Our wealth is all imported, not organically generated locally from the real economy - money laundering, tax evasion, super-rich on Sentosa, family offices. We are a tax haven, and the money-laundering hub of the region. We attract all manner of people, from scammers to tycoons evading taxes in their home countries and head honchos of global crime syndicates.
We have the highest Gini coefficient in the developed world, even higher than that of the US. Our median wages are still low compared to Tier 1 developed countries.
all the wealth are concentrated in the top 2%. We don't have proper social safety nets, no minimum wage, no union rights, no unemployment benefits, no state pension system. Our workers have to work into their 70s and 80s. Our cost of living outpaces our salary growth, our domestic purchasing power is on the same level as Russia and Malaysia.
So why hasn't all that wealth 'trickled down', if you'd believe what the neoliberals tell you? Really fucked up rich country.