Reserves that may never run out?
Well, I found another country that is rumoured to have about a trillion dollars in it’s reserves. If it gets an average annual return of say about 6 per cent, and spends say 4 per cent a year, is it not in a way, like “oil reserves” that may never run out.
Just for argument’s sake – 4 per cent is about $40 billion, which may make a world of difference to it’s citizens since it’s total government operating and development expenditure is about $50 billion a year.
Here’s some information on this country.
A country that has
- spent probably the lowest public spending on healthcare in the world, at about only 1.6 per cent in the previous fiscal year
- spent practically nothing on pensions for its citizens (it has a contribution pension plan from your salary, with the highest contribution rate in the world, at 36 per cent)
- allowed university tuition fees to increase by as much as 11.2 per cent per annum from 1986 to 2013
- a Public Assistance Scheme for only about 3,000 people, out of a citizen population of about 3.3 million
- no monthly allowance for orphans
- no monthly allowance for the disabled
- one of the most expensive public housing in the world
- one of the lowest income tax rates in the world – maximum of 20 per cent for high income earners
- inflation of 4.9 per cent (February 2013)
- an unemployment rate of 3.0 per cent for citizens (2012)
- population annual rate of increase of 2.1 per cent (0.8 per cent for citizens, 1.9 per cent for foreigners) (2012)
- labour force participation rate of 66.6 per cent (2012)
- been classified as a developed country
- been ranked 3rd in the world by gross domestic product per capita at purchasing power parity
- public debt at 106% of the national GDP
- a ranking of 26th in the world for the Human Development Index in the Human Development Report released by UNDP
- taken in about 25,000 new citizens and 30,000 permanent residents per year
And this country is Singapore.