Finance Minister Heng Swee Keat was made an Honorary Fellow of the Economic Society of Singapore during its annual dinner last night.
The lifetime award was conferred in recognition of his contributions to economic policymaking.
Only five other people have received the honour since the society was founded in 1956: Dr Goh Keng Swee and Professor You Poh Seng in 1973, Professor Lim Chong Yah in 1979, Mr Goh Chok Tong in 2006, and Mr Tharman Shanmugaratnam in 2010.
Professor Euston Quah, the society's president, said the award was conferred on Mr Heng for "his leadership to help secure our social and economic future as a nation", as well as his efforts "to raise awareness and understanding of economic issues in professional and public life in Singapore and abroad".
Mr Heng has had a distinguished public service career.
He was principal private secretary to Mr Lee Kuan Yew before being appointed permanent secretary at the Ministry of Trade and Industry in 2001.
He was made managing director of the Monetary Authority of Singapore in 2005, before becoming Minister for Education in 2011.
He was appointed Finance Minister in 2015.
"It is humbling to be considered alongside the other five Honorary Fellows who are all distinguished individuals," Mr Heng, 56, said in his speech at the event.
"I would like to attribute this honour to the strong spirit of teamwork and public service I have been fortunate to encounter in many others throughout my career."
Chia Yan Min