But there are now headwinds, both domestic and external. Despite having an economy with one of the highest per-capita incomes in the world, Singaporeans in the lower income brackets feel squeezed by an influx of foreign migrant workers depressing wages. Highly-skilled expatriates, on the other hand, make housing more expensive for many Singaporeans. Uncertain global growth has also hit exports.
Centennial Asia Advisors chief executive officer Manu Bhaskaran says Singapore needs a new economic model if it is to narrow the widening income disparities.