‘We will be worse off’: Singapore’s DPM Wong says change in mindset needed over materialism, career ‘arms race’

Wong asked citizens to change the mindset of being goal oriented or focusing on traditional ‘prestigious’ jobs, and to consider ‘the journey’ as a measure of success

Singapore, which has a reputation as a global trade and financial hub, is one of the wealthiest countries in the world, but concerns about income disparity are mounting

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Deputy Prime Minister of Singapore Lawrence Wong said the country needs to change its mindset, and not be so focused on accumulating wealth. Photo: AFP

Published: 10:06pm, 12 Jun 2023Updated: 10:31pm, 13 Jun 2023

Singapore’s next leader, Lawrence Wong, has challenged residents in the city state, one of the wealthiest places in the world, to embrace a broader definition of success that goes beyond materialistic concerns and prestige in the workplace.

Since cementing his position as the heir apparent to Prime Minister Lee Hsien Loong last year, Wong, 50, has been leading a nationwide feedback gathering exercise called Forward Singapore that he says is aimed at recasting the social compact amid rising discontent over housing, immigration and the cost of living.

Speaking at a conference organised by the Institute of Policy Studies think tank, Wong said interactions with Singaporeans in fact showed many wanted success to be “less about the pot of gold at the end of the road and more about our sense of purpose and fulfilment along the way”.

We’re just going to be caught in a rat race, in an arms race and everyone will be worse off

Lawrence Wong, Singapore Deputy Prime Minister

“If we keep pushing in that direction, my house must be bigger than your house, my pay cheque must be bigger than your pay cheque and my status in life must be higher than your status in life, are we going to be happier? I seriously doubt so,” he said during a panel discussion.

“We’re just going to be caught in a rat race, in an arms race and everyone will be worse off,” said Wong who is Deputy Prime Minister and Minister of Finance.

“This is not about not being able to deliver on housing and all those other good things … but let’s also reflect on beyond a certain point – what do we want for ourselves, for our children?” he said.

Lawrence Wong, Singapore’s deputy prime minister and finance minister said the country needs to change mindsets over materialism. Photo: Bloomberg

Wong also asked Singaporeans to change the mindset of being goal oriented or to focus on traditional “prestigious” jobs such as banking, and to instead consider “the journey” as a wider measure of success.