What Do The Ultra-Rich Bring To Singapore? | Money Mind | Wealth Management

Funny they showed a photo of Shangai as well...

This policy is absolutely amazing. I fully support the PAP government in this policy. Recently the PAP raised the foreigner stamp duty for property purchase (ABSD) to 30%. Combined with the inflow of foreign capital and the recent news of a chinese millionaire buying 5 condo units, I think they must be collecting crazy sums of money in terms of duties.

I hope they use this money to build and subsidise new HDB for locals and provide more grants. Keep raising those stamp duties! Maybe we can also add this thing called the GCB stamp duty, extra 10% on top of the GCB price. Then we use the money to do GST rebate ya?

Also i think all the foreign money coming in is really giving our finance, audit and legal professionals lots of good work. Nice seeing our specialty sectors grow and thrive. More Singaporeans can study finance in NUS/SMU/NBS and get good jobs. At the same time we need to be strict about enforcing our employment system here. Government must make sure these tax advisories/financial advisories employ local finance experts first, and not simply hire expats. There is a real risk that a chinese billionaire will hire a financial advisor firm with mostly chinese financial expats. End up the foreign money still go into foreign expat hands and go back to China in a few years, right? So MOM must really set strict guidelines and enforce this. Local grads and professionals should be preferred.

Lastly, high private property prices is a good thing guys. I know a lot of Singaporeans are complaining that property prices keep going up, our children can't buy houses anymore. But u need to distinguish private vs public housing. HDB prices need to be affordable for our children, and government need to make sure they keep enough money to subsidise our children's BTO.

Why is high private property prices good? Property agent get higher commissions ma.... u see propnex, ERA, they hire so many people. Like that they all very happy. If property market crash, they all jialat liao. Govt just need to make sure the property agent license is Singaporean preferred.

Btw, with all these billionaires living in central singapore/sentosa, when something happen to their health, they will pay top dollar to see the top surgeon/doctor and go private hospital. This means these private hospital and doctors can charge more. So parents, tell ur kids go study medicine at Duke-NUS/NTU and go into private practice yah.

If the kids cannot do medicine, can try law, tax, finance or accounting to earn the billionaires money. If the kids all also cannot, then try property agent, should be good comms giving rising prop prices.

If math cannot, then tell them be a chef. The michellin stars at MBS confirm hiring lots of chefs because those billionaires eating there everyday. Our local culinary schools need to make sure they up their game to make sure our chefs can cook. Govt can also subsidize these courses for locals who use this as fall back.

Else just be a chauffeur to drive them around in their expensive cars i guess. No choice. But i dont think that can earn alot of money leh... cus supply too much. Unless govt step in and issue chauffeur license to locals only? Must take test to make sure the tea cannot spill when driving. LOL

"S'pore stands to be a beneficiary of the movement of millions into the country". Kudos to the s'pore govt for creating the right environment for investments and generating an abundance of job opportunities for the local workforce. ❤❤

Bring inflation😂 fight for resources 😂

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Perhaps Singapore should do something about being a tax haven to control the influx the wealthy foreigners coming in and out.

To get Singapore Residence through investment, you need to invest at least SGD $2.5 million into a business, fund, or single family office. To get US Residence through investment (i.e. EB5 visa), you only need to invest at least US$900,000 in a US enterprise and create 10 American jobs. Indeed it is much harder to get Singapore Residence through investment than it is to get US Residence through investment.

Hahahhaha now many chinese from China are becoming PR of Singapore, say goodbye to local!! Soon you will know chinese china are the most arrogant and evil people! They will hit you hard! Millions of Chinese will come and live in Singapore soon! Good luck!

They bring in lots of FART gas.

these ultra rich people are they real people or fake people

The guys can't compete in the job market with ns obligations.
The large number of prcs here, will affect our fellow malays and Indians.
Pap is inviting them to vote for you know who at the next election.

They are given tax breaks.

By bringing in the top and the bottom, in order to sustain the top they will need to bring in even more bottom. Very soon the big chunk of middle will be squeezed out. Don't you feel the pressure too?

It's a double edge sword. Singapore comprises of educated locals in a rich developed nation, in any other Nation, those citizens would be tier 1 locally and abroad. Unavoidably, Singapore's unique makeup and "ultra tiers" will shadow it. Thus, when a well crafted knife is not protected and underutilized, issues occur, that knife however, will shine with the right owner. In this case, the 'owner' might be competent Singaporeans who migrate, causing a bigger gap in the local community.

Been around many wealthy countries,as Luxemburg, Hongkong and Singapore last month. Its nice to see how they can do it t without all this natural resources as my country Norway Have.

Our SG Govt need to monitor and control the fine balance of income gap with policies reviewed to provide affordable education, healthcare, public housing, & cost of living for the average income earners Singaporeans and those in the low income group. Also they need to be very mindful of stratum divide between ultra rich, and the lower stratum of people to maintain harmony and be very wary of ultra rich going into money politics and controlling of politicians like those of the USA for their personal wealth gain at the expense of the country’s social harmony, stability & order which robes the average income person and low income group of the total & general well being.

Many of the Malaysian talent race chinese are taken by Singapore as citizens, how clever the government

Pedophelia, satanism, corruption to name a few!

The truth is, a large part of the draw to Spore is the favourable TAX regime or the lack of it, eg there is no capital gain tax nor estate duty tax. I question - Invest? Really? How so? All I am unnerved by the hubris and the sustained and substantial speculation in real estate, both commercial and residential - like what they did in HK. Bad vibes.

all the money laundering has to go somewhere, why not here?

Super-rich families face longer wait for tax breaks in Singapore
An article from bloomberg. Dated 27 may 2022.
I hope my comment won't be removed.

It's a win win

The skyscrapers their answered the video can I get a 1000$ lol

It just bring more money making to the affluent/high income earners in Singapore; does little to the average people. Further, it escalates the push of higher properties prices n eroded affordability of Singaporeans.
Average Singaporean cannot afford to own 2 properties. Most Singaporeans has their HDBs ~ so sell high then buy high, because there only 1 allowable HDB. Henceforth, there is little possibility of buy low n sell high(1st HDB ownership);because then again you buy high.
So where does the average working people benefit from this increase of overseas millionaires???

Money corrupts. Money destroys. Be warned, Singapore.

Red DOT like Taiwan and Ukraine that USA and all dictated western countries use to s****. Only nonsense 4legs do not get the GAMES. You all owed me.

What they bring to singapore? They bring UP THE PROPERTY PRICES!

Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..

Can't beati lving in Australia . 2nd to none.

A CURSE SIN CITY WITH HARAM MONEY FROM, LITIGATION & SUING MONEY, CORRUPTION, AND INNOCENT BLOOD FROM ALL OVER THE WORLD LAUNDERED HERE IN NEW SODOM GOMMORAH SG. U MAY NOT BELIEVE BUT BEHOLD!!! WATCH THEIR CHILDREN'S CHILDREN NO MATTER WHAT AGE OR RACE.... UGLY PEOPLE WILL ALWAYS SHOW THEIR UGLY TRUTH.

Ultra rich brings money to paid for our leadership salary and operation cost lor?? 🤔 🤔 😂 😂 If not, u think singapore allow them to bring troubles??! Singapore face is money face!??? They do not want to invest any money but want to use investor money to pay for salary and expenses and operation cost. Else how to accountability??? 🤔 🤔 How many Singaporean pay huge amount of income tax?? Not even enough to pay to build a toilet or lift in their house.!! 😂 😂 😂

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They bring inflation into Singapore

For a more balanced view, we need to also hear the cons of bringing in Ultra-Rich into Singapore

This brings nothing stable to SIngapore as funds can be taken away , and all it does is push up housing prices etc , and makes for overcrowded roads , shopping malls etc etc

And in the meantime, expats and foreigners are kicked out when we work here, rent, buy, consume etc etc…Singapore only cares about money and that’s their main rule and value in life. 😓

NOW CRIMEWATCH CID WATCHING WHO'S WITHDRAWING BIG AMOUNT IN SINGAPOOR BANKS TO JITTER CRAZY RICH ASIANS... WELCOME TO HELL, SUCKERBERG

The rich getting richer, and the poor getting poorer. This is going to happen in Singapore down the road.
At least 60% of the population would not be able to stand the high cost of living.

nami ngiyeza, I'm a South African Billionaire

Industries since 1980, 1990, 2000, 2010, 2020... economy self-sustaining, self-sufficiency niches, knowledge workers, service sector without karens, ...

Many came to trick answers, cheat money, steal technology, push their lousy inventions to fix issues because their fundamentals are rubbish... how to spend much in singapore.? Super-trouble like kids of billionaires and poster-boy big-tech with engineering hot-seat.?

Hiding from enemies.?

Smart singaporeans all know singapore is clean. Whiter than white. Keep the faith

SG is very Great place foreigners to Park Money. Somehow Money Laundering is almost unheard of. I think the magic sauce is the wise government👍

👍🏻🧧🈵🈵🇸🇬

Behind every great wealth, is a great crime.

Bad guys

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