Singapore overtakes Hong Kong as home to Asia's wealthy

[StinkiePeasants]

Congratulations to the PAP for a job well done. Keep up the good work.

Singapore overtakes Hong Kong as home to Asia's wealthy

SINGAPORE, June 20 (Reuters) - Singapore overtook Hong Kong as home to Asia's wealthy last year as declining stock markets hit the former British territory a lot harder than its Southeast Asian rival, according to Capgemini and RBC Wealth Management.

Hong Kong, whose stock market capitalisation slumped 16.7 percent last year, saw a sharper drop in the ranks of people with more than $1 million to invest as a larger proportion of that wealth was locked in equity.

Southeast Asia also shows stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports.

The number of high-net-worth individuals in Hong Kong fell 17.4 percent to 83,600 last year, compared with a decline of 7.8 percent to 91,200 people in Singapore, RBC Wealth's head of emerging markets Barend Janssens told reporters in Singapore on Wednesday.

Hong Kong had leapfrogged Singapore in 2010 after falling behind in 2008.

Faster-growing Asia had for the first time more millionaires than North America last year, according to Capgemini and RBC Wealth's latest world wealth report released on Tuesday.

The report did not provide estimates on the number of wealthy people in Singapore and Hong Kong.

Singapore, home to more Indonesian millionaires than Jakarta, has in recent years also attracted many rich people from around the world, including Facebook co-founder Eduardo Saverin who earlier this year gave up his U.S. citizenship.

 

[Cruxx]

Number of billionaires from Hong Kong: 36

Number of billionaires from sinkieland: 4

 

[Narong Wongwan]

Number of billionaires from Hong Kong: 36

Number of billionaires from sinkieland: 4

You left out the royal family....from that family chow chow a handful billionaires

 

[Mdm Tang]

You left out the royal family....from that family chow chow a handful billionaires

Also left out was the newly minted Bnaire Ah Sam
( sam goi ; the popiah king )

the tens of newly arrival FT bnaires ...

 

[StinkiePeasants]

Singapore: The new hub for the rich

http://www.youtube.com/watch?v=OFhd_nXuSW4

 

[Bigfuck]

Left out one old man. BTW, you forgot to mention the magnet of trouble entailed that the low class leekuanese dog never anticipate. They think their nice hardware can go for war. Better think twice. There is hardware, software and the issue of numbers as well as maintenance parts.

 

[The_Hypocrite]

So is it a good thing for Singaporeans?

 

[johnny333]

With the recession in many countries, many are expecting their millionaires/billionaires to pay more taxes. There are few places left like Spore for these people to run to.

 

[king_of_abalone]

Many of Singapore's rich come from the wage earner class: senior professionals and executives earning high 6 figures to few million a year type.

While many of HK's rich come from their entrepreneur and tycoon class with a smaller number coming from the professions and corporate executive class. Add to this their vast Chinese hinterland as a market and you can visualize untold riches coming to whoever did well in their businesses.

That's why we have only 4 billionaires and they have got 36.

We are used to working hard at corporate jobs and to climb the corporate ladder to get there. This stemmed from the economic strategy our Govt employed during the early days: build up an educated and professional workforce, build up a solid middle class with breadwinners comprising mostly of middle management executives, attract global MNCs to invest and set up base here to utilize our highly educated middle manager workforce. Use GLCs to consolidate and buffer the marketplace as well as utilize the educated local workforce.

The Hongkongers did not have this burden. Their private companies could grow and rule the region without the repressive intervention of GLCs. People aspired to be rich and powerful and it was true that pre-1997, the most powerful people were the local tycoons who controlled the economy and society, including the underworld, and not the Brit colonial bureaucracy. The local rich could make things troublesome for the Brits out and the Brits were wary of and intimidated by them. Local police chiefs held more power over the territory and triads than the Brit colonial chiefs.

Hence, Singapore and Hong Kong are very different in nature.

You can get rich in Singapore but you can get fucking rich in HK.

 

[Bigfuck]

HKgers not very smart, every day play right hand left pocket stunt and feed of PRCs. That is now changing. Interesting mechanics ongoing.

 

[johnny333]

That's why we have only 4 billionaires and they have got 36.

.

I'm sure we have more billionaires. The difference is that many of the Sporean wealthy have to keep their wealth secret.
How do you think Sporeans would react if they found out that LKY & Co are billionaires

 

[StinkiePeasants]

Many of Singapore's rich come from the wage earner class: senior professionals and executives earning high 6 figures to few million a year type.

Hence, they are nouveau riche with no class and breeding. Old money considers them 2nd class citizens.

 

[wendychan]

Hence, they are nouveau riche with no class and breeding. Old money considers them 2nd class citizens.

how do the nouveau riche behave????

 

[king_of_abalone]

Hence, they are nouveau riche with no class and breeding. Old money considers them 2nd class citizens.

That is a sweeping statement. Many individuals in this class descended from old money too. Many doctors, lawyers, bankers, etc have kinship and heritage to old rich families in Singapore's distant past. I don't want to name names, just do some CSI on your own and you will find out.

 

[StinkiePeasants]

how do the nouveau riche behave????

Typical nouveau riche's behavior listed below. Like any group of people, there are always exceptions:

1. Loud.

2. Obnoxious.

3. Swearing in public.

4. Ostentatious display of wealth in public which becomes vulgar and out of place.

5. Treat service staffs like their slaves.

6. No table manner.

7. Boastful about their achievements and material possessions even if people didn't ask about them.

8. Lack of social grace.

9. Lack of social etiquette.

10. Expect everybody else to give in to their demands, otherwise they will make a scene or threaten to sue or what nots.

11. Feeling of self-importance as if everybody else ought to respect them.

12. Like to seek attention in public.

13. For ladies: Like to wear jeweleries with plenty of diamonds to prove their wealth and status

14. For men: Like to drive loud supercars to impress women

15. For men: Like to break traffic rules

16. Telling others how they made their fortunes even if others didn't ask.

17. Name dropping of famous and powerful people as if they know them personally.

18. Like to take pictures with famous and powerful people, who are usually guest of honors, during special events they attend. They then use those pictures to show off that such famous person is their friend or relative which really is not the case because other attendees can also have their pictures taken with such person.

19. Like use the phrase "Do You Know Who I Am?" when not getting their way.

20. Getting drunk in public.

21. Pretend to be very important and busy people by spending a lot of time talking on their phones even during non-business social occasions.

23. Always want to join to the Old Money crowd to gain real power and political influence, social prestige, and public recognition but cannot get in.

The (2) videos below are examples of how the nouveau riche behave.

<iframe width="480" height="360" src="http://www.youtube.com/embed/1BAETIJR9nI" frameborder="0" allowfullscreen></iframe>

<iframe width="560" height="315" src="http://www.youtube.com/embed/QduDKHbO4_M" frameborder="0" allowfullscreen></iframe>

 

[laksaboy]

That is not necessarily something to be proud of.

If you're a tax haven such as the Cayman Islands, you will also attract many rich people.

And crooks.

 

[Cruxx]

Sinkie parvenus are an embarrassing lot. All the money in the world just can't conceal the stench of sinkieness on them. Pray tell, who's the Bill Gates or Steve Jobs of Sinkieland? Sim fucking Wong Hoo?