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Singapore is now in the top five. Its income per person even tops oil-rich and scarcely populated Kuwait. Having realized that the country had no natural resources, the government of founding father Lee Kuan Yew directed massive investment in human capital. Kids who were eight or ten or thirteen several decades ago are now some of the most productive citizens of today’s economy.A tiny nation-state with no natural resources and a large number of people living in a relatively small physical space has managed to outearn a country with some of the largest oil deposits ever found. That is the power of investing in and nurturing young brains.Education alone may not be enough to guarantee economic success. There are other success factors that matter, like good governance, rule of law, and access to trading routes and partners. But if you were challenged to assemble a prosperous society from scratch, education would be the first building block you’d want to develop.
