Thursday, September 12, 2013

The Rich Get Richer

The report by Wealth-X and UBS said that 50 Ultra-High Net Worth (UHNW) people in Singapore made it to the ranks of the super rich after property prices kept rising, rising, and rising last year. The Wealth-X mission statement: Provide our members with intelligence that allows them to acquire new relationships, expand existing ones, and eliminate compliance hurdles.

UHNW individuals are defined by Wealth-X as having total assets of at least US$30 million (S$38 million). On average the 1,355 UHNW Singapore residents have US$180 million in total assets. Together they have a combined wealth of US$160 billion. Singapore has a ratio of billionaires per capita 3 times higher than that of the United States, with one billionaire for every 200,000 residents.

Of course, not all their money is made from property asset enhancement. The government has made sure the rich get richer, through measures such as:
  • Gains derived from the sale of a property in Singapore is not taxable as it is deemed as capital gain;
  • There is no estate duty payable for deaths on and after 15 Feb 2008;
  • Generally, dividends paid on or after 1 Jan 2008 by a Singapore company are not taxable. Foreign dividends received in Singapore on or after 1 Jan 2004 by resident individuals are also not taxable;
  • Goods & Services Tax or GST on Investment Precious Metals was removed by the Singapore government on 1 October 2012.

Throughout the course of history, the flow of migration has always been directed towards destinations where there is perceived freedom and prosperity. Nobel prize-winning economist and champion of laissez-faire economics Milton Friedman referred to this as “people voting with their feet”. It works both ways. Singapore is very welcoming and inviting to the über rich, it is also getting very hostile to those struggling to make ends meet. The tragedy is that the poor are too tied down by debt servicing to make the relocation with their feet.

A Mr Tan, 71, who has a postgraduate in mathematics, actually pleaded with his doctor to end his life and his wife's two years ago. Even he could not do the math, caring for his dementia afflicted wife, a son with obsessive-compulsive disorder and a daughter with schizophrenia, all on the pathetic financial assistance and food rations from the community development council. There's no report on the ultra destitute individuals in Singapore.


  1. Bust the Myth9/12/2013 11:38 AM

    I am still waiting for this govt to give us evidence to call "Rich People Create Jobs" like "Squirrels taking credit for Evolution."

  2. By First World standard, Singapore is indulging the Rich to the extreme. If you think about it, the government is taking money away from the 99% to enrich the filty Rich! In any other developed country, the government would have been recalled by the voters.

  3. how many of our mini-stars are in this

  4. Q: Who formed the gov?
    A: The pro alien party.
    Q: Why is that possible?
    A: The 60% naive voters voted for them again and again.

    Blame the 60% naive voters not the government. The gov is only a lifeless object. It cannot feel and think. It has no soul. It can only be enable by the wish of the majority of voters.

    1. not so simple lah, they also have many tricks mah...change election boundary here and there...sue people..i think they better give us a pill to swallow when we run out of money...then we wake up in heaven.

    2. Matter of time this govt will allow the rich to offer money for your organs. Of course the rich will have to first bid for a COE and the subsequent transaction subjected to gst. Everybody is happy.

    3. aunty quite happy to sell organs. i only need one eye, one kidney, one lung. the rest i can sell. quite old already no need so many organs. this way i don't have to sell my HDB flat when i run out of money. can slowly sell organs. good idea leh.

  5. Money makes money.
    钱生钱, 钱赚钱.
    It is only natural for the
    Rich to become richer.

    1. Not if it is sucked by the top 10 or 20% from the rest . G has the sacred duty to redistribute the wealth of the country, to level up the bottom 20%.It is unnatural for any developed country to allow the huge disparity of wealth between the haves and have not to persist. This government shall not last long, everybody who remain would become losers.

  6. Despite telling us the GST is helping the poor, our PAP Ministers sees no shame in raiding our reserves by paying themselves million-dollar salaries but is so damn worried about using the same reserves to uplift the welfare of those on public assistance schemes by a couple of hundred dollars ?

    One notable insurance company tries to avoid paying DPS compensation to one their insured for permanent incapacity by arguing that the said insured party can still work because she is not incapacited from the waist up ? Why don't they argue to say that she can still work by lying on the bed to serve customers ?

    Every week the Shit Times never fails to make everyone green with envy by reporting how someone else has make it to the rich man's row, whether by hook or by crook like that one who has no shame telling us how he helped themselves to the donation box when he was once young & desperate.

    By now, can you see the pattern of their operatus moderandi from our leaders, union cooperative together with MSM ?

    1. The poor in Singapore are not poor by international standard. To be poor in Singapore is better than be one in other countries. Heard before?
      There are only about 3000 persons on public assistance with $400 per person per month. See not bad right? Only 3000 poor people.

  7. People here worship the money-god.

    Of course some deny that.. but their pursuits give their game away. New home, new car, new gadget. All are elitist deep down.. but they deny it.
    They even vote PAP to show they are elitist!

    Someone will have a son, daughter or son-in-law or daughter-in-law that will arrange for a holiday to HKG, BKK, TPE or BJS.. BOM,DEL,HYD...all are rich & wealthy.

    Someone will be related to someone who is earning big bucks.. in finance, property,law, insurance, all rich & wealthy.

    Some even related to rich and powerful churches too!

  8. What's the difference between ang-mor and Hokkien fairy tales?

    Ang-mor fairy tales begin with: "Once upon a time..."

    Hokkien fairy tales begin with: "Lim Peh ka li kong..."
    (Also called fairy tales from the Istana)