Earlier quoted context omitted.
Not only have I heard of it, I live in #1. Would you like a detailed list of reasons why it's not a list you want to be at the top of or would you rather take my word for it?
Please do share. I am nonplussed as to why someone (on HN, the bastion of entrepreneurial culture, nonetheless!) would have problems with a societal framework that is #1 for doing business.
Low regulatory protection means stuff like this is deemed acceptable - http://www.tnp.sg/news/sim-lim-squares-phone-scam-makes-head...
It also means that stuff like this, which is regarded as a basic right in other countries, is deem jailworthy - https://sg.news.yahoo.com/singapore-bus-driver-strike-makes-...
This is what it really means to be top of that list.