The rich get richer

[makapaaa]

[h=2]The rich get richer[/h]

September 13th, 2013 |

Author: Contributions

The report by Wealth-X and UBS said that 50 Ultra-High Net
Worth (UHNW) people in Singapore made it to the ranks of the super rich after
property prices kept rising, rising, and rising last year. The Wealth-X mission
statement: Provide our members with intelligence that allows them to acquire new
relationships, expand existing ones, and eliminate compliance hurdles.

UHNW individuals are defined by Wealth-X as having total assets of at least
US$30 million (S$38 million). On average the 1,355 UHNW Singapore residents have
US$180 million in total assets. Together they have a combined wealth of US$160
billion. Singapore has a ratio of billionaires per capita 3 times higher than
that of the United States, with one billionaire for every 200,000 residents.

Of course, not all their money is made from property asset enhancement. The
government has made sure the rich get richer, through measures such as:

• Gains derived from the sale of a property in Singapore is not taxable as it
  is deemed as capital gain;
• There is no estate duty payable for deaths on and after 15 Feb 2008;
• Generally, dividends paid on or after 1 Jan 2008 by a Singapore company are
  not taxable. Foreign dividends received in Singapore on or after 1 Jan 2004 by
  resident individuals are also not taxable;
• Goods & Services Tax or GST on Investment Precious Metals was removed by
  the Singapore government on 1 October 2012.

Throughout the course of history, the flow of migration has always been
directed towards destinations where there is perceived freedom and prosperity.
Nobel prize-winning economist and champion of laissez-faire economics Milton
Friedman referred to this as “people voting with their feet”. It works both
ways. Singapore is very welcoming and inviting to the über rich, it is also
getting very hostile to those struggling to make ends meet. The tragedy is that
the poor are too tied down by debt servicing to make the relocation with their
feet.

A Mr Tan, 71, who has a postgraduate in mathematics, actually pleaded with
his doctor to end his life and his wife’s two years ago. Even he could not do
the math, caring for his dementia afflicted wife, a son with
obsessive-compulsive disorder and a daughter with schizophrenia, all on the
pathetic financial assistance and food rations from the community development
council. There’s no report on the ultra destitute individuals in
Singapore.

Tattler

*
The writer blogs at http://singaporedesk.blogspot.com.

 

[DuYunQi]

A lot of Singaporeans are beginning to find out on this kind of news.. and many of them are not very happy.

Take a guess if they are the UHNW ones? And one thing about these UHNW.. which are only a FEW.. is that there are not enough of them to change any situation when big numbers of votes are needed in a fair election.. that's when their watever high net worth.. is pulled away.. as each person is allowed only ONE vote.. and I doubt these few will want to use their money to influence any changes..

Well.. things will come to a very interesting conclusion soon... very very soon.

 

[Leongsam]

There's nothing wrong with the rich getting richer. It gives added incentive for ordinary Singaporeans to join the ranks of the rich with the knowledge that once they get there, the sky is the limit.

 

[yourlaubu]

There's nothing wrong with the rich getting richer. It gives added incentive for ordinary Singaporeans to join the ranks of the rich with the knowledge that once they get there, the sky is the limit.

blah blah blah as usual, you and all your usual bullshits, so when the fuck are you going to shut down this forum? prove show your true allegiance to your masters, and spare everybody your lame wayangings

 

[PrinceCharming]

A lot of Singaporeans are beginning to find out on this kind of news.. and many of them are not very happy.

Suggestion to makapaaa: Please disseminate it to major social networking sites that most Sinkies access.

 

[SadPlumpGal]

Instead of being jealous, you should let their wealth inspire you to do as they do.

 

[extramarital]

There's nothing wrong with the rich getting richer. It gives added incentive for ordinary Singaporeans to join the ranks of the rich with the knowledge that once they get there, the sky is the limit.

This proves that the PAP is doing a great job motivating ordinary people to excel instead of depending on the government for handouts.

 

[DuYunQi]

I laughed when I read what Sam posted.. and tears came to my eyes when I read what plumbgal posted... no no.. not from crying.. still from laughing.

Being inspired by ppl who tries hard and succeed in the end.. that is understandable.. to be inspired by rich ppl.. just cos of their wealth or HNW?

Forget it! Show ME some good standing in the community.. show that you paid back to society, show me you donate on a monthly basis.. then it will inspire me to get to your level of wealth. so as to do the same kind and generous acts that you might do.

But, look at the lack of taxation on THESE PEOPLE.. and then see the fact that living costs.. medical costs.. all rising around us.. and GST remains at close to 10%.. and there is talk ... and speculation of raising taxes.. but it doesn't seem to be targetted at those who EARN MORE.. but all across the people.

Would those who don't earn 2k a month be happy? Would those who don't own 2 or more property be happy?

When everyone pays taxes.. but some gets to keep more money just because NO TAXES are levied on their transactions to get even more rich.. you can bet A LOT OF PEOPLE WILL BE UNHAPPY AND START ASKING QUESTIONS!!

 

[Leongsam]

Forget it! Show ME some good standing in the community.. show that you paid back to society, show me you donate on a monthly basis.. then it will inspire me to get to your level of wealth. so as to do the same kind and generous acts that you might do.

Who the hell cares about the rest of society in the first place. Why should I lift a finger for society when society stinks.

As for donations as far as I'm concerned if someone else wants my money they can jolly well work for it. I'm certainly not going to give it away for free.

There are enough freeloaders in this world without me encouraging more to get on board the freebie ship.

 

[The_Hypocrite]

I have no issues with the rich getting richer. The issues I have is why are the rich given more economic incentives to be richer whereby these incentives are not available to the working class? I prefer more tax incentives for the middle class.

For example, the rich have heaps of tax deductions for all sorts of dodgy spending
for example spending on luxury cars etc. How come the working class have a more limited scope in tax deducting their cars? In oz, car loans and operating costs are not tax deductible. But the rich buy a luxury car under their company or whatever shell company, its fully deductible.

If such benefits are allowed for all, the rich will be less rich but the middle class will be better off. This is just an example.

Also the rich are getting richer at the expense of the poor and middle class. Look at how the bosses treat their employees and you see the whole story...if the rich get richer due to fixed assets like building a factory, creating a good product, selling it and generating wealth, its fine,,but when its just being spent manipulating the stock market, its has few 'social' benefits.

There's nothing wrong with the rich getting richer. It gives added incentive for ordinary Singaporeans to join the ranks of the rich with the knowledge that once they get there, the sky is the limit.

 

[TopSage]

Instead of being jealous, you should let their wealth inspire you to do as they do.

for.myself.I.also aim to make more and be.richer.
however something is very wrong with the socio economic
system we live in. Its not simply a matter of.rich getting richer but
poor struggling hatder. It is not jealousy but a sense.of.injustice
taking hold...singaporeans general hold our tycoons.like Shaw Brothers
in high regard for working their.way up.

the system today sees overcompensation
of high executives and low wages for workers.
This 3rd world wage structure resembles tge exploitative
systems in non first world countries.

it is not jealousy but a strong sentiment that.change is needed to broadly benefit
the common.pple

 

[bryanlim1972]

the system today sees overcompensation
of high executives and low wages for workers.
This 3rd world wage structure resembles tge exploitative
systems in non first world countries.

top wages are reserved for cabinet ministers and perm secs.

mere mortals are expected to put up with the lowest possible wages to keep the economy competitive.

 

[DuYunQi]

Who the hell cares about the rest of society in the first place. Why should I lift a finger for society when society stinks.

As for donations as far as I'm concerned if someone else wants my money they can jolly well work for it. I'm certainly not going to give it away for free.

There are enough freeloaders in this world without me encouraging more to get on board the freebie ship.

So that's why you posted you left SG and went to NZ, but also am not happy in NZ cos of the welfare system there..??

Tsk tsk.. I doubt you can be happy anywhere.. find a remote island and do all the work needed to provide for yourself then. Maybe then you can truly keep your money all for YOURSELF and not let others have a hand on it.

 

[DuYunQi]

top wages are reserved for cabinet ministers and perm secs.

mere mortals are expected to put up with the lowest possible wages to keep the economy competitive.

Pricisely!!

The poor (as what dear TopSage has posted) are being hit constantly by rising living costs.. and when there was a talk by Professor Lim Chong Yah to actually increase the wages of low income earners by like 100%, the GOVT actually REJECTED this FIRST... then put on in the media that it would raise those below 1k to 1k (correct me if I am wrong on this as I am running from memory)

So why does it seem that the way things are, the rich get it so easy while the poor and low income earners, and middle class; have to like endure MORE

Almost everyone loves the "rags to riches" stories, as it potrays hard work, a little or a lot of luck, some pitfalls along the way.. but eventual success because of commit ment, passion and even compassion.

Who still remembers that facebook guy who let go of his US citizenship to come here to splurge on luxury and women? Who remembers or likes ppl with money who come to SG to spend on WOMEN, CARS and LUXURY GOODS?

And.. the govt has put on the local media to put out the word "philanthropy".. maybe all those who vehemently support the rich and HNW and who don't give back to society or donate should check up on that word!!

 

[1nottiboy]

once upon a time, you would be considered an ultra rich if you had $10m. just when I am nearing the mark, they moved the benchmark to $30m. sigh...another $29m to go...

 

[shittypore]

once upon a time, you would be considered an ultra rich if you had $10m. just when I am nearing the mark, they moved the benchmark to $30m. sigh...another $29m to go...

Who knows, maybe you try you might reach 60m.
Bless You, hope you make it.

 

[bryanlim1972]

The poor (as what dear TopSage has posted) are being hit constantly by rising living costs.. and when there was a talk by Professor Lim Chong Yah to actually increase the wages of low income earners by like 100%, the GOVT actually REJECTED this FIRST... then put on in the media that it would raise those below 1k to 1k (correct me if I am wrong on this as I am running from memory)

a bit off topic, but minimum wage is a blunt tool. they are on the right track with the wage credit scheme etc.

raising wages is not the real issue as much as (asset)inflation. its alright for wages to be low if things are affordable.

in the 80s, the hardworking taxi driver would be able to afford a condo. not anymore.

blue collared jobs need to be elevated in pay and status.

 

[jw5]

once upon a time, you would be considered an ultra rich if you had $10m. just when I am nearing the mark, they moved the benchmark to $30m. sigh...another $29m to go...

For your sentence to make sense, you need to have another $20 million to go...................................