Remembering Dr. Richard Hu’s contributions to Singapore’s economic growth and financial stability
Dr. Richard Hu Tsu Tau, Singapore’s longest-serving finance minister, passed away on September 8, 2023, at the age of 96. His death was confirmed by Deputy Prime Minister Lawrence Wong, who praised Dr. Hu for his exceptional service to the country. Dr. Hu held the position of finance minister from 1985 to 2001, overseeing key economic decisions that shaped Singapore into the global financial hub it is today.
Dr. Hu was instrumental during the 1997 Asian Financial Crisis, providing steady leadership and introducing off-budget stimulus packages to help mitigate the impact on businesses and families. He also played a pivotal role in significant reforms such as the implementation of the Goods and Services Tax (GST) in 1994, which helped diversify Singapore’s revenue base.
Before entering politics, Dr. Hu had a distinguished career in Shell, rising through the ranks to become the first Asian director in the Shell Group. His transition to politics was marked by his election to Parliament in 1984, where he quickly took on key ministerial roles, including trade and industry, and health and national development.
Beyond his finance ministerial role, Dr. Hu’s legacy also includes his leadership in the Monetary Authority of Singapore (MAS), where he chaired the organization and promoted policies that strengthened Singapore’s financial regulatory framework. His contributions to the nation’s growth and prosperity were widely acknowledged, with many remembering him for his wisdom, humility, and dedication to improving the lives of Singaporeans.
A private funeral for Dr. Hu will take place at the Mandai Crematorium. His passing marks the end of an era in Singapore’s financial leadership, and his legacy will continue to inspire future generations of policymakers.
