The World's Richest City

2013, Economics  -  25 min Leave a Comment
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Singapore is a playground for the mega rich; the place to park their wealth. As people get more affluent, they want to look at more luxury items, better homes, better cars, and better yachts. Billionaires, tycoons and big foreign firms are drawn there by the low taxes, stable government and protected banking lords that keep their accounts secret. Singapore will be the location where people custody their assets. But with the rising costs of living, many Singaporeans are struggling.

They have one of the most expensive public housing in the world. The core issue is that Singaporeans are finding it increasingly difficult to compete for jobs. So, who really benefits from living in the world's richest city?

Truly, Singapore is becoming one of the most important hubs. There are a lot of new clients, entrepreneurs and high-net worth individuals, which are just now thinking that a boat, a yacht, can be part of their luxury living. Forget jets and limos if you want to travel in style. The dazzling array of super-yachts are the draw cards, here. They can even be charted for a cool $50,000 a week.

This provides you a platform to have the time of your life. People are now becoming more aware of their surroundings, and who would argue that Southeast Asia has some of the most beautiful coastlines in the world. Asia is now developing into the next level of pursuing more leisured expectations. It's probably a current continent where people are getting wealthier. Singapore is positioned as a fun place to be, also where business converge.

Many Ritzy events are part of Singapore's dramatic makeover, from colonial backwater to economic powerhouse in just 50 years. By throwing the doors open to super-rich foreigners, the country now manages 5% of the world's total private wealth, making Singapore the world's wealthiest city based on per-capita income.

It is very clear that the efficiency part, the clarity that the government leaders have set, positioned Singapore as the premier hub for everything to happen there. Relative to the size compared to India and China, they play a very strategic role to be the jewel in the market.

Some of the wealthy tycoons with a presence in Singapore include Facebook Founder, Eduardo Saverin; Australian Mining Magnet, Gina Rinehart; Malaysian Entrepreneur, Ong Beng Seng; and prominent US Investor, Jim Rogers.