Currently Browsing: Life in Singapore

Looking into Singapore’s Richness

 

Many indexes claim that Singapore is one of the richest countries in the world. The International Monetary Fund for example listed us as world’s third richest countries next to Qatar and Luxembourg. The indicator of how rich a country depends on their Gross Domestic Product (GDP). Our GDP per capita (total output of Singapore divided by our population) is US$61, 657.28.

SINGAPORE-the-richest-country

Being hailed as one of the richest countries in the world benefitted us. We have to know that the median income of workers here is S$45, 240. The government stresses the importance of our greatest resource – our people. Knowing this, we should expect that this ‘greatest resource’ to be compensated more compared to other countries that have numerous resources to depend on like Qatar that drips with oil or Luxembourg as a tax haven.

442015-marina-bay

Despite being one of the richest countries in the world, we still see income inequalities or disparities. Those that are rich became richer but those who worked hard are having difficulties in securing a home. Many struggling people here wake up every day to see expensive home prices, stagnating wages and high inflation rates.

The government is not blind of the struggles of ordinary people and that is good news for us. The government is doing their best to improve the lives of everyone. The good thing is that the statistics of the country has improved but we need to sustain it if not exceed it. However, the effort of the government should be increased so we will see the narrowing of income inequalities or disparities.

singapore_