Skip to comments.Why Wall Streeters Are Packing Up In Droves And Moving To Singapore
Posted on 06/12/2012 6:43:43 AM PDT by SeekAndFind
Bankers have always been a worldly crew, and since Facebook co-founder Eduardo Saverin renounced his U.S. citizenship and moved to Singapore, we've thought that island deserved our attention.
So we started digging and we found out that bankers are heading there in droves. In a recent Telegraph survey Singapore dominated a list of places that bankers said they wanted to work, with 27% of the vote it even beat out NYC.
Boston Consulting Group recently named Singapore the country with the world's densest population of millionaires -- 17 percent of all households, to be exact.
It's no surprise then that Singapore has become a veritable playground for the richest of the rich. If you've got the dough (and we mean serious dough) then there's plenty of room for you to play (and work) too.
Singapore is the best country in the world for doing business, according to a report released earlier this year by the World Bank. Here's why:
It takes, on average, three days to open a business. Trade is open and competitive: there are no tariffs on imports and foreign and domestic business are regulated equally.
Unemployment is only 2.1%
(Excerpt) Read more at businessinsider.com ...
Rush is going to run when things get bad? And leave us all behind like the boat people? That depresses me.
What helps Singapore a lot is that they have a desire for simplicity and transparency in business (not always easy in a densely populated place) and they are rigorous about beating down corruption. And unlike Europe and the current US administration, they DO understand how wealth is built.
On the other hand, it is not a libertarian paradise at all, they DO have significant government regulation of daily life.
So, from my brief 10 days there, it’s a mixed bag. A very interesting mixed bag, but a mixed bag.
They do have Universal Health Care, though. You get taxed a certain % and then you get a voucher to go buy health insurance. Their Social Security system is a sort of mandatory 401K. And you get taxes lowered if you live near aged parents, which is, uh... interesting, though typical of their type of government intervention.
I’ve been to Singapore. You do not get flogged from dropping a chewing gum wrapper or chewing gum. The famous flogging incident in 1994 was for an American teenager who spray-painted a car. The caning was six strokes of a rattan cane, if I recall correctly. I wish they would do that to graffiti criminals here. Singapore is a beautiful place that is clean and free of most crime. I found it heavenly. I also remember being there at Christmas, when the stores had huge “Merry Christmas” signs posted across the exterior. The 70 percent Chinese majority in Singapore is Christian.
I'd rather not advertise my intended destination. My motive is retirement and possibly a third career. I found my "paradise" and I don't want it crawling with lefties. I considered staying state-side but everywhere I would like to go is being infested with libs.
I suspect a lot less so. People will much more quietly pack up and move to wherever and watch the US from afar.
As far as chewing gum is concerned, those rules have become quite relaxed. They started because the subways were being vandalized by people leaving their chewing gum everywhere.
I just wish I had enough money so that I could move there and leave this government behind....I love my country, but not the little dictators that run into the thousands when you consider all the departments that have control over your life and property..
As someone who lives in NYC, I can tell you that there is almost no graffiti in this city. You are probably about 25 years in the past with this idea. Sort of like people who complain about English food, not realizing the revolution in food that has occurred in that lovely country.
That said, I do get a little tired of the hygenic-crazy freepers who think that there is nothing better than living in a germ free environment rather than the rough and tumble of a great democracy and republic that is currently in big trouble. Personally, I think a little dirt is good for the immune system.
Yeah, street gangs would hate the place... But then, maybe that’s the idea...
Moreover, the basis of freedom is - protecting the right of the person, and his property, from illegal seizure. That’s it.
You may only speak freely, if you will not be randomly seized/harmed because of it. Being able to parade naked down 5th Ave. with one’s gay-lover while holding a “Obama=Hitler” sign is simply a manifestation of that. It is not, in itself, “freedom.”
We may therefore argue Singapore is, in some ways, more free than the United States.
RE: The famous flogging incident in 1994 was for an American teenager who spray-painted a car. The caning was six strokes of a rattan cane, if I recall correctly.
Actually, the number of cane strokes in Michael Fay’s sentence was reduced from six to four after U.S. officials requested leniency.
Michael Fay later revealed that, at the end of his punishment, his buttocks were bleeding only slightly, that he needed no immediate medical treatment, and that he was able to walk, albeit with “a lot of pain”.
In fact he had shaken hands with the caning operative after his four strokes had been administered.
This, together with the information that Fay actually sat down when he met a US consular official the day after his caning, contrasts with some of the more lurid descriptions of Singapore caning (”bits of flesh fly with each stroke”, etc.) that had been carried in the western press after the sentence was first announced.
A bit sensationalized I’m afraid.
This article is apparently based on places “bankers” would WANT to move. As opposed to have already moved to.
I could take a survey and ask what kind of car people would like to drive. Wouldn’t mean that they’re all driving those cars.
UN Global Governance per the Agenda 21 is also in Singapore. They are just buying time.
It fills me with warmth to know that our taxpayer bailout funds went to pay these guys to leave the USA and party in Singapore for life on our dime.
I’m sure you all are just as thrilled as I am.
I had the sense the TARP money would be used to make some bankers rich so they would have ample funds to ride out the economic depression. It is working out for them in spades.
TARP goes to banks. Banks hand it over to employees as bonuses. Employees flee the USA for Singapore. Nice work if you can get it.
Burn in hell you evil scum. Burn in hell.
“As soon as the SHTF there they will have Uncle Sam and the taxpayers/US military bailing them out.”
“Countries that rely entirely on import export are going to be hurting BIGTIME when it happens. And what happens when China turns it’s greedy eyes on their port and key geopolitical position? Defenseless.
Interesting thread.Not much mention of the associated capital outflow.
” .Not much mention of the associated capital outflow.”
As for Singapore, I have been there. It is a good place to start a business, if your business is related to Asian trade.
Personally, there are many other places in Asia that are equally as good, and less expensive.
We lived there for several years and never found our freedom to be constrained. If you're a law-abiding citizen you will enjoy yourself.
The only constraint we felt was the tiny size of the island. But if you have bucks you can enjoy yourself immensely as you tour around to Bali, Malaysia, Thailand, etc.
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