Tag: poor

  • 1,395 Ultra High Net Worth Individuals With Combined Net Worth of S$234 Billion in Singapore in 2014

    1,395 Ultra High Net Worth Individuals With Combined Net Worth of S$234 Billion in Singapore in 2014

    The ultra high net worth (UHNW) population in Singapore saw the addition of 40 individuals in 2014, according to a wealth report released on Wednesday (Nov 19).

    There are now a total of 1,395 UHNW individuals in Singapore – a record high. Their combined net worth is US$180 billion (S$234 billion), an increase of 12.5 per cent over the past year, according to the Wealth-X and UBS World Ultra Wealth Report.

    UHNW individuals are defined as those with US$30 million and above in net assets. The size of Singapore’s UHNW population ranks sixth among Asian countries and 19th globally, according to the report.

    This year, while Singapore’s UHNW population grew slower than both the global and Asian average, the combined wealth of its UHNW individuals has grown significantly faster.

    “Such strong growth is reflective of the city-state’s growing international appeal with regards to the strength of its financial sector, and the ease of both establishing and conducting business in the country, allowing for rapid wealth accumulation” the report stated.

    The report also found that:

    • Singapore’s UHNW population controls almost 17 per cent of the country’s total wealth of US$1.08 trillion.
    • More than 20 per cent of Singapore’s UHNW population is engaged in the finance, banking and investment industry
    • 60 per cent of Singapore’s UHNW population is fully self-made.
    • 25 per cent of Singapore’s UHNW population inherited their wealth and went on to grow their fortunes through businesses or other ventures
    • 15 per cent fully inherited their wealth
    • Singapore’s female UHNW population accounts for a much larger share of its total population than the global average. But the average net worth of female UHNW individuals in Singapore is 45 per cent lower than that of male UHNW individuals in the country.
  • Relax Visa Rules to Attract More Tourists While Singaporeans Vie for Space

    Relax Visa Rules to Attract More Tourists While Singaporeans Vie for Space

    SINGAPORE: The tourism industry has been hit in recent months following events such as the disappearance of Malaysia Airlines flight MH370, but Singapore could attract up to half a million more visitors in two years’ time if it improves its visa procedures, said a report by the World Travel and Tourism Council (WTTC) and World Tourism Organization.

    Key markets that require a visa for Singapore include China, India and Russia. Visa facilitation could result in about 358,000 to 504,000 more visitors in 2016 than under current policies and an additional S$768 million to S$1.08 billion in tourism receipts, estimated the report, The Impact of Visa Facilitation in ASEAN Member States, published earlier this year.

    The report’s projection of 2016 figures, however, was based on the World Tourism Organization’s international arrivals figure of 11.9 million for Singapore last year – significantly below the 15.6 million visitor arrivals published by the Singapore Tourism Board (STB).

    On the discrepancy, WTTC head of communications Emma Coulthurst said the World Tourism Organization’s arrivals figures are generally seen as the most authoritative and consistent source across countries.

    “VISAS INHIBITING TOURISM”

    Differing statistics aside, Singapore should consider e-visa programmes and regional agreements for visa facilitation and maximise infocomm technology to improve visa procedures, among other possibilities, the WTTC told TODAY.

    Visas are inhibiting the growth of tourism in general and governments need to automate processes, produce more visas-on-arrival and, eventually, get rid of visas altogether, said WTTC president and chief executive officer David Scowsill.

    “The ability that airlines now have in supplying data to the government authorities really removes the need in the future for visas at all,” said Mr Scowsill, who was in town last week for the Asia Travel Leaders Summit and ITB Asia conference.

    The tourism industry here is also feeling the manpower crunch and foreign labour restrictions and Mr Scowsill encouraged more flexibility in labour permits for foreign workers in the service industry. “If you want to maintain the service standards in Singapore in this industry – attractions, hotels, airlines – you have to make sure those jobs are filled and they are filled with customer-orientated individuals,” he said.

    The tourism industry is good at forecasting growth and this would help in working with the authorities on future manpower needs, he added.

    REINVENTION KEY TO REPEAT VISITORS

    The STB’s latest tourism sector performance quarterly report, which was released last month, showed that visitor arrivals numbered 3.6 million from April to June, a drop of 6 per cent from the previous year and the steepest year-on-year decrease in five years. Tourism receipts fell by 3 per cent to S$5.6 billion.

    Still, Mr Scowsill gave the thumbs-up to Singapore’s efforts in drawing visitors, praising its constant reinvention, the introduction of new products every two to three years and its infrastructure. “When I travel around the world and talk to other governments about what they need to do to develop their tourism industry, I use Singapore as a good example of what needs to happen,” he said.

    Reinvention is key to drawing repeat visitors, “because you’re not interested in the one-shot visitor who comes once, spends three or four days running around doing everything and does not come back for 20 years.”

    In addition to continued innovation and investment in infrastructure, Singapore has to focus on China, said Mr Scowsill. About 100 million Chinese travelled abroad last year and this number is expected to hit 200 million by 2020. Singapore would do well to stimulate demand from Chinese tourists, given their propensity to spend, he said.

    And in the face of competition with other markets, “the trick for Singapore is to make sure you’re always (part of travellers’ itineraries), in terms of not only groups, but individual leisure consumers”, he added

     

    Source: channelnewsasia.com