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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.

16 Responses to “The rich in Singapore grows wealthier as income gap continues to widen”

  1. ngpy said

    If Singapore is not careful these 40 finds that things are not in their favor the country will be 60 billion less in funds. Financial watch.

  2. WP = idiots said

    These rich pple pay income taxes. Tax that fund money for public projects and assistance for the poor. This is the same group of pple Europe which has a way lower gap then us is trying to actively attract.

    • G said

      They are not taxed as much here, which is the sole reason they chose S’pore. In Europe, they might be taxed up to 50% of their income. If the S’pore govt really taxes them that much, uses the funds to better the lives of S’poreans and reserves HDB flats for the citizens (as they should be), I welcome these rich FTs.

  3. PAPui said

    I have no qualms abt the super-rich coming here to invest or live here as they have the means to settle anywhere but had instead chosen Spore. However, when all the highpaying jobs goes to ppl with middle-class qualifications like white trash angmor with ordinary degrees, Indians, pinoys with unrecognisable degrees yet somehow “recognised” and they come here and take away jobs from us Singaporeans, this becomes unbearable as a Singaporean now resorting to drive taxi to try to earn some 2k per month, without benefits. It irks me that so many fts here who takes my cab from all over the world , living in posh condos and living it up. Yes, even Pinoys who speaks utterly bad English yet able to land cushy jobs whilst us locals , educated ones at that, work in all kinds of subservient occupations like driving taxi and security guards at “their” condos. All thanks to shithead PAP gamun.

    Yesterday, one of my neighbour, an “ahpek” sinki , just started working at my kopitiam downstairs. When asked what his pay was, he said $650per month. This is the standard of living for Singaporeans, esp us older ones. Imagine, this amt not even enough to pay for the transport allowance of some middle-tier fts.

    In the end, veri simple, no matter what the wayang the MIWs will deploy, just remember to VOTE them out in GE 2016.

    • Oatmeal said

      Agreed. A country that doesn’t put its own citizens first cannot demand its citizen’s loyalty and blood.
      I get that because SG men and women are not making enough babies – but what are you going to do about it? Bring in more cheap stock from overseas? That is a short term solution which has proven to backfire in multiple countries – look at Europe and the U.K as examples.
      Foreigners milking the system dry and not contributing – who loses out in the end when they have milked the system dry and moved on to greener pastures or decimated the local economy?

      By all means, bring in ‘foreign talent’ but demand they be of good quality and excellent backgrounds, and reward them for integrating into Singaporean culture and making Singapore a home to raise the future generations of worthy Singapore citizens, not a $2 crash pad. Create a system where by your citizens are taken care of first and foremost, have a strong immigration system that sifts through the tens of thousands of candidates – pick only the ones that will contribute to Singapore and the community as a whole.

    • Naivety said

      These Pinoys, Ah Nehs, Ah Tiongs & Angmors came here to snatch our native Singaporeans ricebowls & jobs with fake & dubious qualifications & degrees, some with bogus Masters degree qualifications from some unknown universities in India, China, Philippines, etc (which are unheard of) & still getting good & fat salary here working in Singapore at the full expense of all Singaporeans!!!

      Yet nobody especially from the f’king MOM bothers to check, verify, control, regulate & authenticate these Foreign Trashes & Fake Talents at all…not sure why are we so naive & daft to pay these rascals millions of dollars in salary for what???

  4. Lim said

    The rich are not here to contribute to Spore or owe their loyalty here. Many are here to pay lower taxes on their billions. Others want the red passport for ease of international travel while the rest simply park here their wealth of dubious origin, out of jurisdiction of their countries’ laws. Some buy up expensive property. make millions after re-selling it after a few years to more new rich who come here. Hong kies, Indians, Chinese, Americans Australian tycoons and entrepreneurs are enjoying the new Monaco of the east here. Is it any wonder our govt, banks and branded luxury giants set up shop here and pander to their every whim and lay the red carpet for them? How does this benefit the poor here except to drive wider the rich-poor gap and sky rocket inflation to torture us further?

  5. SkinFT said

    bitch bitch bitch. open legs wide wide let him fuck. earn his money using your pussy. way to go BITCH

  6. kaypoh said

    Eh we need these top 40 richest to peg the Ministers’ salary mah!

  7. Kim said

    The rich are here to escape taxes back home. They can invest their money in other countries using Singapore as gateway. These people are mobile and the only goal is to maximize wealth but no loyalty.

  8. Charlene said

    I would certainly spread my legs for him. Too bad Singaporean men are bad in bed too. Pfffft.

  9. Daniel said

    What makes anyone think these rich people pay tax equal to their earnings ?

  10. mel said

    any minister or ex-minister in the forbe’s list? just curious….

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