One of the core reasons that millionaires are choosing Singapore as their new home is because Singapore is currently in the middle of an industrial revolution. Not necessarily the same kind of revolution seen in the UK and the USA, but it’s important all the same. The government in Singapore have put a lot of time and effort into building up their core industrial sectors and one highlighted point of this plan was to increase the amount of foreign investment. Therefore, Singapore provides the perfect opportunity for millionaires to make a smart investment and enjoy the finer things in life. In fact, Singapore is ranked by the World Bank as the number one country for ease of business due to its prime location for accessing the business markets in South East Asia.
Singapore’s key areas of cultural and financial growth include creative industries such as film, music, print and TV. Part of the reason for this growth is because companies working within this sector have easy access to Western and Asian markets.
Companies as big as GlaxoSmithKline have chosen to expand their empires in Singapore, due to the sheer level of financial support being channelled into this industry by the government. As well as, Asia is considered to be at the pinnacle of the top developments in biomedical science, therefore businesses in Singapore can easily access the talent and the technology within Asia.
Environment and Water
The Singapore government aims for the country to become a Global Hydro Hub by the end of the year 2015. To reach this objective, there have been steady investments in innovative technology that should be able to make water use far more accessible as well as energy efficient. The government is also keen on addressing key environmental issues such as climate change and waste management. Businesses that are operating within this sector will benefit from a lot of support from the Singapore government.
Coupled with the already favourable business climate, the government in Singapore have provided even more incentives to foreign investors. For example, overseas companies that register their businesses in Singapore will experience extremely low tax rates. There is also the opportunity for brand new businesses to receive financial assistance thanks to the Economic Development Fund.
The financial and business aspect isn’t the only reason that millionaires are choosing to relocate to Singapore. The wealthy nation also offers fantastic entertainment and a high quality of life.
The Chingay festival is lengthy festival featuring many celebrations and public holidays, and aims to being together people of all races and cultures, making it one of the most ethnically diverse celebrations in Singapore. There are also large celebrations for the festivals recognised by individual cultures, such as the Hindu Thaipusam and the Chinese Hungry Ghost. Many Christian holidays are also recognised. The Singaporeans love a party and would never miss the opportunity for a big feast and a high bout of consumerism.