Singapore is the largest port in Southeast Asia and one of the busiest in the world. It owes its growth and prosperity to its focal position at the southern extremity of the Malay Peninsula, where it dominates the Strait of Malacca, which connects the Indian Ocean to the South China Sea. Once a British colony and now a member of the Commonwealth, Singapore first joined the Federation of Malaysia on its formation in 1963 but seceded to become an independent state on August 9, 1965. Singapore is a sovereign city-state and island country in Southeast Asia. It lies one degree (137 kilometers or 85 miles) north of the equator, at the southern tip of the Malay Peninsula, with Indonesia's Riau Islands to the south and Peninsular Malaysia to the north. Singapore's territory consists of one main island along with 62 other islets. Since independence, extensive land reclamation has increased its total size by 23% (130 square kilometers or 50 square miles). The country is known for its transition from a developing to a developed one in a single generation under the leadership of its founding father, Lee Kuan Yew. Stamford Raffles founded colonial Singapore in 1819 as a trading post of the British East India Company. After the company's collapse in 1858, the islands were ceded to the British Raj as a crown colony. During the Second World War, Singapore was occupied by Japan. It gained independence from the UK in 1963 by federating with other former British territories to form Malaysia, but separated two years later over ideological differences, becoming a sovereign nation in 1965.Singapore is a global hub for education, entertainment, finance, healthcare, human capital innovation, logistics, manufacturing, technology, tourism, trade, and transport. The city ranks highly in numerous international rankings, and has been recognized as the most "technology-ready" nation (WEF), top International-meetings city (UIA), city with "best investment potential" (BERI), world's smartest city, world's safest country, second-most competitive country, third-largest foreign exchange market, third-largest financial center, third-largest oil refining and trading center, fifth-most innovative country, and the second-busiest container port. The Economist has ranked Singapore as the most expensive city to live in, since 2013. It is identified as a tax haven. Singapore is the only country in Asia with an AAA sovereign rating from all major rating agencies, and one of 11 worldwide. Globally, the Port of Singapore and Changi Airport have held the titles of leading "Maritime Capital" and "Best Airport" respectively for consecutive years, while Singapore Airlines is the 2018 "World's Best Airline". Singapore ranks 9th on the UN Human Development Index with the 3rd highest GDP per capita. It is placed highly in key social indicators: education, healthcare, life expectancy, quality of life, personal safety and housing. Although income inequality is high, 90% of homes are owner-occupied. According to the Democracy Index, the country is described as a "flawed democracy". The Singaporean passport is second in the world after Japan for visa-free travel granted by the most countries to its citizens.Singapore, city-state located at the southern tip of the Malay Peninsula, about 85 miles (137 kilometers) north of the Equator. It consists of the diamond-shaped Singapore Island and some 60 small islets; the main island occupies all but about 18 square miles of this combined area. The main island is separated from Peninsular Malaysia to the north by Johor Strait, a narrow channel crossed by a road and rail causeway that is more than half a mile long. The southern limits of the state run through Singapore Strait, where outliers of the Riau-Lingga Archipelago-which forms a part of Indonesia-extend to within 10 miles of the main island.