Since 1960, Singapore has risen from 3x poorer than W. Europe to twice as rich

In 1960, Singapore’s GDP per capita — a measure of average income — was a third of the average in Western Europe. It was even lower than Western Europe’s average income in 1900.

Since then, while Western Europe experienced steady growth, Singapore grew even faster. By 1994, it had surpassed Western Europe, and today, its average income is roughly twice as high. This is after adjusting for inflation and differences in living costs between countries.

Singapore became an independent republic in 1965. Key factors in its economic success include anti-corruption policies, investment in education and human capital, and its development as a global financial hub.