Congratulations to Singapore for 50 Years of Independence and Success – from a Fishing Village to the Top of the World

Section: WTA Blog
28 August 2015

50 years ago Singapore was a fishing village and today one of the 10 richest countries of the world. Every 10th homeowner in Singapore is a millionaire.

How did this happen?

The success is largely credited to one man, the founder of Singapore, Mr Lee Hsien Loong who died this year.

His major programs were two:

– to create economic growth,

– to eradicate corruption; to get rid of this cancer that destroys economic grown.

Tax fighters all over the world should copy Singapore and intensify the fight against corruption!

Footnote about wealth and taxes for Singapore and other countries:
Singapore´s GDP per person is USD 65.000 per person, in Hong Kong and USA 53.000, Switzerland 46.400, Sweden 41.000, Germany 40.000, UK 37.300, Russia 17.000, China 10.000, Georgia 6.000.

The overall tax burden in Singapore and Hong Kong is only 14% compared with China 19%, USA 24%, Georgia 25%, Switzerland 28%, Russia 29%, UK 35%, Germany 38%, Sweden 43%, France and Finland 44%, France and Belgium 45% and highest in Denmark with 48%.

For many years Sweden had the highest taxes in the world. I dare say Swedish Taxpayers Association has done a good job.Today Sweden has no property tax, no gift tax, no inheritance – death – tax, no wealth tax and practically no tax on capital gains and dividends. Income taxes have been decreased, first down to a maximum of 50% (the Half Left-campaign) and now increased to a maximum of 57%.

2015 Index of Economic Freedom. By Heritage Foundation and The Wall Street Journal.

Bjorn Tarras-Wahlberg Founder, former Secretary General World Taxpayers Associations Founder and Chairman Asia-Pacific Taxpayers Union