One of the best things about being filthy rich is the massive passive income it affords you. Ask Singapore. We don’t know exactly how rich they are — that’s a state secret. But we do know how large their passive income is. Can we work out how rich they might be just by looking at this income? We can try.
Around a fifth of government revenues come from the NIRC, or “Net Investment Returns Contribution”. This is the dividend that Singapore’s massive sovereign wealth funds pay into central coffers each year — more than income tax or VAT.
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