Yet the Sultan's fortune (which is really his nation's revenue) has shrunk by as much as half following drops in the price of oil and the Asian financial crisis. Not least, however, has been the effect of continuous overspending and foolish investments by the royal family.
Brunei has neither political parties nor a free press. The royal family can do almost anything it wants. Without surveillance by the people, the Sultan and his brother, Prince Jefri, have bought 17 aircraft, 2,000 luxury cars, and built the world's largest amusement park which stands empty because there's just not enough citizens in the country. When travelling, the Sultan whizzes around in a custom-built 747 while one of his wives tags along in her own jet.
Clearly, to avoid such waste, Burnei's revenue should not be managed solely by the royal family. A mechanism, which allows the participation of citizens would allow the wiser use of revenue and better investment planning.
The same is true for Hong Kong. Although economic issues are now of general concern, we are allowed little say in financial policies. Even our Legislative Councilors are denied participation in financial planning.
The story of Brunei proves that power must not be dominated by a coterie. Our financial officials should be under the supervision of elected representatives of the people.
Failing that, it is the duty of the financial officials to inform the public about their plans. It is also the duty of the Secretary of Finance to consult the opinion of all classes in our society before publishing the new financial budget this month.
We surely don't want our financial officials to turn out like the royal family of Brunei.
Billy Lam
Managing Editor
