There's a huge concentration of rich in Singapore and investors should pay attention to this phenomenon. At a time when investing in China may be a necessary evil, Singapore could be a more transparent option.
“The number of dollar millionaires in Singapore has practically doubled in size since 2008.” — Wealth Insight
Singapore, the Lion City
In a recent interview, investor Jim Rogers said, “Most of my thoughts you couldn’t print.”
Boy, would I like to know what they are. Rogers seems always be in the right place at the right time. This made him a multi-millionaire. His contemplations must be more than smut; they surely have to be enlightening too — as to how to make money.
Rogers lives in Singapore. It seems he has chosen well according to a recent publication from Wealth Insight (London). Though Singapore now has the second-highest number of millionaires in the world, lagging only Monaco, the total number is predicted to increase 59% by 2017. Rogers won’t have trouble finding counterparts to socialize with whom also have ample money — that is a relief.
For those who wonder about this concentration of the rich in Singapore, here’s the answer: Wealthy families from the surrounding Asian countries want a safe haven and Singapore provides it. This means the financially well-endowed are drawn to Singapore. And, money begets money.
Another attraction is the educational system in Singapore. It boosts five public and 15 private universities. International students are common. The wealthy who transplant themselves to Singapore are assured their children can receive a good education.
Millionaires in Singapore are heavily concentrated in financial services, just like Jimmy Rogers. Altogether, Singapore had $1.29 trillion under management in 2012 — no small sum. Over the next five years, financial services are projected to be the largest source of income for new millionaires as well.
At a time when the respected Burton Malkiel, the author of the influential book on indexing, A Random Walk Down Wall Street, recently said, “Ignore China at your own risk,” paying attention to the Singapore phenomenon might be helpful as well. Though investing in China may be a necessary evil (it is corrupt in many ways, after all), investing in Singapore seems like it could be a more transparent option.
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