Singapore – A Home for Millionaires and Billionaires

Well, it seems as though the cost of living in Singapore is going to be going up pretty soon, if it hasn’t already. The recent influx in millionaires and billionaires who have been flocking to the region is actually quite staggering, and it is for a lot of good reasons. In 2014 alone, over 45,000 High Net-Worth Individuals, or HNWIs as they are so fondly called by their peers, actually moved their high profile lives to Singapore to enjoy the fruits of their labors in the lush landscapes of the country.

Asia’s Golden Market

As it turns out, the once impoverished Singapore is now one of Asia’s most affluent regions, with 1 in 50 citizens being able to carry the Millionaire Club card. With over 2.8 percent of the population having such high earning potential, Singapore is positioned to become one of the most developed parts of the world. Interestingly enough, the country is ranked as number 8 in the world as it stands today, which puts it above such notable places as Paris, Hong Kong, Toronto, and San Francisco. It will be interesting to see what this new development does to the housing and job markets, let alone the long-standing traditions that have been upheld by the native people.

The Reason behind the Gold Rush

There seem to be a lot of good reasons why this influx in millionaire and billionaire residents is taking place. For starters, Singapore is quite the breathtaking place to see, with an attractive coastal positioning and an already high standard of living. On top of that, the country is home to several highly reputable private banking cartels and houses a number of dutiful wealth advisors to help those rich citizens with their wads of cash. The Singapore gold rush seems to be happening because people with money want to live and work in an area that is beautifully situated in such a way that it promotes a lot of happiness and fosters great success.

The Effects of the Money

How much money the citizens of any given country possess plays a huge role in how prosperous that country will be. When its people are in debt, a country’s infrastructure can take a pretty serious hit. On the other hand, a country which is the host to several millionaires and billionaires will benefit from the opposite effect as more community properties, homes, and businesses spring up out of nowhere. Just with the billionaire population alone accounted for, the net worth of Singapore’s citizens is $96.9 billion. If those people decided to invest their money the right way then Singapore could eventually become one of the leading financial hubs in the world.

According to some economic experts, Singapore might very well become the best place for business in the near future. It will be extremely fascinating to watch as the bankrolls of the world’s most affluent people begin to affect the landscape of the country in the years to come.

Author: Richard Casteel

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Richard is the chief author of this blog. He worked as a financial advisor in money market form last 10 yrs. His financial sense in Share trading and any other trading is just outstanding. He just shares his knowledge and experience through this blog. You can contact him directly though

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