by Rhys Arkins, founder of Key Location
Singapore has a thriving economy, particularly when it comes to international business, so there are plenty of different paths to get rich in Singapore. Although with hard work and ingenuity you can get rich in almost any industry, you can certainly increase your chances by hitching a ride on a hot one. Some seem to be inherently lucrative in all countries, but may wax and wane over time. It’s important to note that many different factors beyond your control will make some industries more successful than others in your working lifetime.
Singapore’s size alone and its lack of arable land has already helped shape its society and the job opportunities within its borders. Wealth tends to come from a few concentrated areas:
Singapore prides itself on the health of its financial sector, and there’s a great potential for wealth accumulation for the individuals who go into this sector. This potential is partly a consequence of the fact that Singapore has a stable economy, as well as a consequence of the fact that wealthy people enjoy relatively low taxes in Singapore. People who go into business in Singapore will hence be able to keep more of what they earn, which draws big capital.
The financial sector in Singapore is also large enough that the people who try to get involved there are going to have significantly more opportunities. The people who have financial training may want to consider exploring their potential in Singapore specifically. Succeeding in finance is probably one of the most “slam dunk” ways to wealth in any country, and Singapore even more so.
Like in many countries, the property industry can be a great source of wealth, but comes with its ups and downs. What people should remember is that Singapore is a notably small area, making the land and the properties there particularly valuable due to geographic constraints. Singapore condos are therefore going to be inherently more valuable than condos in most other cities of the world, all other things being equal. People may become accidentally successful property investors when their homes increase in value substantially over time. People who can invest in multiple properties in the best parts of the city-state can find themselves becoming wealthy in only a few years, as long as they sell their properties at the right time. Real estate is always going to be worth something, and it is particularly valuable in an area in which there is a great deal of competition for space. The question is: do you have the right timing?
3. Sales management.
Many people don’t think of sales jobs as being especially lucrative. What they should remember is that sales jobs will often be more or less lucrative depending on the state of the local economy and the nature of the market. Singapore salespeople once again benefit from the fact that they’re operating in a small city-state with access to a growing Asia region. In particular, Singapore is the regional headquarters for many multinationals. The individuals who manage to work their way up to management in sales can make a lot of money in the process in Singapore and have great job mobility.
Naturally, salesmanship relies a lot on personal qualities like charisma that some people can never develop and that some people have had since childhood. The people who are great at charming people should use those skills to their advantage. Singapore has a fairly diverse economy, but it is at least largely a knowledge economy. The people who want to utilize Singapore’s strengths when they’re looking for a lucrative job there should take that into account.
One of Singapore’s fastest-growing industries is its biotech sector. To a certain extent, Singapore is competing with countries like South Korea in that regard, which is only going to stimulate development in the biotech sector of Singapore further. Biotech is a huge field, so there will be plenty of lucrative job opportunities for the people who are interested in pursuing a career in that field. Singapore is pushing and marketing its biotech sector with a lot of force, which is going to make a huge difference for the people who get involved with it at this stage of the game.
Joining rising industries is often better than joining established industries that may start to fall into decline soon, and it is certainly better than getting involved with stagnant industries in the hopes that they will rise again. Some people who get involved with biotech in Singapore may decide to invest in a new biotech company, which could already be enough to make a person wealthy. Other people may be interested in going into research and development themselves. Either way, Singapore has a fantastic and lucrative biotech industry.
5. Electrical Engineering.
Although less known than finance and real estate, one of Singapore’s largest industries has been its electronics industry. Electronics are among the chief exports of Singapore, so this is an industry that is successful at the international level. People who go into engineering can often earn very high annual salaries, particularly in a city-state that has very low taxes. Engineers will tend to get rich in the slow way as opposed to the fast way, but they will have job security and stability that the people who take risks in entrepreneurship simply will not have. People who make investments are also going to take risks, even if they are investing in very secure industries in a country with a very healthy economy. Plenty of wealthy and ambitious individuals would like to take fewer risks when it comes to making money, and engineering would be a great fit for a lot of these individuals. This is also an interesting industry for those who would like to travel in the region for work, because multinationals seek out those who can travel to most countries without visas, and Singapore’s passport is one of the best.
So there you have five great industries you can consider if you’re looking for paths to build great wealth. Real Estate has made people rich in every country in the world, but it’s not without its risks. Singapore’s role as the regional headquarters for many multinationals increases prospects for Sales Management and Finance, meanwhile electrical engineering may be a path for those technical and wanting to take advantage of the same multinational benefits. Finally, biotechnology is an exciting sector and heavily promoted by the government, so it seems a smart idea to try to catch that wave.