the Gini coefficient<\/p>\n
<\/a> here having come down.<\/p>\n
Singapore\u2019s Gini coefficient, a measure of income inequality, peaked in 2007 and has declined in recent years, partly due to government transfers and policies such as <\/p>\n the Progressive Wage Model.<\/p>\n <\/a><\/p>\n The Prime Minister said there are two separate issues: tackling wealth inequality among its people, and managing the funds of people who are not Singaporeans.<\/p>\n As a financial centre, the city-state <\/p>\n welcomes family offices<\/p>\n <\/a> and for foreigners to manage funds out of Singapore, as these create jobs for Singaporeans, he said.<\/p>\n \u201cSometimes it creates frictions, especially when they are ostentatious shows of wealth,\u201d he acknowledged. \u201cWe have just to remind them, \u2018Singapore is a different society, we are egalitarian, our norms are different, please understand.\u2019 And for the most part, they do.\u201d<\/p>\n Mr Micklethwait also asked about illicit money coming in from abroad as part of these flows, such as <\/p>\n the $3 billion money laundering case in 2023.<\/p>\n <\/a><\/p>\n PM Wong said illicit flows are something that all financial centres have to deal with, and are not a problem unique to Singapore.<\/p>\n \u201cThe key is, what do you do? And we are very stringent, and we take swift action,\u201d he said. \u201cWe are determined to protect our reputation because that\u2019s what keeps Singapore going \u2013 a trusted business and financial centre.\u201d<\/p>\n Asked about <\/p>\n Singapore\u2019s energy future<\/p>\n <\/a> and whether nuclear energy is going to become a big part of the Republic\u2019s energy mix, PM Wong said the city-state is studying the option seriously, though there won\u2019t be \u201can easy silver bullet\u201d to meet its energy needs.<\/p>\n He noted that some new technologies like <\/p>\n small modular reactors (SMRs)<\/p>\n <\/a> are safer, but there are currently very few commercial-scale SMRs that meet Singapore\u2019s needs.<\/p>\n Other options include hydrogen, which is still expensive, and working with neighbouring countries to bring about an Asean power grid, which he said is \u201ctaking time, complex, but it\u2019s happening\u201d. <\/p>\n Mr Micklethwait also asked about the US-China rivalry, and if the US was losing South-east Asia <\/p>\n due to its policies, such as trade tariffs.<\/p>\n <\/a><\/p>\n PM Wong said that in his regular visits to China, he observed that the US\u2019 actions had only strengthened the Chinese side\u2019s resolve to work even harder and move faster on technology and self-sufficiency.<\/p>\n While everyone is focused on what one country does to the other, the fates of the two great powers will, at the end of the day, be determined by their own people, he said.<\/p>\n \u201cAmericans decide America\u2019s future, Chinese people decide China\u2019s future \u2013 that\u2019s what it comes down to,\u201d he said. \u201cAnd it\u2019s their actions, their agency, that determines domestic reforms, that determines the direction that these countries will take.\u201d<\/p>\n Prime Minister Lawrence Wong (left) chatting with Mr Michael Bloomberg at the gala dinner on Nov 19.<\/p>\n ST PHOTO: CHONG JUN LIANG<\/p>\n On South-east Asia, PM Wong said the region was once an arena for proxy wars, and does not want that to happen again. <\/p>\n \u201cAsean will continue to be fiercely independent \u2013 not so much non-aligned, but multiple-aligned, engaged with all the key players\u201d and taking positions on issues based on their own national interest, he added.<\/p>\n Amid the unravelling of the stable multilateral framework, with countries today more concerned about security and resilience, Singapore wants to see a new framework that finds ways such that countries can protect their national interest but with restraint and shared rules, he said.<\/p>\n Singapore is working with like-minded countries to get there, he added, citing partnerships such as the <\/p>\n Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2025\/11\/f48e638fd0c4a29fd3a1f15616047a3180c7a04de5c5b6d1007e09df563d637e.webp\")
<\/p>\n