Singapore has produced an abundance of "wealth managers" and not enough "wealth creators."
So lamented Ngiam Tong Dow, former permanent secretary of the Singapore Ministry of Finance and the prime minister's Office of the Government of Singapore.
This is despite almost universal acclaim for the supportive business environment in Singapore. The World Bank has rated Singapore first out of 183 economies in its "ease of doing business" rankings and fourth for "starting a business" -- anyone can get a business going in just three days.
But who is benefiting from this? Full story
