Why Asia's Super-Rich Are Choosing To Settle In Singapore
With so many places for Asia's super-rich to flock to, Singapore is definitely one on the list. Alluring from the outside, Singapore has a lot more to offer than an abundance of nightlife and divine cuisine.
There are a few reasons why Asia's super-rich are choosing to settle in Singapore, and it's not just because it is ranked as the world's most expensive city, as reported by Asia One. An influx in wealthy people settling in Singapore between 2o14 and 2024 has been predicted to increase to about 1752 ultra-high-net-worth individuals, with a net worth of $41 million in assets, according to The Straits Times.
What exactly is drawing the super-rich to Singapore and is it a wise decision to invest there? We are going to dive right into what makes this island so appealing to the rich and powerful.
Singapore is known to have one of the lowest personal tax income rates in the world, as reported by Asia One, so it's no big secret as to why the super-rich would flock to this beautiful island. Individuals who make an annual of $320,000 have a standing income tax of 20 percent, compared to nations such as Spain, Australia, Japan, and Canada where the tax is a whopping 49 percent.
Singapore is high up there as one of the safest places in the world to invest. What exactly does this mean? Well, a few things are considered for the country being ranked this way; foreign exchange, politics, and operations are three of the more crucial aspects. In the BERI Report of 2015, Singapore was reported with the best investment potential despite being pitted against 49 other major investment destinations. What also makes the country so appealing is that there is no foreign debt, a high government revenue, and a consistently positive surplus.
On a count of Singapore's affordability and safe place to invest, this makes the sovereign island city-state a luxury market to live in. It has been revealed that Singapore is the top Asian territory of choice for the ultra-wealthy in Asia. Head of residential international project marketing at Knight Frank Singapore, Mr. Nicholas Keong, reported that home buyers from India, Japan, Malaysia, and South Korea rated Singapore in their top five locations when considering investment homes abroad. Singapore is also home to 200 banks, which makes it the financial hub of choice for many global financial services firms.
Singapore is ranked as one of the best places to live in the world, with the quality of life being simply one of the greatest. A big factor in this rating most likely has to do with Singapore being the safest country, according to the Global Peace Index 2021, which was reported by Tour Radar. Located in a land area smaller than New York, Singapore offers a lot to those lucky enough to live on this beautiful island; from the lush green landscape to the diversity of experiences. It's a no-brainer why Asia's super-rich want to settle down here.
Along with being the safest place to live in Asia, Singapore ranks #1 at grappling with domestic security issues. Researchers at the Institute for Economics and Peace declared that 16 indicators such as the ratio of prisoners to official prison capacity, number of internal security, and police officers determined this rating.
Not having its own natural resources didn't stop Singapore from thriving. In fact, it actually fueled the Malaysian peninsula to create its own. Singapore developed itself into its own regional hub for gas and oil. The country has also become a world leader in sustainable water solutions and projects such as NEWater and the Deep Tunnel Sewerage System, according to Guide Me Singapore. The fact that Singapore supplies its own natural resources means that it offers a thriving job community which equals a flourishing source of income for its residents.
In conclusion, Singapore is the idyllic spot for Asia's super-rich to settle down because it is affordable to live in, offers a luxury market to invest in, and is ranked as one of the best places in the world to live. Also, as reported by the Global Peace Index, Singapore is the safest place to live in Asia all while remaining a glorious melting pot that welcomes anyone, from anywhere.
Sources: Asia One, The Straits Times, Tour Radar, Guide Me Singapore
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