I lived 2 years in Singapore as an exchange student.

The economic success of Singapore is a relatively new phenomenon, and it was largely a doing of Lee jr., not Lee sr.

LKY was not well versed in matters of economics, and industry, and his forceful early industrialisation pushes failed miserably. For the bigger half of its history, Singapore was not that successful economically.

The money came to Singapore when it liberalised financially, and became a tax heaven.

LKY severely lacked vision, and ambition, and was very content with Sing remaining a "Lee family villa." What has really brought the change was LKY's extremely timid kid, who conceded much of authority to technocrats.