Singapore is a rags-to riches-story – a story of one of the richest countries in the world, where you can find the highest concentration of millionaires. Between 1990 and 2011, Singapore’s economy grew more than 3.5 times. Associate Dean of SMU School of Economics and Professor of Economics, Hoon Hian Teck, explained how the Singapore economy recovered after periods of slowdown, and why Singapore’s wage share is lower than that of other developed countries. He also commented on Singapore’s Gini coefficient and how it differs from that of Scandinavian countries.