Tharman Shanmugaratnam
Tharman Shanmugaratnam | |
|---|---|
| Born | February 25, 1957 Singapore |
| Occupation(s) | Economist, politician |
| Years active | 1990s–present |
| Known for | 9th President of Singapore, Deputy Prime Minister of Singapore, Chairman of the Monetary Authority of Singapore |
Tharman Shanmugaratnam (born 25 February 1957) is a Singaporean economist and politician who assumed office as the ninth President of Singapore in 2023, following his triumph in the 2023 Singaporean presidential election.
Prior to becoming president, Tharman held several prominent government positions, including Senior Minister of Singapore from 2019 to 2023, Chairman of the Monetary Authority of Singapore between 2011 and 2023, and Deputy Prime Minister from 2011 to 2019. His portfolio also included roles as Coordinating Minister for Economic and Social Policies (2011–2015), Minister for Finance (2007–2015), Minister for Education (2003–2008), and Minister for Manpower (2011–2012).
As a former member of the ruling People's Action Party (PAP), Tharman served as a Member of Parliament representing Jurong GRC from 2001 until 2023. He secured electoral victories in five successive general elections spanning from 2001 to 2020.
In June 2023, he declared his candidacy for the presidency and subsequently stepped down from all governmental positions and left the PAP by 7 July 2023, in keeping with the apolitical expectations of the presidential office.
On 2 September 2023, Tharman won the presidential election decisively with 70.4% of the vote, marking a historic milestone as the first candidate of non-Chinese heritage to win a contested presidential election in Singapore.
Early life and education
Born in Singapore during its period under British colonial administration in 1957, Tharman hails from a family of Sri Lankan Tamil descent. He completed his secondary education at the Anglo-Chinese School (ACS) before earning a Bachelor of Science degree in economics from the London School of Economics (LSE). In recognition of his accomplishments, LSE conferred upon him an Honorary Fellowship in 2011.
He pursued further studies by obtaining a Master of Philosophy in economics from the University of Cambridge, followed by a Master in Public Administration (MPA) at the Harvard Kennedy School, where he was honored with the Lucius N. Littauer Fellows Award for outstanding academic performance and leadership qualities.
During the 1970s while studying in the United Kingdom, Tharman engaged in student activism, initially embracing socialist ideologies that evolved over time throughout his professional journey.
Early career
Tharman’s professional path commenced at the Monetary Authority of Singapore (MAS), where he advanced to become chief economist. Subsequently, he joined the Singapore Administrative Service and served as Senior Deputy Secretary for Policy at the Ministry of Education before returning to MAS as managing director. In recognition of his service, he was awarded the Public Administration Medal (Gold) in 1999. He resigned from his position as MAS managing director to run as a candidate for the People's Action Party in the 2001 Singaporean general election.
Official Secrets Act case
In 1992, while serving as director of MAS’s Economics Department, Tharman faced charges under the Official Secrets Act (OSA) related to the publication of Singapore’s second-quarter GDP growth estimates in the Business Times. The case involved five parties, including the newspaper’s editor. After a trial lasting one year, Tharman was acquitted of leaking classified information but found guilty on a lesser negligence charge concerning possession of the document during a meeting. He was fined S$1,500. This incident did not hinder his subsequent appointment as MAS managing director or his later contributions to national service.
Political career
Tharman began his political journey in the 2001 Singaporean general election, securing Jurong GRC with a commanding 79.75% of the vote as part of the PAP team. Initially, he was named Senior Minister of State for Trade and Industry and Education, before being elevated to Minister for Education in 2003, a position he held until 2008.
Following the 2006 election, he assumed the additional responsibility of Second Minister for Finance while continuing as Minister for Education. In December 2007, he was promoted to Minister for Finance. After the 2011 election, Tharman was appointed Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, maintaining his Finance portfolio; he also briefly served as Minister for Manpower from 2011 to 2012. He relinquished the Finance Ministry in 2015 after nine years but continued as Deputy Prime Minister and Coordinating Minister for Social Policies.
During the 2015 general election, Jurong GRC, led by Tharman, achieved a decisive victory with 79.28% of votes against Singaporeans First. He joined the PAP Central Executive Committee in 2002 and was appointed 2nd Assistant Secretary-General in 2011.
In April 2019, both Tharman and Teo Chee Hean were designated Senior Ministers, stepping down from their Deputy Prime Minister roles. Tharman maintained his duties as Coordinating Minister for Social Policies and provided counsel on economic affairs.
He successfully defended his Jurong GRC seat in the 2020 election, garnering 74.62% of the vote against Red Dot United.
In July 2023, Tharman resigned from Parliament and all governmental roles, departing from the PAP to contest in the 2023 Singaporean presidential election.
Other roles
Tharman held the position of Chairman at the Monetary Authority of Singapore (MAS) from 1 May 2011 until 7 July 2023, after which his deputy, Lawrence Wong, took over. In May 2019, he was named Deputy Chairman of GIC, Singapore’s sovereign wealth fund, serving until July 2023. His tenure as a Director at GIC spanned from 2004 to 2023, during which he also chaired its Investment Strategies Committee (ISC) between 2011 and 2023; Lawrence Wong succeeded him as ISC Chair in July 2023.
From 2014 to 2023, Tharman led the International Advisory Council (IAC) of the Economic Development Board (EDB) and chaired the International Academic Advisory Panel that advises the Singapore Government on university sector policies. Both responsibilities were transferred to Lawrence Wong in July 2023.
Non-governmental organisations (NGOs)
Between 2008 and 2023, Tharman served as Chairman of the Board of Trustees for the Singapore Indian Development Association (SINDA), an organisation dedicated to enhancing educational achievements within Singapore’s Indian community. Additionally, he headed the Ong Teng Cheong Labour Leadership Institute from 2002 through to 2023.
He also chaired the National Jobs Council, established to support skills redevelopment and job creation for Singaporeans following the COVID-19 pandemic. Tharman was instrumental in launching the SkillsFuture initiative in 2014, aimed at fostering lifelong learning and workforce upskilling. From 2011 to 2016, he led various tripartite councils focused on boosting productivity through innovation and skill development, including chairing the Council for Skills, Innovation and Productivity (CSIP).
Tharman co-chaired several bilateral economic committees that strengthened trade partnerships between Singapore and other nations, such as the Singapore-Liaoning Economic and Trade Council (2004–2008) and the High-Level Russia-Singapore Inter-Governmental Commission (2011–2022).
International appointments
In 2011, Tharman was designated as chair of the International Monetary and Financial Committee (IMFC) under the International Monetary Fund (IMF), a position he held until 2014. The IMF praised his extensive expertise, profound understanding of economic and financial matters, and proactive involvement with international policymakers as significant strengths.
Tharman was chosen by the G20 in April 2017 to lead the G20 Eminent Persons Group (EPG) on Global Financial Governance. This group, in October 2018, put forward recommendations aimed at enhancing global development finance and strengthening financial stability.
Starting 1 January 2017, Tharman took over from Jean-Claude Trichet as Chair of the Group of Thirty, an influential assembly of top economic policymakers worldwide. He passed this role to Mark Carney and transitioned to serve as Chairman of the Board of Trustees on 1 January 2023.
On 22 May 2019, the United Nations Development Programme (UNDP) appointed Tharman as co-chair of the Advisory Board for the Human Development Report (HDR) 2019, alongside Thomas Piketty. He was subsequently reappointed three times to continue co-chairing the Advisory Board with Michael Spence in 2020, Michele Lamont during 2021/22, and Joseph Stiglitz for 2023/24.
In May 2019, Tharman joined the Board of Trustees for the World Economic Forum (WEF).
The G20 named him co-chair in January 2021 of the High Level Independent Panel (HLIP) on Financing the Global Commons for Pandemic Preparedness and Response, working together with Ngozi Okonjo-Iweala and Lawrence Summers.
In March 2022, Tharman became a member of the United Nations Secretary-General's High-Level Advisory Board on Effective Multilateralism.
He served as co-chair of the Global Commission on the Economics of Water alongside Mariana Mazzucato, Ngozi Okonjo-Iweala, and Johan Rockström. The commission’s proposals contributed to shaping discussions at the UN Water Conference held in March 2023. The GCEW published its conclusive report in October 2024.
Additionally, Tharman co-leads the High-Level Advisory Council on Jobs, which was established by the World Bank Group in July 2024.
2023 presidential bid
On 8 June 2023, Tharman declared his intention to run in the 2023 presidential election. To uphold the impartiality expected of the presidency, he stepped down from all governmental duties and resigned from the People's Action Party (PAP) on 7 July.
His campaign was officially launched on 26 July under the slogan "Respect for All". He applied for his Certificate of Eligibility (COE) on 7 August and received formal approval from the Presidential Elections Committee (PEC) on 18 August.
Tharman secured victory on 2 September with a commanding 70.41% of votes, surpassing opponents Ng Kok Song who received 15.72% and Tan Kin Lian who obtained 13.87%. This made him Singapore’s ninth president and notably, the first non-Chinese candidate to win a contested presidential election while achieving a record-high vote tally in Singapore’s history.
He was officially inaugurated at the Istana on 14 September, succeeding former president Halimah Yacob.
Presidency tenure
Tharman embarked on his inaugural official overseas trip as president on 24 January 2024, visiting Brunei, following the precedent set by his forerunner Halimah Yacob. Subsequently, in June, he carried out state visits to both Italy and Estonia. On 15 May 2024, after the resignation of Lee Hsien Loong, Tharman designated Lawrence Wong as Singapore's fourth prime minister.
National distinctions
- Tharman was conferred the Public Administration Medal (Gold) (PPA(E)) in 1999.
- In July 2010, he was inducted as the fourth Honorary Fellow of the Economic Society of Singapore, joining esteemed figures such as Goh Keng Swee, Lim Chong Yah, and Goh Chok Tong.
- The National Trades Union Congress (NTUC) bestowed upon him its highest accolade, the Medal of Honour, in May 2017, acknowledging his leadership in national programs aimed at enhancing workers’ welfare and promoting social inclusivity.
- In May 2019, Tharman received Honorary Membership from the Singapore Medical Association.
Global recognitions
In October 2019, Tharman was honored with the inaugural Distinguished Leadership and Service Award by the Institute of International Finance, alongside Bank of England Governor Mark Carney. This award celebrated his pivotal role in advancing international reforms to mitigate risks and bolster development finance alongside improving capital flow resilience.
He earned the title Finance Minister of the Year 2013 by Euromoney for his contributions to Singapore’s economic transformation and regional diplomatic leadership.
In June 2019, he was granted the Freedom of the City of London in recognition of his efforts in global financial governance and fostering stronger relations between Singapore and London.
Personal background
Tharman is a fourth-generation Singaporean with Sri Lankan heritage. His father is Emeritus Professor K. Shanmugaratnam, a distinguished medical scientist credited with establishing the Singapore Cancer Registry.
Since 1990, Tharman has been married to Jane Yumiko Ittogi, a Singaporean attorney of mixed Chinese–Japanese ancestry. She is the founder and chairperson of Tasek Academy and Social Services, an NGO dedicated to social development and sustainability initiatives. The couple has four children: one daughter and three sons.
During his youth, Tharman was actively engaged in sports such as hockey, athletics, football, and cricket. He regards sports as a vital educational medium for cultivating character traits like teamwork, discipline, resilience, and leadership—views he shared in Game for Life: 25 Journeys, published by the Singapore Sports Council in 2013.
Within Singapore’s Chinese-language press, he is referred to as 尚达曼 (Shàng Dámàn), a transliteration crafted by a prominent Chinese language expert in 1995. Since 2002, Tharman has also practiced Chinese calligraphy.
External links
- Tharman Shanmugaratnam at Singapore Prime Minister's Office
- Tharman Shanmugaratnam at Parliament of Singapore
- Tharman Shanmugaratnam at Taman Jurong