There are now 174,000 millionaires in Singapore, owing to the strong recovery of the financial markets over the past year. This is according to a Straits Times article titled ‘Jump in number of Singapore millionaires: Credit Suisse.’ The report said that Singapore’s total wealth reached US$1.1 trillion (S$1.37 trillion) in mid-2013, representing an 8.7% growth in the preceding 12 months.
Singapore now ranks second in the Asia Pacific region after Australia in terms of wealth per adult. It is now in the eighth position globally, superceeded only by countries like Switzerland and Norway.
The volume of millionaires in Singapore has increased by 11.5% year on year, making it the highest number recorded by Credit Suisse since it began its Global Wealth Report in 2010. This figure is expected to rise by another 35% in the next five years to 235,000 in 2018.
Other than the recovery of financial markets, another reason why Singapore has seen a jump in the number of millionaires is the conducive business environment that it offers to companies.
One of the factors that contribute to Singapore’s business-friendly ecosystem is its tax framework. Companies enjoy attractive tax rates and incentives in Singapore, such as the 17% corporate tax rate, and start-up tax exemption scheme (SUTE).
One of the factors that contribute to Singapore’s business-friendly ecosystem is its tax framework. Companies enjoy attractive tax rates and incentives in Singapore, such as the 17% corporate tax rate, and start-up tax exemption scheme (SUTE). Under this scheme, newly incorporated Singapore companies that meet the qualifying conditions to claim full tax exemption on the first $100,000 of normal chargeable income for the first three consecutive years of starting up.
There are also a wide variety of public sector grants and private sector funding options to help businesses develop their products and grow their businesses in Singapore. Entrepreneurs can, for example, tap a combination of banking services to fund the expansion of their business and at rates as low as 1% per annum.
Along with the stable political environment, as well as world-class infrastructure and facilities, it is then not surprising that many multinational companies have established a presence in Singapore as a way of expanding across Asia Pacific.
For more information on how to register a company in Singapore, please visit our Singapore company formation for foreign individuals page.