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Singapore: The World’s Richest City

The tides are definitely changing. The global economy is no longer monopolized by western countries. Asian countries are starting to rise in economic power. China, which is considered as the fastest growing economy in the world is steadily gaining momentum. The country has seen a lot of changes over the past year. With Beijing transforming into a business center, investors from all over the world are taking their companies to the east.

However, another Asian economy is gearing to dominate the world market. Not too far behind China is Singapore, one of the world’s richest city. A number of the world’s ultra rich the likes of American shareholder Jim Rogers, and multi-billionaire Richard Chandler as well as Asian celebrities like Jet Li and Gong Li, are moving to Singapore, attracted by the country’s low taxes and transparent governance. The favorable banking laws is also a strategy to encourage other investors to take their business to Singapore. That said, while Singapore has become a playground for the rich, locals are struggling with the rising cost of living in the country.

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