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Houses in the Caldecott Hill area. Singapore’s considerable wealth has been built on its status as a stable, open, technologically advanced economy with low taxes.

Houses in the Caldecott Hill area. Singapore’s considerable wealth has been built on its status as a stable, open, technologically advanced economy with low taxes.

Photographer: Wei Leng Tay/Bloomberg

Singapore Grapples With Keeping the Rich Happy — and Taxing Them Too

Growing fears about inequality are pushing the government to reconsider its policies.

To much of the outside world, Singapore is a capitalist utopia of low taxes and prosperity for all. In reality, the city-state is starting to have serious doubts about its widely admired model.

A growing fear among locals that social mobility has slowed is pushing the government to re-examine some of the policies that have made it one of the wealthiest nations in the world.