For all the talk of benefits to the roughly 3.6 million resident citizens, there has been little beyond the rise in prices to show for it. Wealth managers say the rich arrivals rarely give them much business beyond custodian deals, while the proliferation of Lamborghinis and Bentleys and galloping house prices served to foster resentment among some about the unaffordability of homes and cars.
And with the influx of cash, there also came illicit funds, culminating in the country's biggest money-laundering scandal.
Singapore isn’t alone in trying to rein in the widening gap between ordinary citizens and the super rich. But as a recent UBS report stated about the city: “It appears that most of the rise in wealth has benefited the upper income brackets.”
It remains to be seen if this is just a retreat or an exodus. But as other nations that tried to lure wealthy foreigners with tax breaks and golden visas have found, rolling out the red carpet for the rich has more repercussions than just money.
And with the influx of cash, there also came illicit funds, culminating in the country's biggest money-laundering scandal.
Singapore isn’t alone in trying to rein in the widening gap between ordinary citizens and the super rich. But as a recent UBS report stated about the city: “It appears that most of the rise in wealth has benefited the upper income brackets.”
It remains to be seen if this is just a retreat or an exodus. But as other nations that tried to lure wealthy foreigners with tax breaks and golden visas have found, rolling out the red carpet for the rich has more repercussions than just money.
