the other side of Penang bridge (Malaysia mainland), price can go as Low as 500k for a similarly sized landed property (with security). I am not too sure about condo prices there but I assume it would be a lot cheaper than SG.
@@zzy341 yes, it's a lot cheaper. I have searched around for some condo prices in SG, and they are usually at least 1M if not more, and the lower end ones are extremely tiny (like may 500 sq ft at most), and decent size (like 800 sq ft) can up beyond 2M.
Just want to correct your last point. The CPF has an annuity component that pays you for life. So it is not true that once you run our of money in your CPF you do not receive any more money. For those who are eligible, they will receive an annuity until the day they die.
What Singapore achieved was because of combination of pragmatism, high level of competency and secular progressive government. They focus on what matters the most 100% of the time. It's also majority Chinese population including many Malaysian chinese that has contributed immensely to the rapid growth of the city state. They value talents and supported them unlike well, you know some other backward neighbor countries.
Your racist thinking is backward.
@@fashionempress There is nothing rascist in Lex´s comment. "Majority Chinese population" is a fact.
Turns around. Racist? Ok. Goes back to work.
This is the level of pragmatism here. Yes. There obviously will be some people triggered, but most people wont care about such issues unless their own way of life is greatly affected... And in most cases, it doesn't since most racisism here is generally on the lower level and are generally tolerated.
That is, until the racisim is coming from outside the country... where Singaporeans are getting discriminated in our own country.
@@louislim1151 Yes, it's a fact, Singapore leaders are mainly Chinese. If Malaysia wants to survive let alone thrive in the next decade, they must acknowledge that leaders immediately must be changed based on competency, integrity and intelligence. Acknowledging a fact and change direction fast is the only to solve a problem, especially a very serious problem!
@@Highwind79 Yes, it's a fact, Singapore leaders are mainly Chinese. If Malaysia wants to survive let alone thrive in the next decade, they must acknowledge that leaders immediately must be changed based on competency, integrity and intelligence. Acknowledging a fact and change direction fast is the only to solve a problem, especially a very serious problem!
Wealthy or not here are some hard truths when it come to living in Singapore by staying there for a lifetime.
The country doesn't give anyone money on a sliver platter just because it is rich. A person have to work in order to live comfortably there.
Ok here is what you need to know and do when you are in Singapore.
Your parents give birth to you and you start your schooling at the age of 4 and if you want to have a job that pay you around 5k in life in order to let you enjoy the good things in Singapore you will have to dedicate at least 25 years to get a master degree in order to compete with your own local peers and the international job market.
You should be around your mid 20s when you come out to get your first job and if you are male you also need to get use to dedicating some time per year to serve your national duty in the armed force all the way to your 40s.
They spend the first 5 to 10 years after landing their first job to enjoy a bit of singlehood as well as to save money for the wedding, renovation and down-payment of their house.
So by the time they get married and bought a house most of them will be in their mid 30s. The house mortgage will then begin and can take up to 25 years to finish. They cannot lose their job and income along the way otherwise they are screwed.
Out pop the kids after thearroage and in between paying the bills, child raising responsibility, insurance, installments and parents support most of them hardly have a moment to breathe at all.
Finally the house is paid finished and they will be in their 60s in general. And then that is the age when their kids are grown up and need to enter unis and the parents have to cough out a sum of money again. And a new generation repeat the whole cycle anew again perpetually.
Life in Singapore isn't bad in this world but it is not a bed of rose either once you know it well.
The operative word is a local phrase called kiasu.
not rlly is because we pay government a lot of gst and taxes if i’m correct
HDB has lost its way, and public housing is no longer affordable to the common Singaporeans... which is why most Singaporeans do not have the luxury to "retire"...
Singapore has started vaccine inoculations free of charge for its residents. Our government looks after its people. We don't just give monetary handouts, we support the business community through supplementing workers" salary while they are on the job, encourage workers to re skill themselves through training. In hard times, the government gives subsidies on our electricity and water bills. We help the helpless to get on their feet n not just give social security checks that is a Neverending pit to fill when the recipients have no motivation to work for a living. How you manage your standard of living is upto you. You are eat cheaply at hawker centre's, or eat lavishly at restaurants. Yes, the middle income do get taxed but so do the rich. Almost 90per cent of Singapore lives in HBD flats , the environment is green. Yes we cannot afford to own cars but our public transport system is well planned and executed..so going around without a car is affordable.
the government is poorer than the citizens. Otherwise they won't be asking us to pay them. Thats why we love them!
Subways come at 3 or 4mins interval, Buses mostly under 10nmijs during peak hours and 15 mins or 17mins off peak hours . so having cars is not so important.. since owning a car, you sometimes take more than 5mins to find parking.. and it's expensive
singapores public transport is so good most citizens dont really want to get a car anyways
"Public transportation so good" agree. "Most citizens don´t really want a car" disagree. The reason why most don´t have a car though they want it is cost.
@@louislim1151 parking in sg is horrible tho HAHAHAH
It's not a mandatory bank account, it's called the central provident fund, which is what the sovereign fund draws upon to make investment. Think of it as a 401k
It is mandatory savings.
Singapore has some of the best universities in Asia/Global . It also has one of the busiest seaports/Airports in the world, coupled with largest refinery, oil rig builders etc + the highest paid politicians.
The success of Singapore lies mainly on her hardworking citizens, immigrants, foreign talents and pragmatic governance.
The sad part about Singapore is the need to stay compstitive constantly and that makes it pretty stressful.
Grind your way to become a politician. Then can shake leg!
That is the Interlace Condominium.
FYI : We did not just print and print our Singapore dollars ! 🇸🇬🇸🇬🇸🇬
What a relief that this CNBC documentary about our country's success did not reveal the real reasons for our miraculous success. It just mentioned a few popular beliefs and common reasons, all erroneous. We can keep staying ahead for the good of every citizen. Haha
investor from outside love singapore :)
salam dari MALAYSIA
kita bila lagi?
Singapore is a great place to work, for foreigners.
For Westerners, it's a great stepping board to other countries in the region, because English is the working language here, and with the British-based law and academic system, Westerners find it a breeze to settle in.
If you have money, you can buy almost anything (imported, of course) under the sun.
Crime rate is low makes it a good place to work and live, but it's quite boring, in that most Singaporeans' mind live within a controlled box, the younger ones are more open to Western influences, and are quite internet and tech savvy.
But retiring, for the locals, might be an issue due to cost of living.
Cheers. Grass is always greener on the other side.
It's conflicting, because the longer lifespan comes at the cost of obviously more costs to bear when u retire. Cost of living is subjective at the end of the day, once ppl are used to delivery etc, u wont look at the $2 ananas nasi lemak or chicken rice or the $1 prata. Same for healthcare, once u are used to fast services in private hospital, u wont bother going to the free or heavily subsidised polyclinic. So the cost of living depends on ur choice.
Singapore looks rich because of its infrastructure, sea and global trade ports, properties, safety etc. Commoners are just common, they are also struggling day to day and so is middle class work force.
big income + small country = Rich
Singapore is.a law country and you have to fine for many things if you break the rules
Sometimes you can even break laws without knowing, speaking from experience
MAJULAH SINGAPURA
Texas is over 950x bigger than Singapore in land space
And it's nowhere near Singapore's development.
@@RonLarhz ye that's why they still make more money than Singapore
Just found you guys. Peace. From singapore....and yes.. i subscribe to your channel.
biggest mistake of our malaysian forefathers was to let Singapore leave Malaysia.... but the question is will Singapore be as successful if they remained in Malaysia? 🤷♂️
maybe if they acted as a separate political entity, with a shared economy.
may be yes or may be no???
Simply look at Penang for the answer. It has a lot of potential to be as successful as Singapore if it is autonomous.
@@ikmalhafiz2865 I doubt it will work. Singapore will become a milking cow for the federal government. The way politic works in Malaysia, and the level of corruption, difficult lah.
Maybe the current situation is the best for both countries... who knows
the country is rich, but most of us here are struggling to survive from day to day.. please don't fuel our ivory tower govt's ego, it hurts normal citizens.. 😢😢😢
😢😢
May you find better days.
Spore has very low crime rate. We respect law n order
Yp:breaks the laws. Just had a berserk murder in a school
You mean very very strict laws?
@@douknodawae7805 usually yps that don’t really have good childhoods , if not why would they become yps right?Unless they were influenced by friends or idols
@@douknodawae7805 A bersek murder doesn´t negate low crime rate and respecting law and order.
Say what u like, Spore is one of the safest city in the world. One of the many reasons, the super rich consider Spore a safe haven country.
The country is rich but not the people
Also, Singapore is a great and strong supporter of Israel. That is one factor that makes this little tiny country rich.
Lots of jobs were taken by foreigners from S.E.A.. Our younger gen are finding it hard to secure a good job. Singapore are attracting foreign business and people with low personal tax. You pay tax as you spend.
Amidst the glittering landscape, you can find many slouching elderly working as tray collectors and toilet cleaners at hawker centres, malls, airport etc. So what does that tell you? Are majority of Singaporeans well off?
No perfect system anywhere in the world. 90% Singaporeans own their own home. Yes, there are elderly people working as cleaners etc. May not be ideal, but sure better than homeless and begging/living on the streets.
We are not as rich as Jack MA or the total of 10 or 20 riches man in China as at current. Our government spends last 50 years built from no support from any country around us, by building up step by step, just like planting seeds in every corners of Singapore, together with initial local and gradually with foreign, building economies, infrastructure, facilities and services along the ways, transforming, from low mass production to now only high end manufacturing and many sources of income generating revenue in investment, some make money some not, sometimes only they know, welcoming investors and business into here, not forgetting tourism, upon it security and stability, Singapore indeed has some winning edges but not to forget not flawless when our local salary majority not on par as USA and Japan of the same period of development. But overall, Singapore might be a red dot but always a shinning brightly stars upon the yearly sunny sky.
You're right. Till now, I still find it hard to believe that so much was accomplished in merely 50 years. Make it 30 if we're just talking about the time it took Singapore to advance from a third world country to first world.
Singapore is nice
Having an Open Economy and a good system of Government made Singapore rich
You can live off SGD10 for 1 day!! However I cant HAHAH Sg expensive for me still everytime i grow up
Singapore is the world most expensive car to own it only for 10 years...
The average Singaporean isn't that rich. Most people take public transport, eat peasant food and live in pigeon hole apartments.