Singapore is celebrating its 50th birthday this year. For the past 50 years, our Singapore dollar is so strong comparing to ASEAN countries.
Given that Singapore has zero natural resources, how do Singapore build its wealth over the 50 years period? For example, just look at our neighbor Malaysia which is suffering a plunged in currency. Current forex rate is RM 2.67 = S$1. On the same note, what happened to Malaysia for the last 50 years. This is why hundred of thousands of Malaysians are pouring to Singapore to work. They can live comfortably back in Malaysia after working in Singapore.
Based on the statistics published by MAS, Singapore foreign reserves stand at US$256.86 billions. That is a hell lot of money. Singapore may be very rich but the citizens are definitely not in that league. I remember that our government has reiterated many times that the government shouldn't touch the reserves unless it is really necessary. The main reason cited was to defend our Singapore dollar. Indeed, no speculator dare or at least think twice before they want to speculate the Sing dollar.
Interestingly, among ASEAN, Singapore is the richest member followed by Thailand. In fact, Singapore ranked no. 10 in terms of foreign reserves in the world.
Singapore - US$256.86 billions
Thailand - US$157.11 billions
Malaysia - US$116 billions
Indonesia - US$111.86 billions
Philippines - US$78.68 billions
Vietnam - US$32.49 billions
Burma - US$8.28 billions
Cambodia - US$5.4 billions
Laos - US$846 millions
Many people claimed that due to corruption, most of the ASEAN memebers couldn't build their wealth. Our closest neighbor Malaysia is so rich in natural resources , yet the country couldn't build it wealth. How ironically.
Singapore is the smallest country in ASEAN but the richest. It is amazing that Singapore can build such a massive reserves over 50 years. How do Singapore achieve it? What do you think?