Experts have projected that by 2023, Singapore will be one of the cities with the highest number of “ultra-rich” people. Singapore will be second next to London. This is according to Wealth Report. The study was released on March 7, 2014 by a property consultancy company – Knight Frank.
According to the study, Singapore will be the only Asian city with the highest number of people whose net assets will reach S$ 38 million by 2023. It will surpass other strong Asian cities like Tokyo and Hong Kong. So, what will make Singapore an “ultra-rich” city? Here are some characteristics:
Standing in Wealth Management
Singapore is famous for its strong standing in wealth management. Everyone knows that we are the regional hub when it comes to finances and wealth management. The riches are keenly allocated so it will profit more here.
Conducive Business Setting
Businessmen and multinational corporations eye the city because of its business setting. With tax regimes that draw more attention to investors, the dominance of the city in the region and the world will continue.
Investors and corporations are also encouraged to consider the city because of its political stability. You do not hear any political turmoil or issue happening unlike its Asian neighbours. Investors and corporations need to know that the city is politically and financially stable before conducting business.
Singapore has a lot of potential. It will beat Tokyo by the end of 2023. Asian countries should watch for this. In this context, “ultra-rich” comprise of different attributes like quality of life, wealth management, political stability, business environment and education system.