I wouldn't say Singapore is one of the best place currently. There are many risks as what you have mentioned. The only reason I brought up Singapore is because China had been trying to model after the Singapore economic model but it's impossible because of population difference. Furthermore, the defects of the state dominated capitalist model has started to show up in Singapore in recent years. Whatever problems you will see in Singapore will appear in China in the future if China follows this path. Because of small population and open economy, Singapore can get away with policy mistakes that will cause disaster in other countries. As for the next Asian financial crisis, the Singapore government has been preparing for it since 2011 when the first property cooling measure was imposed. It’s crazy, the market only just recovered from 2008-2009 recession and they slammed it down. Since 2011 there had been 7 cumulative cooling measures. Property bubble bursts are so common in Singapore, a 30-40% drop is now a non event. In fact the public housing market in Singapore which is three quarters of the total market just crashed 30% in just over a year and it’s hardly even talked about on social media.