Singapore has a highly developed market economy , based historically on extended entrepôt trade. Along with Hong Kong , South Korea , and Taiwan, Singapore is one of the original Four Asian Tigers , but has surpassed its peers in terms of GDP per capita. Between 1965 and 1995, growth rates averaged around 6 per cent per annum, transforming the living standards of the population.

The Singaporean economy is known as one of the freest, most innovative, most competitive, most dynamic and most business-friendly. The 2015 Index of Economic Freedom ranks Singapore as the second freest economy in the world and the Ease of Doing Business Index has also ranked Singapore as the easiest place to do business for the past decade.

According to the Corruption Perceptions Index , Singapore is consistently perceived as one of the least corrupt countries in the world, along with New Zealand and the Scandinavian countries. [201] In 2016, Singapore is rated the world's most expensive city for the third consecutive year by the Economist Intelligence Unit.

For several years, Singapore has been one of the few countries with an AAA credit rating from the "big three" , and the only Asian country to achieve this rating. Singapore attracts a large amount of foreign investment as a result of its location, skilled workforce, low tax rates, advanced infrastructure and zero-tolerance against corruption. Singapore has the world's eleventh largest foreign reserves , and one of the highest net international investment position per capita .

There are more than 7,000 multinational corporations from the United States, Japan, and Europe in Singapore. There are also approximately 1,500 companies from China and a similar number from India. Roughly 44 percent of the Singaporean workforce is made up of non-Singaporeans.

Over ten free-trade agreements have been signed with other countries and regions. Despite market freedom, Singapore's government operations have a significant stake in the economy, contributing 22% of the GDP.

Singapore is the second-largest foreign investor in India. It is the 14th largest exporter and the 15th largest importer in the world.

The currency of Singapore is the Singapore dollar (SGD or S$), issued by the Monetary Authority of Singapore (MAS). [223] It is interchangeable with the Brunei dollar at par value since 1967, owing to their historically close relations. MAS manages its
monetary policy by allowing the Singapore dollar exchange rate to rise or fall within an undisclosed trading band. This is different from most central banks, which use interest rates to manage policy.

In recent years, the country has been identified as an increasingly popular tax haven for the wealthy due to the low tax rate on personal income and tax exemptions on foreign-based income and capital gains. Australian millionaire retailer Brett Blundy and multi-billionaire Facebook co-founder Eduardo Saverin are two examples of wealthy individuals who have settled in Singapore (Blundy in 2013 and Saverin in 2012).

In 2009, Singapore was removed from the OCDE "liste grise" of tax havens, but ranked fourth on the Tax Justice Network 's 2015 Financial Secrecy Index of the world's off-shore financial service providers, banking one-eighth of the world's off-shore capital, while "providing numerous tax avoidance and evasion opportunities".

In August 2016, The Straits Times reported that Indonesia had decided to create tax havens on two islands near Singapore to bring Indonesian capital back into the tax base.

In October 2016, the Monetary Authority of Singapore admonished and fined UBS and DBS and withdrew Falcon Private Bank 's banking licence for their alleged role in the Malaysian Sovereign Fund scandal.
Marina Bay Sands is an integrated resort opened in 2010; one of the world's most photographed buildings.


Singapore has the world's highest percentage of millionaires, with one out of every six households having at least one million US dollars in disposable wealth. This excludes property, businesses, and luxury goods, which if included would increase the number of millionaires, especially as property in Singapore is among the world's most expensive.

Singapore does not have a minimum wage , believing that it would lower its competitiveness. It also has one of the highest income inequalities among developed countries.

https://en.m.wikipedia.org/wiki/Singapore

Once I was in Singapore on a business trip and I was very impressed there. This is really a country in which everything is at the highest level, advanced technologies, traffic intersections, the economy.

Singapore, funny this is country to got its independence about 5 years after Nigeria got its...hmmm

I have never been to Singapore, but this is my dream. I know a lot about this country and have heard a lot about all sides of this state and so far I don’t know any reason not to go there and not start a business.

Sometimes l wonder where we got it all wrong in this country, Singapore got her independence 5 years after Nigeria and competing with countries that got their independence more than a century before them. Everything about the country is mind blowing. God gave Nigeria everything except sense to manage it, it's a mighty shame Nigeria is the only country in the world that got her independence in 1960 and still battling with the problem of Electricity. Since 1960 l don't think the whole country has experience 48 hours of power supply.