The government (through holding company Temasek) has a minority stake in DBS Bank which is the largest company on the Singapore Exchange. The government has a majority stake in the two largest telecom companies: Singtel and Starhub, it has a majority stake in the flag carrier Singapore Airlines and it is the owner of CapitaLand (the largest real estate company in Singapore).

Out of the 25 largest companies listed on the Singapore Exchange (as of 26th June 2023, excluding real estate investment trusts) 9 companies were started by the government. It still maintains at least a minority stake in all of them and a majority stake in Singapore Airlines and ST Engineering. For most of them, it is still the largest shareholder.

Singapore’s Government Linked Companies do not appear to get any special advantages according to this 2003 study, and some of them – like SIA, Singtel, DBS and Keppel – have achieved success out of the home market.

Along with this, the government of Singapore owns the vast majority of land in Singapore. I’m not sure of the exact number (this 2021 article says over 80% while this OECD site says 90% without citing it), but it is likely to be above 80 or 90%. Nearly 80% of Singaporeans live in government built housing.

Here is more from Pradyumna Prasad, mostly about how to construct freedom indices properly.

The post Singapore facts of the day, shareholder state edition appeared first on Marginal REVOLUTION.


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