> it was designed to be an 'banking/commercial haven'
Singapore was a trading port from it's first conception when the Sultan of Johor sold the basically uninhabited swamp island to the British. When they were amicably booted out of Malaysia the country was one of the poorest on Earth, they had no natural resources, rampant poverty and unemployment, no military and infrastructure was in a terrible state. They somehow managed to completely turn that around in half a century, if you look at other new nations formed since then not a single one has managed to even come close to their success despite having vastly superior natural advantages. The Balkan states in particular come to mind, they also had a chance to start anew with a clean slate in the 90's and 30 years on they are a collective basketcase of nations whose younger population is abandoning in droves.
40% of all shipping traffic on Earth passes through their waters, the Port of Singapore is the worlds 2nd busiest by tonnage handled. People associate the country with finance while ignoring the sheer volume of cargo that moves through there.
> Like a more complicated version of having 'Oil Wealth'.
Find this comparison very hard to grok. Any country on Earth could copypaste Singaporean banking and corporate laws today if they wanted to, there's nothing stopping them. Now those same countries can't magically have the oil reserves of the Saudis or Venezuela.
> What makes Singpore 'rich' is the foundation established by the UK as having 'rule of law' and 'peace and order'.
By that metric all former colonies should be thriving?