Singapore is exactly where it should be, given its culture, legacy, location, and the fact that it is a city-state. It would still be Singapore under your average ruler (of Chinese culture, not African). It has awesome hand so it does not take much skill to play it.
I could not repeat enough the argument of city-states being different, and usually very rich, so that's what I'm going to do. You should never compare Singapore's GDP growth with any country which has, well, countryside. Still, Taiwan will give Singapore a run on its money while not even being a recognized country.