Singapore overtakes Hong Kong ...

[JingDong]

Singapore overtakes Hong Kong as home to Asia's wealthy

Singapore overtook Hong Kong as home to Asia's wealthy last year as declining stock markets hit the former British territory a lot harder than its Southeast Asian rival, according to Capgemini and RBC Wealth Management.

Hong Kong, whose stock market capitalisation slumped 16.7 percent last year, saw a sharper drop in the ranks of people with more than $1 million to invest as a larger proportion of that wealth was locked in equity.

Southeast Asia also shows stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports.

The number of high-net-worth individuals in Hong Kong fell 17.4 percent to 83,600 last year, compared with a decline of 7.8 percent to 91,200 people in Singapore, RBC Wealth's head of emerging markets Barend Janssens told reporters in Singapore on Wednesday.

Hong Kong had leapfrogged Singapore in 2010 after falling behind in 2008.

Faster-growing Asia had for the first time more millionaires than North America last year, according to Capgemini (CAPP.PA) and RBC Wealth's latest world wealth report released on Tuesday.

The report did not provide estimates on the number of wealthy people in Singapore and Hong Kong.

Singapore, home to more Indonesian millionaires than Jakarta, has in recent years also attracted many rich people from around the world, including Facebook (FB.O) co-founder Eduardo Saverin who earlier this year gave up his U.S. citizenship.

Singapore overtakes Hong Kong as home to Asia's wealthy | Reuters

 

[Boson]

Nothing new ... Singapore is better, anyday .... and on every aspect.

Btw... If you want to live a life closest to India, in terms of availability of Indian food, cultural aspects .... Singapore is the place to come to.... Next best would be UK (or middle-east, but Dubai's climate isn't as good ... and Saudi isn't in fray for obvious reasons).

In US or Europe you have to adjust to those countries .... and also no cheap maids in US or Europe (UK included).

So, Singapore has every good thing, you can think of .. sort of best of al the world:

1. Don't have to live under the nose of religious police (in Saudi).
2. Not easily and cheaply available Indian food, cultural items in USA (except main cities.. but even NY can't compete with Singapore), or Europe.
3. No maids in the developed world.
4. Smaller flight time to India.. compared to western hemisphere.
5. You can bring your parents, easily.. and they can stay all through till you are working.
6. In Singapore, everybody speaks English ... (not the case in HongKong.. most poor people can speak only cantonese.. so you can have some trouble, outside your office and home).
7. A funny thing .... you can have an exact feel of Mumbai or Chennai, if you come to Little India in Singapore (It's as crowded with even roadside Bazaar,..... unlike the rest of Singapore, excluding the chinese people's ChinaTown which is also crowded).
8. Healthcase is costly ... but you wan't find filled maternity wards (unlike Hong Kong's which are flooded these days with chinese).
9. Taxes are low ... ok, same as HK.

 

[shuttler]

Horray to the immense economic strengths of ethnic Chinese!

 

[Rajaraja Chola]

well done singapore

 

[Diamond_Gold]

Singapore overtakes Hong Kong as home to Asia's wealthy

Singapore overtook Hong Kong as home to Asia's wealthy last year as declining stock markets hit the former British territory a lot harder than its Southeast Asian rival, according to Capgemini and RBC Wealth Management.

Hong Kong, whose stock market capitalisation slumped 16.7 percent last year, saw a sharper drop in the ranks of people with more than $1 million to invest as a larger proportion of that wealth was locked in equity.

Southeast Asia also shows stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports.

The number of high-net-worth individuals in Hong Kong fell 17.4 percent to 83,600 last year, compared with a decline of 7.8 percent to 91,200 people in Singapore, RBC Wealth's head of emerging markets Barend Janssens told reporters in Singapore on Wednesday.

Hong Kong had leapfrogged Singapore in 2010 after falling behind in 2008.

Faster-growing Asia had for the first time more millionaires than North America last year, according to Capgemini (CAPP.PA) and RBC Wealth's latest world wealth report released on Tuesday.

The report did not provide estimates on the number of wealthy people in Singapore and Hong Kong.

Singapore, home to more Indonesian millionaires than Jakarta, has in recent years also attracted many rich people from around the world, including Facebook (FB.O) co-founder Eduardo Saverin who earlier this year gave up his U.S. citizenship.

Singapore overtakes Hong Kong as home to Asia's wealthy | Reuters

Frankly, how many singaporean do really feel the joys? At what costs are we paying when we are forging ahead so fast? i.e. any trade off on ours fundamental rights such as... family and social values, justic system and national unity, environment and quality of life etc...?

Life and happiness is not determined by such empty and hollow standing or ranking, I rather trade in all these just to ensure that we have a geniune society without crooks and liars....

So sad!:

 

[notsuperstitious]

Two years ago my company moved 200 man front office (mostly very high end jobs) from HK to SG because our fund managers found HK too polluted and not fit for bringing up kids.

HK is a great place though, but SG is more cosmo.

 

[xataxsata]

Hong Kong is nothing about china its the Britishers who have build it.

As they moved on it goes to trash.

 

[northeast]

Hongkong is a city of china，the competition amongst chinese citys are highly intense.if mainlander chinese were as dumb as the people of ASEAN countries ，I am sure Hongkong would do much better than Singapore.
Singaporean are simply sucking blood out of ASEAN countries.All the money and human resource of ASEAN countries floods to singapore.
Unlike singapore，there is no way to develop high tech industry in hongkong.They would lose to their mainlander brothers very badly.

 

[Diamond_Gold]

Hongkong is a city of china，the competition amongst chinese citys are highly intense.if mainlander chinese were as dumb as the people of ASEAN country ，I am sure Hongkong would do much better than Singapore.

No need to fight for such hollow pride! For us, the average singaporeans, it came at a heavy cost..... Why fight to lose more for those human trashes? LOLOL.

BTW, please mind your words.

 

[notsuperstitious]

Hong Kong is nothing about china its the Britishers who have build it.

As they moved on it goes to trash.

You are completely wrong. Its an economic powerhouse, a world class one. India would be lucky to have such a city in the next 30 years.

While the british contribution is undeniable, to say they are declining after the british left is completely wrong.

 

[Bobby]

No wonder...HK is big mess compare to Singapore

 

[ahfatzia]

No wonder...HK is big mess compare to Singapore

Hmm So you're basically saying both cities are in big messes. Very informative.

 

[Springfield]

No wonder...HK is big mess compare to Singapore

I don't think HK is a mess: in fact I have great respect for HK.

 

[Avisheik]

Singapore may be first in many things but the citizens does not feel any benefits being passed of to them rather most of it is being passed on to foreigners. This is causing some sort of xenophobia among singaporeans

 

[Diamond_Gold]

No wonder...HK is big mess compare to Singapore

Err... Mess like in the case of your BOMBAY or DELHI ? LOLOL.