Survey shows Singapore as tops for wealthy expats

Published:  4 Jan at 6 PM
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Self-made and other styles of mobile millionaires have voted Singapore as the best place in Asia to live for its quality of life and family-friendliness.

The research, carried out for RBC Wealth Management, reveled that Singapore beat out its major rival, Hong Kong, as the safe destination of choice, both for finances and for family. Wealthy expats living and working in the city state consider its reputation for political stability, standard of living and amenities second to none, with 90 per cent of the 558 people surveyed stating living standards were their priority.

Political stability was considered important by 83 per cent, with almost half of Singapore’s residents from overseas and the state containing the world’s highest concentration of millionaires. A third reason given for a base in the country was its real estate investment potential, with schooling also mentioned as a major attraction for those with families.

Although the arrival of the wealthy has resulted in economic prosperity, especially in the burgeoning wealth management service sector, a number of prominent politicians are less than happy about the high number of expat arrivals. The massive surge in property prices has resulted in a cap on real estate development and restrictions on home loans in an attempt to slow the market.

Even with the state crammed with self-made millionaires, bankers and CEO’s, it seems that Hong Kong is still the business hub of Asia. A recent Bloomberg survey on the best places to do business rated rival Hong Kong as tops, with Singapore coming in at only the ninth position.
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