Take Stock of the Asian Tiger
When Singapore first gained its independence from Britain in 1965, no one expected the country to become the economic powerhouse that it has become today. In fact, in 1965, the country’s per capita income was a mere $511 per person. Today, it stands at an astounding $53,192 per person, making Singapore more wealthy per person than even the United States. That’s not too shabby for an tiny nation with a lot of people crammed into a little space, and few natural resources to speak of. How did Singapore rise above grinding poverty? Let’s investigate.
Singapore is a city-state located on the tip of the Malay peninsula in southeast Asia. It is home to just over 4.8 million people. While Singapore’s financial success story may sound somewhat American in spirit, it’s not. Singapore’s government played a large role in enacting laws to help promote economic growth and keep corruption to a minimum. Singapore is definitely a country where Big Brother is watching you; the government has passed laws concerning everything from the chewing of gum to prosecuting individuals for improper internet usage. In fact, Singapore has become a country of choice for individuals looking for offshore banks because of its highly secretive banking laws. Because its banking laws favor the consumer, investors tended to continue to invest heavily in the country during the Asian financial crisis in the last 1990s, and the country bounced back with nary a scratch.
Singapore Stocks continue to perform well even as global markets are in a downturn. In fact, the Singapore market has outperformed the S&P 500 by a two to one margain over the past twelve months. It is predicted that the Singaporian economy will grow by at least 6.5% in the year 2010, a rate unheard of in the rest of the globe. Singapore’s property values continue to rise, and the country”s rulers continue to find new ways to draw investment into the region through tourism promotion. The offshore banking district continues to grow as more and more American companies begin establishing an Asian presence. Investing in Singapore Stocks is certainly a wise choice, as this Asian tiger still has plenty of pounce left!