Singapore Offers A Wealth Of Opportunities For Businesses
HSBC’s Expat Explorer report has just confirmed that Singapore is the best place to boost your income and assets with its open economy, business-conducive environment and career market.
Based on the Expat Explorer survey, Singapore tops the list of expat’ top destinations for increasing their income and living in luxury. The data revealed that expats living in Singapore tend to earn around the US $200,000 more annually than their fellow expats in other countries. 54% of expats, in fact, earn more beyond the benchmark and around 80% of Singapore expats have more disposable income upon relocation.
Singapore has been recently hailed as the most livable city in Asia for expat workers during the first half of this year. Singapore’s attractive tax scheme for individuals earning more than SG $300,000 yearly is pegged at 20%, one of the lowest in the world. This allows expats to enjoy more savings than their Western counterparts.
Singapore also has one of the lowest crime rates in the world and boasts of world-class educational and health care facilities.
The results of the study were connected to the data released this year by Citibank’s wealth report and international property consultant Knight Frank. Knight Frank recently reported that Singapore ranks as the wealthiest country globally in terms of GDP annually.
In June, the Boston Consulting Group has also reported that Singapore has one of the highest millionaire households in the world in 2011, with over 188,000 millionaire households.
Singapore has also seen an increase in job applicants in the finance sector from the European Union, following the debt crisis that’s sweeping across Europe. This is due to the fact that the Singapore economy, and that of the Southeast Asian region, in general, has remained resilient to the debt crisis in Europe, and economic slowdowns in the United States and China.