Singapore Is One Of The Most Favored Expat Destination To Make Money And Accumulate Luxuries.
Online, October 11, 2012 (Newswire.com) - The richest expatriates are coming to the small island state of Singapore. Singapore emerged as one the most favored destination for expat to make money in and accumulate luxuries.
In an annual survey by HSBC, Singapore who came in third place in 2011, moved up two spots to beat Bermuda at No.2 and Thailand at No.3. The survey showed that 80 per cent of the expatriates who chose to moved to Singapore experienced and increase in their disposable income.
Foreigners who make up a sizable proportion of Singapore's 5 million plus population, In Singapore, the number of foreigners now make up 28 per cent of the population. The number totaled about 1.49 million in June 2012. In 2011, the Singapore government has issued about 15,777 citizenship and 27,251 permanent residencies. These influx of new citizens and PRs has actually slowed. Citizen numbers rose by 27,900 over the past year to hit 3.29 million in June 2012.
About 54 per cent of expats earn more than $200,000 annually. Around 44 per cent of them reported an increase of 50 per cent or more in disposable income. About 70 per cent of the expats indicated that Singapore offers better career prospects and is fast developing into an all round expat destination for career progression, financial rewards and quality of life.
The bleak economic picture in both Europe and United States contrast sharply with the opportunities and optimism in Singapore. Expats in Singapore generally do not have any preference over one asset class when it comes to investing. They tent to maintain a more diversified investment portfolio. But Singapore property features increasingly in their investment portfolio.
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