[QODLink]
101 East

The world's richest city

With the rising cost of living, locals are starting to struggle to keep up, so is the party set to end?

Last Modified: 05 May 2013 11:12
Email Article
Print Article
Share article
Send Feedback

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.

Connect with 101 East

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.

Statistics show the wages of Singapore’s bottom 20 percent have fallen by about 10 percent in real terms in the last ten years, while incomes for the top 20 percent have grown by about 30 percent.

Cries for a larger social security net for the poor are getting louder but this will mean increasing taxes. So, can Singapore, the economic miracle, sustain the ultra-rich’s attention for long? Or will the party end soon?

101 East airs each week at the following times GMT: Thursday: 2230; Friday: 0930; Saturday: 0330; Sunday: 1630.

Click here for more 101 East

274

Source:
Al Jazeera
Email Article
Print Article
Share article
Send Feedback
Topics in this article
People
Country
City
Featured on Al Jazeera
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Israel's Operation Protective Edge is the third major offensive on the Gaza Strip in six years.
Muslims and Arabs in the US say they face discrimination in many areas of life, 13 years after the 9/11 attacks.
At one UN site alone, approximately four children below the age of five are dying each day.
Featured
More than fifty years of an armed struggle for independence from Spain might be coming to an end in the Basque Country.
After the shooting-down of flight MH17, relatives ask what the carrier has learned from still-missing MH370.
Human rights and corporate responsibility prompt a US church to divest from companies doing business with Israel.
Afghan militias have accumulated a lengthy record of human-rights abuses, including murders and rapes.
Growing poverty is strengthening a trend among UK Muslims to fund charitable work closer to home.
join our mailing list