The rich in Singapore grows wealthier as income gap continues to widen
Posted by temasektimes on July 27, 2012
Even as ordinary Singaporeans continue to struggle to make a living daily under the twin scourges of rampant inflation and stagnant wages, the rich in Singapore is growing wealthier as the income gap between the rich and the poor widens.
According to Forbes Asia, Singapore’s 40 richest are now collectively worth US$59.4 billion (S$74.5 billion), up 9 per cent compared with the previous year.
There are eight newcomers to this year’s Singapore’s 40 Richest list, including a number of overseas-born wealthy individuals who have recently taken up residence in Singapore, such as 30-year-old Facebook co-founder, Eduardo Saverin (pic left), who is ranked eighth, with a net worth of US$2.2 billion.
Another newcomer, India-born Singaporean citizen Bhupendra Kumar, the owner of Spice Group, is ranked number 23 with US$755 million.
The relentless inflow of cash-rich foreigners into Singapore with no control whatsoever is widely blamed for the sky-rocketing property prices which have priced Singaporeans out of reach of the market.
Singapore has the highest income disparity among the thirty most developed economies in the world after Hong Kong.