#Singapore60 #NationBuilding #GlobalSuccess #Resilience #Innovation #EconomicGrowth #Sustainability #WomenInWorkforce #InvestmentHub #FutureForward #HatsOffSingapore #SingaporeStrong As Singapore reaches its sixth decade of nationhood, its remarkable achievements are widely recognized. Singaporeans enjoy some of the highest levels of income, health, and education globally, supported by robust fiscal and financial reserves to weather economic shocks. The nation's female labor force participation rate stands impressively at 61.6%, comparable to that of Australia, the Netherlands, and Norway. Singapore continues to excel in attracting investment, increasing its share of total FDI within Southeast Asia from 56% (2013–17) to 62% (2018–22). Looking ahead, Singapore faces significant challenges, including relatively high levels of inequality, a rapidly aging population, tech disruption, and climate change. However, given its track record of success, there is every reason to believe that these challenges will be addressed with the same strategic foresight and long-term planning that has guided the nation thus far. Hats off to them for this success in their 6th decade!

As of 2024, Singapore is home to approximately 332,491 millionaires, representing 6.7% of the adult population. This growth highlights Singapore's robust business environment and strategic policies aimed at attracting high-net-worth individuals. The nation also hosts 336 billionaires and several individuals with net worths exceeding $500 million. Singapore's rise as a hub for the wealthy is driven by its favorable tax policies, stable political climate, and high quality of life. These factors make it a prime destination for global millionaires seeking residency. Additionally, initiatives to attract foreign investment have significantly contributed to the increase in the millionaire population Looking ahead, the number of millionaires in Singapore is projected to reach 437,000 by 2025, marking a significant growth from previous years. This trend underscores Singapore's ongoing appeal as a global financial center

Despite becoming the most prosperous Asia Pacific country in per capita terms, Singapore faces challenges from global tensions, inequality and an over-reliance on traditional success sectors. To sustain growth, officials are emphasising meritocracy and diversity in talent, promoting upskilling and reforming education to further creativity and innovation. The government is also introducing visa restrictions for foreign white-collar workers and supporting economic diversification towards 'advanced' industries such as pharmaceuticals and agritech.

Foreign workforce. Don't think anyone will disagree that Singapore is where we are today because of immigrants nor will many disagree that we must have foreigners in our workforce to continue our progress. And with our declining birth-rates and increasing proportion of retirees, we will be digging a large hole for ourselves if we do not increase number of foreigners in our workforce. But there are risks. Will we be diluting our Singapore identity; relegating native citizens to "lower-tier" jobs; become overly reliant on foreign labour etc etc. I do not believe there is a perfect solution. We will need to keep welcoming foreign talent while: 1. re-engaging younger retirees back into the workforce. 2. enabling more women & people with disabilities to take meaningful roles at work. 3. branch out into new industries that we can re-skill our native citizens to step into. 4. continue to enhance policies to encourage proportional citizen to foreign labour numbers in all industries. 5. leverage tech to reduce reliance on foreign labour. There is a 6th point. We should encourage foreigners to integrate into our society and become Singapore citizens. ;) https://lnkd.in/gt9s-iQc

‘Economics are the method’, she said in 1981 – ‘the object is to change the soul. - Thatcher Many of Singapore’s pro-growth cultural values – the values of hard-work and of self-sufficiency, and the sense that economic prosperity constituted a shared social mission – emerged in this period and were injected quite deliberately into the body politic by the People’s Action Party (PAP). Led by Lee Kuan Yew – and stocked by a cadre of talented and motivated individuals, the PAP had ideological cohesiveness, a clear plan for transforming Singaporean society, and a consistent and coherent communication strategy for persuading Singaporeans what was necessary to lift themselves out of their troubled state. And crucially, they intentionally set out to change Singaporean culture. Lee envisaged a far more immanent and weighty presence in contemporary Singapore: the country’s mores, its values, its very language are suffused with his influence. Singaporean thriftiness is almost entirely the product of government action – mandated contribution rates to the Central Provident Fund, a savings and pension scheme which all citizens are part of. The Singaporean savings and investment culture. Singapore has avoided a burgeoning welfare state because of its emphasis on personal responsibility

After almost two decades away from the UK, while I've watched Malaysia literally transform and Singapore go from strength to strength, things have barely improved here, and I've been trying to figure out what's gone wrong. The thing is we Brits are innovative and entrepreneurial, our education system is solid, our government is no more corrupt than most others, we have a great legal system, and much of the world speaks our language. So Japan, for decades, had the same conundrum. It went into decline, they couldn't figure out why, and tried everything to revive their once miraculous economy. The reason, all along, was the lack of a growing population, too many old people being supported by too few working ones. And just like the Japanese, we Brits don't have enough babies and we don't want immigrants - and that, in a nutshell, is the root cause of our economic problems too. So we think immigrants are the reason we have declining public services, but we actually have deteriorating schools, potholes all over our roads, inadequate policing, and a declining health service because we don't have enough immigrants. Hear me out. So, the UK's population has grown 16% since 1980, our public services can't cope, right? But middle-income Malaysia's population grew 162% over the same period, all while public services improved - because Malaysia invested. And we're nowhere near running out of land - if the UK was as population-dense as Singapore we'd have 1.8B people, we don't even have 4% of that, so we have millions of acres of spare land. The thing is, dynamic economies have young growing populations, there isn't an exception on the planet. I mean, Americans have become so much wealthier than us because they've let in way more immigrants with a 46% population growth since 1980, vs our 16%. The fact is that we either need to start having more babies and/or let in more young educated immigrants, like the foreign graduates we no longer allow to stay, to revive our economy. The babies won't happen, so if we don't want immigrants as they're an easy scapegoat, we need to accept our fate of deteriorating public services and becoming increasingly poor and irrelevant relative to the rest of the world.

By 2030, 1 in 4 Singaporeans will be age 65 and above, facing a high cost of living with limited income.💰 Meet Thomas Kuan, 77, the vibrant founder of U 3rd Age Singapore. His energy and smile are contagious, and his insights on ageing in #Singapore are truly fascinating. In an exclusive interview with #thiscuriouslife, Thomas delves into the financial challenges of living to 100 in one of the world's most expensive cities. "Every generation faces its own set of challenges and advantages. It is a misconception to believe that older #generations had significant financial advantages," Thomas shares. Join us at NICA + #VoiceGlobal as we listen, learn, and innovate from voices around the world! Read the full article in our online magazine and discover the financial realities of ageing in Singapore!👇 https://bit.ly/3y8q0Dy #ageingintelligence

Singapore walks a tightrope: attracting foreign talents for growth amidst ageing and shrinking workforce : Here are some ideas to consider: 1. Attract #foreigntalent with high skills in niche areas that are in short supply. Companies argue that Singapore needs experienced workers to fill these roles, and that it takes time to train Singaporeans for these positions. 2. Focus on #integrating foreign talent into Singaporean society. This could involve making Singapore a more attractive place to live for foreigners, with attributes such as a safe and pleasant living environment. #Singapore #ForeignManpower #Jobs #Economy Nuway CFR Pte Ltd.

Singapore is now the most prosperous country in per capita terms in the Asia Pacific region. In 2022, it surpassed Hong Kong in financial centre dominance rankings and likely in overall labour force size as well. Yet as a trade-dependent economy, Singapore remains susceptible to global tensions. To secure prosperity and future growth, officials have lately focused on […] # The post Singapore targets talent for long-term growth first appeared on East Asia Forum.

I met Thomas in Singapore earlier this year at the Ageing Asia conference. His energy and smile were radiant and contagious. As the founder of U 3rd Age Singapore (University of the Third Age), his wisdom on ageing, particularly in Singapore, was fascinating. Like most parts of the world Singapore is an ageing nation — by 2030, 1 in 4 Singaporeans will be age 65 and above. Ranked as one of the most expensive cities in the world, Singapore’s cost of living impacts older citizens with limited or no income. This is Thomas’ insight and wisdom about the issue of financing a 100-year life. 👇 https://lnkd.in/euGQKubh #ageingintelligence in action!