Over the past few decades, Singapore has experienced rapid economic growth and development, making it one of the wealthiest countries in the world. However, alongside this prosperity, there has been a concerning trend: the widening gap between the rich and the poor. According to a report by Credit Suisse, the top 10% of Singaporeans now own 67% of the country’s wealth, while the bottom 10% only hold 0.1%.
This increasing wealth inequality in Singapore has significant impacts on society. While the wealthy enjoy a luxurious lifestyle with access to top-notch education, healthcare, and housing, the less fortunate struggle to make ends meet. This disparity can lead to social and political tensions, as well as hinder social mobility and perpetuate the cycle of poverty.
The effects of wealth inequality are not limited to the less privileged. The middle class, who make up a significant portion of the population, is also feeling the impact. With the rising cost of living and stagnant wages, many find it challenging to maintain their standard of living. This can lead to a decline in the overall quality of life and a sense of discontent among the people.
Moreover, wealth inequality can also stifle economic growth. When a large portion of the wealth is concentrated in the hands of a few, there is less capital available for investment and entrepreneurship. This can