Re: “Singapore is NOT a tax haven like Monaco.”
I have read that Singapore is the first stop for newly minted millionaires from mainland China. In fact, Singapore is 75% Chinese.
Re: “Singapore has essentially ZERO unemployment rate for their citizens.”
I was looking for the “Labor Participation Rate.”
If half the working age population are members of the Idle Rich, then I am not surprised that “Unemployment” is zero, and that they need to import labor.
That’s exactly the same labor situation they have in the small oil rich nations in the Persian Gulf.
There are perhaps more Chinese rich in Seattle where we lived for 12+ years than Singapore. When we moved, the buyer was a Chinese immigrant who paid in cash. And they are buying a lot of the expensive homes in that area.
One reason the unemployment is so low in Singapore is there is no welfare, no food stamps, no unemployment checks for working age people without disability. Our tour guide said “if you don’t work, you don’t eat in Singapore”.
The foreign workers are required to return to home country after the 2 year visa expires and re-apply for a new one.
Religious trouble makers are dealt with harshly. Foreigners are promptly deported. I saw so many sign-posts saying “Drug dealers will get death penalty”. That may be another reason for prosperity, there is a severe shortage of drug addicts.
The Singapore airport, Cruise terminal and underground hi-ways are one of the best I have seen during my travels to 36 countries and 30 ocean cruises.
The population is a mix of Chinese, Indians and Arab Muslims, with a few British hang-overs.