Published on May 3, 2013
China may soon be the birthplace to
half the world's billionaires but Singapore - the world's richest city -
is where they go to play. Some of the rich and famous who have moved
to the tiny Southeast Asian island republic include Indian telecom
tycoon Bhupendra Kumar Modi, Chinese movie superstars Gong Li and Jet
Li, New Zealand billionaire Richard Chandler, and famed US investor Jim
Rogers. One in six households in Singapore have a net worth of $1m,
reflecting the flow of wealth eastwards as the centre of global economic
activity shifts to Asia. With low taxes, a reliable, corruption-free
government and protective private banking laws, the world's ultra-rich
are flocking to make Singapore home, giving it the highest percentage of
millionaire households in the world. While the rich have fun, locals
are struggling to keep up with the rising cost of living.
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