Singapore, officially the Republic of 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). Stamford Raffles founded colonial Singapore in 1819 as a trading post of the British East India Company after the latter'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. After early years of turbulence and despite lacking natural resources and a hinterland, the nation developed rapidly as an Asian Tiger economy, based on external trade and its workforce. Singapore is a global commerce, finance and transport hub. Its standings include: the most technology-ready nation (WEF), top International-meetings city (UIA), city with best investment potential (BERI), third-most competitive country, third-largest foreign exchange market, third-largest financial center, third-largest oil refining and trading center and the second-busiest container port. The country has also been identified as a tax haven. Singapore ranks 5th on the UN Human Development Index and the 3rd highest GDP per capita. It is ranked highly in education, healthcare, life expectancy, quality of life, personal safety and housing. Although income inequality is high, 90% of homes are owner-occupied. 38% of Singapore's 5.6 million residents are permanent residents and other foreign nationals. There are four official languages: English (common and first language), Malay, Mandarin and Tamil; almost all Singaporeans are bilingual.