Regarding Risk - what are the issues/concerns about bankruptcy in Singapore? In the United States, most of the risk is borne by the lender, and, in the event of financial collapse - the individual usually is able to come back swinging after a few years in the penalty box - which certainly reduces the downside to taking risk. If they finance with venture capital, or a LLC, then even those several years in the penalty box aren't a concern - ALL of the financial risk is borne by the VCs.
The reduction of cost-of-failure plays a very large role in whether people are prepared to risk failure.
check out the median income vs the price of housing.. the median singaporean couple can barely afford a flat with a 30 year loan.. the average couple might afford to have a baby.. or a car.. there's no room for risk for most singaporeans' lives. other than the state run lottery..check out the queues...
The reduction of cost-of-failure plays a very large role in whether people are prepared to risk failure.