Lee Hsien Loong is Singapore’s richest and most powerful man. In a year, he draws S$2.2 million for being Prime Minister and S$1 million for his Chairman position at sovereign wealth fund company GIC. At S$3 million income a year in addition to near-zero spending on daily expenditures, Lee Hsien Loong easily stashed away S$50 million in the 34 years he is in politics. Nobody knows how much is his net worth, but considering the recent inheritance from his former Prime Minister father and lawyer mother, Lee Hsien Loong should have no less than S$100 million sitting in his financial profile. Lee Hsien Loong is no Mother Theresa no matter how hard Straits Times paint him to be.
Unlike Singaporean peasants, Lee Hsien Loong does not need a mortgage nor does he need to pay 37% of his income to CPF. The dictator has already written rules in his favour by capping CPF payment rate, removing inheritance tax at the time of his father’s passing and keeping income taxes one of the lowest in Singapore.
The Singapore dictator’s wealth and affluence extends to his family members, friends and cronies. His son was made director of the Ministry of Information, wife the CEO of Temasek Holdings, personal friend Lucien Wong the Attorney General, younger brother the former CEO of Singtel, younger sister the head of neurosurgeons.
Not only did Lee Hsien Loong made himself a millionaire, everyone around him is a millionaire too, how fantastic is that. Who wants to be a millionaire when you can become Lee Hsien Loong? You not only become rich, you enjoy legal immunity too.
The Lee family is the undisputed monarchy-equivalent of Singapore, and like a king, and whoever criticises Lee Hsien Loong faces a similar lese majeste punishment warranting a defamation lawsuit or imprisonment under “fake news” or “sedition”. With his control over the Corrupt Practices Investigation Bureau (CPIB) and the President he installed, Lee Hsien Loong also enjoys legal immunity from stealing state funds like any dictator. While there still are remnants of a democratic society, election laws are unfair and stringent censorship are in place to filter news stories written unfavourable to the ruling party. As Lee Hsien Loong succinctly put it, “Singaporeans voted for this kind of political outcome”.
Lee Hsien Loong’s pot of gold sends only one message: Why start a business? Join the PAP and get rich.