Much more than Korea certainly. The minister of finance said that the success of S’pore is due to S’poreans’ efforts. More to the point the $ in our reserves are due to the recycled savings of Singaporeans http://atans1.wordpress.com/2009/12/26/where-gic-and-temasek-gets-their/
“Korea’s total foreign exchange reserves are about $280bn so it is only putting about 10 per cent into KIC*,” says Mr Kalb**. “Compare that with Singapore where the central bank keeps $150bn in liquid reserves and yet [of the country’s two SWFs] GIC is tasked with managing $250bn and Temasek $100bn.” $ = US$
*Korea Investment Corporation: (Korea’s SWF)
** KIC’s CIO
