Singapore is nowhere close to being as tax-haveny as Luxembourg, any of the Caribbean islands administered by a foreign power, the Isle of Man, or the Channel i

Singapore is nowhere close to being as tax-haveny as Luxembourg, any of the Caribbean islands administered by a foreign power, the Isle of Man, or the Channel islands. Singapore saw a sustained ~8-10% real GDP growth from almost immediately after independence. It relied on manufacturing, reprocessing, and assembly to get there. Only in the past ~20 years has it really shifted to being a financial economy—and even then, it still has a pretty strong manufacturing base.