Trump and Kim can learn a thing or two from Singapore

(June 12): US President Donald Trump and North Korean leader Kim Jong Un are spending such a short amount of time in Singapore this week. Maybe they should stick around longer to see what makes its economy tick. Singapore is an especially wealthy nation, with a per capita income of about US$90,000 ($120,100), well above that of the US But how is this prosperity maintained, and why has Singapore commanded so much admiration from liberals and conservatives alike?

Singapore has many features shared by other wealthy countries, such as a high capital stock, a predictable legal environment and a well-educated workforce, but what are some of the less common factors behind its success?

Strikingly, Singapore is one of the few countries where there is brain drain into the public sector. This stems partly from the high salaries paid. Top bureaucrats typically receive more than their American equivalents, and cabinet level pay may exceed US$800,000, with bonuses attached that can double that sum for excellent performance.

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