Growing wealthy without bubbles

[HitandRun]

Until the mid-2000s, Singapore's economy operated like an income-driven community. It was focused on generating income to increase savings and investment.

I am very confused by the writer's arguments. Is he referring to asset inflation, especially property prices?

Let's look at the 2 property indices:

Property Index - Mid 90s to Current

Property Index - 1991 to 1996

In early 90s, property index went from 100 to >250, within 6 years. From 1998 to 2012, within 14 years, property index went from 100 to slightly more than 200. Which was the greater bubble?

The property bubble prior to 1997 was worse than the current one. On what basis does the writer suggest that there is a structural change from income generation to wealth consumption, after mid-2000s?

A few years ago, however, it shifted to a wealth-consumption model where the focus of the community became one of consumption and increasing asset-based wealth. The 2010 opening of two integrated resorts and the inaugural F1 race in 2008 are the more visible outcomes of the pursuit of the wealth-consumption model.

I cannot find any support for this statement as well.

Household consumption as % of GDP
Note: Please click on refresh button to show data from 1967.

If the writer's hypothesis is that there is more conspicuous consumption or display of wealth, then it is a different matter altogether.