Resentment of rich foreigners complicates Singapore’s politics
The government must balance the city-state’s role as a financial hub with locals’ concerns
Singapore’s finance industry is booming. Over the past year it grew by 7.2%—four times faster than the overall economy. The city-state has become Asia’s leading foreign-exchange market, and its fund managers and family offices cater to a dizzyingly high number of ludicrously rich people. The “ultra-high-net-worth individuals” based in Singapore will grow by some two-thirds between 2020 and 2026, predicts Knight Frank, an estate agent. All this means more foreign finance workers, too.
This article appeared in the Asia section of the print edition under the headline “Open and shut”
From the July 2nd 2022 edition
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