SINGAPORE — The wealthy who park their funds in Singapore should contribute to society through taxes and philanthropy, and adhere to the country's norms against ostentatious displays of wealth, said Deputy Prime Minister Lawrence Wong on Wednesday (Sept 13). Speaking to a roomful of business leaders and policymakers, he added that Singapore's interest in the financial flows into the country...
SINGAPORE — The wealthy who park their funds in Singapore should contribute to society through taxes and philanthropy, and adhere to the country's norms against ostentatious displays of wealth, said Deputy Prime Minister Lawrence Wong on Wednesday .
The growth of the assets managed in Singapore to about $5 trillion and the establishment of some 700 family offices here have given a boost to the country's asset management industry, but has also led to a perception of growing inequality, said Mr Ditizio. To mitigate against the downsides, the wealthy here are expected to "do their part, pay their dues and give back to society", he said.
Another thing the Government has done to address the perception of inequality, which is "not as easy as philanthropy or taxes", is to engage the new arrivals to remind them about Singapore's values and way of life, he added. At the same time, the Government had worked to ensure that hot foreign monies do not flow into the residential property market and make housing unaffordable for Singaporeans. To this end, there are very strict rules governing the sale of property to foreigners and the rules have been tightened twice in the last three years, he added.
This is done through ensuring real income growth and continued improvements in the standard of living for the broad middle of society and tackling challenges of inequality and social mobility, which are becoming sharper as society matures and the population ages, he said.
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