Singapore is a highly cosmopolitan World City with a key role in international finance and trade. It has a diverse populace of nearly 5 million people[8] which is made up of Chinese, Malays, Indians, Caucasians and Eurasians (plus other mixed groups) and Asians of different origins, which is in line with the nation's history as a crossroads for various ethnic and racial groups.
Singapore's populace has the 6th highest percentage of foreigners in the world. 42% of the population in Singapore are foreigners and foreigners make up 50% of the service sector. [9] [10] The country is also the second most densely populated in the world after Monaco.[11]
Even before independence in 1965, Singapore was already one of the richest states in East Asia due to its strategic location as a port. Singapore's GDP per capita in 1965 was $511, third highest in East Asia after Japan and Hong Kong.[12] After independence, Foreign direct investment into Singapore and a state-led drive for industrialization based on plans by Goh Keng Swee and Albert Winsemius created a modern economy focused on industry, education and urban planning.[13] Singapore is the fourth wealthiest country in the world in terms of GDP (PPP) per capita and twentieth most wealthiest in terms of GDP (nominal) per capita. Despite Singapore's small physical size, the country has the world's ninth largest foreign reserves [14] and one of the most technologically advanced military in Asia.[15]
