Wow...alot sinki like Boss John Benefited from Tiongkok Whales de woh, Boss John u agreed mah?

[k1976]

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.

 

[k1976]

For many of us in Singapore hoping to buy a car, a home, or even a luxury item as a gift for a loved one, the last few years have been rough. Prices skyrocketed for everything from designer handbags to whisky, and long queues for the latest offerings of glitzy Orchard Road shops became a regular event.

(A big hole in my paycheck a year ago for a green Goyard bag testified to this.) Foreigners were shelling out nearly S$1 million ($744,000) for membership of the country's top golf club.

https://www.bloomberg.com/news/news...urn-as-china-s-rich-vanish?srnd=homepage-asia

 

[k1976]

Boss John, is that your 2nd hand Rolls Royce? Dun part at Joowrong carpark...must park at Bt Timah atas enclaves mah

Now that's changing. The influx of rich Chinese that drove the boom is waning, a point driven home to me when I came across a line of second-hand Rolls-Royces in a dingy carpark in the west of Singapore.

The shift is raising questions about who benefitted from the largesse. It’s not just a first-world problem for Crazy Rich Asians, there's a deeper concern afoot. Read: Singapore’s Rich Chinese Cut Back on Ferraris and $75,000 Whisky

Singapore had touted its credentials as Asia's premier hub for the new moneyed classes. As the wealth-management industry ballooned, assets overseen by financial firms more than doubled in a decade to over S$5.4 trillion last year.

 

[superpower]

Turning your country into a tax haven and money-laundering hub is not about benefitting the citizens. It's about enriching the elite - skyrocketing property prices result in capital gains for their asset portfolios, increased consumption of luxury goods and cars result fattens the tax coffers and ministers' bonuses, increased tourism revenues, billions of dollars in the banking and finance industries with huge year-end payouts of industry honchos... how much trickles down to the citizens?

 

[Leongsam]

There is nothing wrong with enriching the elite as it will give the poorer class more incentive to become part of the elite.

 

[k1976]

Turning your country into a tax haven and money-laundering hub is not about benefitting the citizens. It's about enriching the elite - skyrocketing property prices result in capital gains for their asset portfolios, increased consumption of luxury goods and cars result fattens the tax coffers and ministers' bonuses, increased tourism revenues, billions of dollars in the banking and finance industries with huge year-end payouts of industry honchos... how much trickles down to the citizens?

Aiyah.....many ah fiks are happily indulging the Good Welfare of CDC vouchers...dun poke people dream too early mah

 

[k1976]

Turning your country into a tax haven and money-laundering hub is not about benefitting the citizens. It's about enriching the elite - skyrocketing property prices result in capital gains for their asset portfolios, increased consumption of luxury goods and cars result fattens the tax coffers and ministers' bonuses, increased tourism revenues, billions of dollars in the banking and finance industries with huge year-end payouts of industry honchos... how much trickles down to the citizens?

One resale HDB 4room was 400k in 2020, now its is going for 650k...very good job mah, right Boss John?