Capable PAP on target to overtake Switzerland as Wealth Capital

[Leongsam]

Singapore Will Replace Switzerland as Wealth Capital

​

Published: Monday, 22 Apr 2013 | 8:26 AM ET
By: Robert Frank | CNBC Reporter & Editor

Kevin Miller | Photodisc | Getty Images
Singapore

Thanks in part to its generous tax regime, Singapore has been a millionaire haven for years. But a new report says the tiny island state may soon overtake Switzerland as the world's largest offshore wealth hub.

The report, by WealthInsight, a London-based research firm, says Singapore is the fastest growing wealth center in the world, with $550 billion in assets under management – up from $50 billion in 2000. About $450 billion of that is offshore.
(Read more: Diamonds Are Investors' Best Friends)

Switzerland has $2.8 trillion in assets under management, with $2.1 trillion of that coming from offshore wealth. Switzerland accounts for 34 percent of the $8.15 trillion in total global wealth.

Yet the report said Singapore could overtake Switzerland in offshore assets under management by 2020. It said Swiss offshore assets could fall below $2 trillion by 2016, while Singapore's assets could more than quadruple by then.

Where the Rich are Moving

It seems the rich are country hopping, reports CNBC's Wealth Editor Robert Frank. Rich Russians are moving to London; rich Americans are moving to Singapore. A look at the reasons why.

The reason: Switzerland may be falling out of favor with the wealthy, while Singapore is attracting more of the new wealth from Asia. Recent offshore wealth scandals and prosecutions in the United States and Europe have pierced the veil of Switzerland's vaunted bank secrecy laws. Western countries are also tightening their tax codes and chasing tax shelters more aggressively.

"The Swiss wealth management model is under intense pressure," the report states. "Offshore centers have suffered significant reputational damage in the past four years and advanced economies are increasing their oversight of cross-border banking and tax havens."

While the West is cracking down on wealth in Switzerland, however, Singapore is opening its arms to all the new rich from Asia. Millionaires and billionaires in Asia, especially China, are pulling hundreds of billions of dollars out of their country to stash overseas.

(Read more: Are Billionaires Smarter Than the Rest of Us?)

Much of that is going to Singapore and Hong Kong. More than half of Singapore's offshore assets come from China, WealthInsight says.
"Rapid growth in Asian economies such as China, India, Indonesia and Malaysia will continue to see new investments in the years ahead," the report stated.

 

[escher]

Isnt it a fucking musical chair with Leong quoting from others who read from the same song sheet given out by PAP spin doctors?

Ah yes! Leong is on his self appointed role (so he sezs) of waving palm leaves and singing hosannas to smear of shit on sole of shoe LKY becauze LKY through his brilliance enabled Leong to get huge returns on his investments and therefore Leong is positioned with his head down down and arsehole up high high in front of that smear of shit and to do things for smear of shit enjoyment.

Looks like for Leong enjoyment too.
One never know what form of enjoyment enjoyment will take.

He not contented with enjoyment of NZ, kept turning his head back to Stinkapore and saying how he enjoyed PAP here

HE SHOULD COME BACK AND TASTE THAT ENJOYMENT FIRST HAND

 

[hockbeng]

singapore will replace switzerland as wealth capital

​

published: Monday, 22 apr 2013 | 8:26 am et
by: robert frank | cnbc reporter & editor

kevin miller | photodisc | getty images
singapore

thanks in part to its generous tax regime, singapore has been a millionaire haven for years. But a new report says the tiny island state may soon overtake switzerland as the world's largest offshore wealth hub.

The report, by wealthinsight, a london-based research firm, says singapore is the fastest growing wealth center in the world, with $550 billion in assets under management – up from $50 billion in 2000. About $450 billion of that is offshore.
(read more: diamonds are investors' best friends)

switzerland has $2.8 trillion in assets under management, with $2.1 trillion of that coming from offshore wealth. Switzerland accounts for 34 percent of the $8.15 trillion in total global wealth.

Yet the report said singapore could overtake switzerland in offshore assets under management by 2020. It said swiss offshore assets could fall below $2 trillion by 2016, while singapore's assets could more than quadruple by then.

where the rich are moving

it seems the rich are country hopping, reports cnbc's wealth editor robert frank. Rich russians are moving to london; rich americans are moving to singapore. A look at the reasons why.

the reason: Switzerland may be falling out of favor with the wealthy, while singapore is attracting more of the new wealth from asia. Recent offshore wealth scandals and prosecutions in the united states and europe have pierced the veil of switzerland's vaunted bank secrecy laws. Western countries are also tightening their tax codes and chasing tax shelters more aggressively.

"the swiss wealth management model is under intense pressure," the report states. "offshore centers have suffered significant reputational damage in the past four years and advanced economies are increasing their oversight of cross-border banking and tax havens."

while the west is cracking down on wealth in switzerland, however, singapore is opening its arms to all the new rich from asia. Millionaires and billionaires in asia, especially china, are pulling hundreds of billions of dollars out of their country to stash overseas.

(read more: are billionaires smarter than the rest of us?)

much of that is going to singapore and hong kong. More than half of singapore's offshore assets come from china, wealthinsight says.
"rapid growth in asian economies such as china, india, indonesia and malaysia will continue to see new investments in the years ahead," the report stated.

thats great news!

 

[greedy and cunning]

Singapore Will Replace Switzerland as Wealth Capital

Thanks in part to its generous tax regime, Singapore has been a millionaire haven for years. But a new report says the tiny island state may soon overtake Switzerland as the world's largest offshore wealth hub.

Switzerland has $2.8 trillion in assets under management, with $2.1 trillion of that coming from offshore wealth. Switzerland accounts for 34 percent of the $8.15 trillion in total global wealth.

Yet the report said Singapore could overtake Switzerland in offshore assets under management by 2020. It said Swiss offshore assets could fall below $2 trillion by 2016, while Singapore's assets could more than quadruple by then.

===========
so you implying that every sillyporeans will attain swiss standard of living by 2020 ?

if not , what is there to boast about when it only benefit a selected group of vultures
and vampires.

 

[Leongsam]

===========
so you implying that every sillyporeans will attain swiss standard of living by 2020 ?

Most Singaporeans have already surpassed the Swiss standard of living.

There are a few losers who didn't make the cut but you can hardly blame the government for that.

 

[kingrant]

Singapore is just the new prostitute after Switzerland for the rich and mighty and corrupt.

While Switzerland is regaining its moral compass, Singapore is fast losing hers.

 

[escher]

Singapore is just the new prostitute after Switzerland for the rich and mighty and corrupt.

While Switzerland is regaining its moral compass, Singapore is fast losing hers.

Ever since smear of shit on sole of shoe LKY kicked out the old guard to set up his fucking new guards, Singapore never has moral compass from that time.

YOU SLEEPING OR SOMETHING?
WHAT MORAL COMPASS DID SINGAPORE HAD/HAS FOR THE LAST 20 FUCKING YEARS AND MORE?

WE SEE ONLY MEALY MOUTH SAYINGS FROM THAT SMEAR OF SHIT ON SOLE OF SHOE AND SELF FULFILLING PROPHECIES OF HIS OWN CHOSEN ONES AND GOOD GENES AND THAT IF NOT GIVEN MORE MONEY, HIS PAP FUCKING MINISTERS WILL GO ON ROBBING SPREE

AND OF COURSE, EVEN WITH LOADS AND LOADS OF MONEY, THE PAP MINISTERS STILL WENT ON TO ROB US OF HUNDREDS OF BILLIONS

 

[jw5]

What's Arnie doing on Power Lunch? :p

 

[kingrant]

It should be

What moral compass did Singapore have.....

WHAT MORAL COMPASS DID SINGAPORE HAD/HAS FOR THE LAST 20 FUCKING YEARS AND MORE?

 

[Poomer]

It should be

What moral compass did Singapore have.....

No it should be,

Blinded by the allure of wealth, who gives a fuck about a moral compass. As they say money is the root of all evil. We are literally living in SIN city, thats even our airport code.

 

[Leongsam]

Blinded by the allure of wealth, who gives a fuck about a moral compass. As they say money is the root of all evil. We are literally living in SIN city, thats even our airport code.

Morality is an individual choice that each and every Singaporean makes. It is not forced upon anyone.

 

[Poomer]

Morality is an individual choice that each and every Singaporean makes. It is not forced upon anyone.

True, but the government's emphasis on wealth isn't helping matters right? When you look at the number of government officials, MPs, religious and charity leaders getting hauled to court. You get the idea

 

[Leongsam]

True, but the government's emphasis on wealth isn't helping matters right? When you look at the number of government officials, MPs, religious and charity leaders getting hauled to court. You get the idea

You're putting the cart before the horse. The government only emphasises wealth because they know that it is what Singaporeans consider to be of primary importance.

At every election, the carrot has been $$$$ and Singaporeans have always responded positively to the prospect of becoming more wealthy if they vote for the PAP.

If the citizens were not money faced, they would have rejected the PAP's offer of cash grants, upgrading etc and opted for more democracy instead.

 

[ThugSin]

 

[Poomer]

You're putting the cart before the horse. The government only emphasises wealth because they know that it is what Singaporeans consider to be of primary importance.

At every election, the carrot has been $$$$ and Singaporeans have always responded positively to the prospect of becoming more wealthy if they vote for the PAP.

If the citizens were not money faced, they would have rejected the PAP's offer of cash grants, upgrading etc and opted for more democracy instead.

Our education system, our traditional media, it all glorifies money. I really don't see how people who hail from a small fishing village, as you guys allude, can value money above all else.

Who doesn't agree with handouts, you go to any country in the world and they'll accept free handouts. What can I say, Singapore has alot of short-sighted people, and my respect goes out to the people of Hougang for holding out.

 

[winnipegjets]

]Most Singaporeans have already surpassed the Swiss standard of living. [/B]

You are talking like the PAP ...good job ...looking forward to see your candidancy in GE 2016.

 

[po2wq]

Capable PAP on target to overtake Switzerland as Wealth Capital ...

wat target? ... who set dat target? ...

 

[enterprise2]

Who cares how many billionaires or trillionaires coming here??? All we care about is WHEN ARE WE BECOMING ONE!!! No fun watching these jokers zipping around in their lambos from our SBS buses/MRT!!

 

[Leongsam]

Who cares how many billionaires or trillionaires coming here??? All we care about is WHEN ARE WE BECOMING ONE!!! No fun watching these jokers zipping around in their lambos from our SBS buses/MRT!!

Look in the mirror to ask that question. Your destiny is in your own hands. Nobody else gives a damn.

When I want to achieve anything, I set about doing it myself either directly or in collaboration with those who have a vested interest in my success.

 

[I_Hate_Pappies]

How come you are using this lanjiao bin again? :oIo: