system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: How does a tax haven country benefit from the rich storing their money there?

Please ELI5 how does attracting rich people to store their personal wealth in a tax haven benefit a country?

Assuming there is extremely low or 0% tax, are there any benefits socially, politically or economically?

I've been wondering how a country like Singapore work its growth model.
gpt
You put the money into a bank in that tax haven.

Banks, when they look after your money, don't just leave it sitting in the safe doing nothing. They invest it! They might do this by lending it to other customers (for a fee), or by investing in the stock market or the currency exchange market. But that money is busy earring the bank money.

(I don't know the rules in Singapore, but in some tax havens - the Cayman Islands, for example, tax is very low for money earned offshore. But money earned in the tax haven *is* taxed, albeit not at a massive rate - but the money the bank makes probably *will* be taxed.)