With the rising cost of living, locals are starting to struggle to keep up, so is the party set to end?
Al-Jazeera - 03 May 2013 11:13
China may soon be the birthplace to half the world’s billionaires but Singapore - the world’s richest city - is where they go to play.
Some of the rich and famous who have moved to the tiny Southeast
Asian island republic include Indian telecom tycoon Bhupendra Kumar
Modi, Chinese movie superstars Gong Li and Jet Li, New Zealand
billionaire Richard Chandler, and famed US investor Jim Rogers.
One in six households in Singapore have a net
worth of $1m, reflecting the flow of wealth eastwards as the centre of
global economic activity shifts to Asia.
With low taxes, a reliable, corruption-free government and protective
private banking laws, the world’s ultra-rich are flocking to make
Singapore home, giving it the highest percentage of millionaire
households in the world.
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