This article was originally on GET.com at: 4 Reasons Why Singapore Is A Magnet For Rich People To Reside In
Given the fact that Singapore is the world's most expensive city to live in, it is rather intriguing how Singapore remains a draw for so many high net worth individuals who seek to relocate here or in the case of locals, stay put in Singapore.
According to Knight Frank's annual wealth report in 2015 which forecasted that there would be an increase of about 1752 ultra-high-net-worth individuals (who have over S$41 million in assets) between 2014 and 2024.
That renders Singapore as the champion when it comes to growth of this group of super rich individuals, ahead of other cities like Hong Kong, New York, London and Mumbai. Here at GET.com, we share with you 4 reasons why Singapore is a magnet for the super rich to live in.
4 reasons why Singapore is a magnet for rich people to live in
1. Singapore is #1 in the world at grappling with domestic security issues
Singapore may just be a little red dot in this vast world but according to a global ranking by the International Police Science Association, Singapore emerges number 1 when it comes to the handling of domestic security concerns.
In case you're wondering, this study that the researchers at the Institute for Economics and Peace has rounded up took into account 16 indicators such as the ratio of prisoners to official prison capacity, number of internal security and police officers, etc.
Coupled with the trying times revolving around terrorism and violent extremism that the entire world is increasingly engulfed in, we must not ever disregard the importance of security and the inherent ability to tackle security issues in our day-to-day living.
2. Singapore's personal income tax rate is one of the lowest amongst developed nations
Singaporeans love to complain but did you know that our personal income tax rate is one of the lowest in the world. For those who make over $320,000 annually, the personal income tax stands at 20 per cent, though this figure is slated to rise to 22 per cent in 2017.
Compared to other developed nations like Spain, Australia, Japan and Canada where those in the higher income bracket are taxed a whopping 49 per cent, ours isn't that hard to stomach, though you may argue that other countries have better welfare, paid education and healthcare, etc.
For those who are curious, here are the top 5 countries with highest personal income tax rates.
3. The allure of investment potential In Singapore
As maintained by the US-based research institute Business Environment Risk Intelligence (BERI) in its BERI Report 2015-I (April 2015), Singapore emerged as the best city with the best investment potential despite being pitted against 49 other major investment destinations.
This ranking assessed a myriad of aspects including foreign exchange, politics and operations. Plus, there's no restrictions regarding the import of capital and repatriation of profits, it is hardly surprising that the ultra rich would be keen to grow their wealth even more through shrewd investments.
4. Singapore ranks highly for best quality of life
Our cost of living may be on the steeper side but we have to concede with the fact that our quality of life is, in fact, better than many other places in the world. Also according to the EDB, Singapore is second best place in Asia as far as living, working and playing are concerned.
Additionally, according to the Quality of Living Worldwide City Rankings in the Mercer Survey 2014, Singapore is also second best when it comes to infrastructure, amenities, environment alongside a sound political climate, world-class healthcare and transportation system.
Do you want to be a millionaire?
As cruel as it may sound, not everyone is cut out to be a millionaire but nobody says you can't live the millionaire life without being one.
Don't ever beat yourself up even if you are never going to be a millionaire because life's so much more than just having fat wallets, by-invitation-only credit cards or seemingly inexhaustible bank balances.
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