SINGAPORE, AN ATTRACTIVE PLACE FOR THE UHNWI Singapore is well placed to overtake Tokyo as the Asian city with the most ultra-high-net-worth individuals(UHNWI). It has been estimated that Singapore will have around 4,878 people with US$30 million or more in assets excluding their residential properties by 2023. This is an increase of 55% over last year. In other words, there were 3,147 UHNWI last year. What attracts these rich people to Singapore. I believe the following are the main reasons: 1. Pro-business environment 2. Attractive tax system 3. Political stability 4. Growing financial hub 5. English-speaking environment In my article posted on Facebook last year, I predicted that Singapore could be a top financial hub, overtaking Switzerland. Looks like it is heading towards the top. But, Singapore is still not there yet. SINGAPORE, THE WORLDS MOST EXPENSIVE CITY According to the Economist Intelligence Unit, Singapore has overtaken Tokyo as the worlds most expensive place. This is based on a survey conducted and published on 4 March. Usually, this survey is conducted based on the expatriates opinions and answers. I believe Singaporeans, including myself, also feel the rising costs of living. So, what can Singaporeans do to cope with the increasing costs of living? The answer is simple. Earn more through productivity. I used to be Chairman of the Productivity Committee within my Department many years ago. Productivity does not mean working harder and longer hours. It means producing more using more productive methods, working smarter, cutting down unnecessary works, and above all, selling more and providing more services using less manpower via technology and automation. OPTIMISM I have the same optimism as PM Lee Hsien Loong, who was also born in the year of the Dragon, that the young generation now face more opportunities. He said this when he met NTU students some times ago. Seize them, he said. PM Lee said that how he wished he could be young again to see so much opportunities. I wish I could be young again too. When you are young, what you have that PM Lee and I lack is the time. Young people have more time ahead of them and time is certainly their friends. Best Regards, Michael Loke
Posted on: Thu, 06 Mar 2014 02:40:26 +0000
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