Singapore has been hailed the most expensive city in the world and yet you wonder why millionaires still want to live here. Some millionaires are extravagant while others are not. Regardless, they find Singapore a haven.
According to WealthInsight, there are already 154,000 millionaires living here. It does not end there because the number will still grow by 18.3% in the next five years. What are the reasons behind their fascination to live here? Here are some reasons:
1.High rank in terms of Worldwide Governance Indicators Project: The island-city aced the Worldwide Governance Indicators Project spearheaded by World Bank. In terms of government effectiveness and regulatory quality, the country is at number one.
2. Infrastructure ranks number two: As per World Economic Forum, the country has the best infrastructure around the world. Many citizens think that the MRT is a disappointment but infrastructure doesn’t end there.
3. Lowest tax rates: Many millionaires choose the country because of its low tax rates compared to other developed countries. In fact, according to the Business Insider, the country ranked 10th in terms of lowest tax rates. If you remove other Soviet nations and Middle East, the country would be the number one with low tax rates.
Now you understand why many millionaires continue to thrive here. Knowing this, you have plenty of opportunities to make your millions here. The trick is to be persistent and vigilant of all your investment. Regardless of how much you have, the important thing is that the government does its best to support its people and the things around them.
