Tag: rich

  • Wealthiest 1% Globally Will Possess More Than Half Of Total Global Wealth In 2016

    Wealthiest 1% Globally Will Possess More Than Half Of Total Global Wealth In 2016

    The very rich are getting very richer.

    The wealthiest 1% of the world’s population will own more than half of total global wealth next year, according to projections released Monday by Oxfam International, the antipoverty advocacy group.

    And the richest 80 people in the world alone now possess more combined riches than do the poorest half of the world’s population, Oxfam reported, citing Credit Suisse CSGN.VX +1.23% and Forbes data.

    “Global wealth is becoming increasing(ly) concentrated among a small wealthy elite,” the Oxfam report said.

    In 2010, it would have taken the combined riches of the 388 top billionaires to equal the combined assets of the bottom 50% of the planet. But the billionaires’ assets have appreciated so quickly since then, and the total value of the poor’s resources has dropped so precipitously, that last year it took just the top 80 billionaires to equal the wealth of the bottom 3.5 billion people on the planet, Oxfam said.

    The wealthiest 80 people have a combined net worth of $1.9 trillion, up from $1.3 trillion in 2010, with the bulk of their fortunes coming from the financial, pharmaceutical and health care industries. More than a billion people live on less than $1.25 a day, Oxfam said.

    The richest 20% of the population together hold 94.5% of the world’s wealth, Oxfam said. The poorest 80% of the world’s population share just 5.5%.

    “It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world,” Winnie Byanyima, Oxfam’s executive director, said in a written statement accompanying the report.

     

    Source:http://blogs.wsj.com

  • Security Guards Better To Be Seen Not Heard?

    Security Guards Better To Be Seen Not Heard?

    It was 7.45am when I reported for duty at the guardhouse of an upscale condominium in District 9, dressed in my uniform of white shirt and dark blue trousers.

    Mr Johari, a middle-aged guard who had been working there for two years, showed me the ropes and the first thing he said to me was: “Watch out for the cars.”

    He meant I would have to memorise some residents’ car registration numbers in a hurry if I was going to do the job right.

    Helpfully, he rattled off some critical numbers: 30, 166, 186, 2125. Those were the car numbers of residents who expected the guards to recognise them and lift the carpark barrier quickly when they approached.

    “They will complain if you are slow, like this one who is in the management committee,” he said, as a car drew up. I scribbled the numbers into a notebook.

    My supervisor, Mr Zaini, had another tip: “Make sure you smile.”

    He explained: “People staying here are all ‘somebodies’ and they want to be acknowledged. Don’t ask visitors their names or who they are visiting. They get offended.”

    It made me wonder why this condominium needed guards at all. Why not have a smiling robot of the sort being produced in Japan, that can recognise residents and car numbers? Or give residents remote controls to operate the barriers themselves?

    Mr Zaini said we guards play a role in providing security to the wealthy residents. “It gives them a sense of security to have uniformed guards around,” he said.

    The freehold condominium has only four-bedroom apartments and penthouses above 3,000 sq ft in size. The 100 units are spread out over four five-storey blocks in a sprawling compound about the size of a football field. Besides the swimming pool, gym and function room, it also has a yoga pavilion and lounge. All the apartments have private lifts.

    Over the past two years, some units changed hands for between $10.7 million and $27.5 million.

    Mr Johari told me about half the residents were Singaporeans and the rest were foreign tenants paying more than $15,000 a month in rent.

    The management council hired a private company to provide security guards. A 12-man guard team was assigned there, with six guards on duty on each 12-hour shift and shift changes at 8am and 8pm.

    Each 12-hour shift is further divided into one-hour blocks, with 11 hours of work and a one-hour meal break. The 11 one-hour blocks form a rotating roster, with five guards put on one of five tasks hourly: manning the main guard post, guarding the basement entrance of the clubhouse, operating the carpark barrier, watching CCTV cameras and patrolling the grounds.

    When it was time for my one-hour break at noon, Mr Johari led me to a small makeshift area in a corner of the basement carpark, next to a pump room and out of sight of residents. The stale smelling room was lit by a fluorescent tube. There were metal lockers, a wooden table with chipped corners and four plastic chairs, two of which were shaky. A desk fan provided some comfort.

    When I took my lunch break there, I could see Ferraris, Lamborghinis and a Bentley – some of the residents’ luxury cars – and we security guards had to make sure nobody sneaked pictures of them.

    The guards at this condominium are barred from using the common toilets in the clubhouse and swimming pool. They have their own, also in the basement carpark. It has one toilet bowl and a sink. During my two days there, it had no soap or toilet paper, and the tap was broken.

    Ms Amy, in her 50s, the only female guard in the team, said that she tries to avoid using the toilet and brings her own hand sanitiser.

    I was appalled, but my security guard colleagues did not seem to mind any of this. I brought my own toilet paper and wet wipes on Day 2.

    As a new guard, I was assigned unpopular tasks that kept me on my feet: operating the carpark barrier, guarding the clubhouse entrance and patrolling.

    What I liked least was having to spend an hour stuffing letterboxes with a notice about the swimming pool closure and checking at the start of the day that more than 500 light bulbs in the lift lobbies, walkways and carpark were working.

    For the effort, I was paid $70 a day. My fellow guards at the agency serving this condo are paid between $1,800 and $1,900 each month. My employer, who has an “A” grade from the annual police grading exercise, pays slightly above the going rate of about $1,700 a month.

    But Mr Johari felt the pay was still too low for the long hours put in. “At our level, we are only working for the money,” he said. “What job satisfaction is there?”

    His salary is well below the median monthly gross salary of $3,480 for Singapore citizens and just below the $1,900 monthly Workfare salary ceiling. And he works 12 hours a day, six days a week.

    In just two days there, I felt my self-esteem being nibbled away, not least because I learnt quickly that a security guard does his job best when he is invisible and doesn’t draw notice to himself. Just smile, do your job, don’t engage with residents, don’t give them any opportunity to complain.

    Over two days, only twice did people thank me.

    A Filipino maid was grateful when I held a door for her and the pram she was pushing, and a CityCab taxi driver said thanks when I pointed him to the guards’ toilet.

    From condo to worksite

    After two days at the upmarket condo, I asked the agency manager for a change and was redeployed to the worksite of a nearly completed private building in Little India.

    I presented myself at 7.45am dressed in the same uniform.

    I arrived to find a woman security guard, seated at a folding metal table, being scolded by a cleaning supervisor. The middle-aged woman had not even begun to eat her roti prata, but the supervisor was scolding her for “dirtying” the place. The truth, I learnt later, was that other workers could use that table for their meals, but not the guards.

    The building, with offices and shops, is not yet open to the public. The guards are there mainly to watch over the contractors putting the finishing touches to the building.

    Here I would be known as Security Officer Toh and I was not told to smile, apparently because I would come into contact mostly with workers and the building’s handful of full-time staff. Unlike at the condo, the guards here were free to use any of the toilets in the uncompleted building, at least for now.

    But there was no proper rest area or lockers, and guards could put their belongings anywhere, as long as they were out of sight. “Put your backpack below the table,” said my supervisor Krishnan, in his 60s.

    Here too, security guards typically work 12-hour shifts, but the duties were less structured and there was no roster of tasks.

    During my two days there, I spent five hours each day guarding the door to a room to make sure no one entered, as it had just been cleaned with chemicals.

    I told Mr Krishnan what the place needed was a lock, not a guard, but he ignored the idea. He snapped: “Why you talk so much? You are a new guard.”

    I was also assigned to patrol the perimeter of the premises. One of my colleagues, Mr Lim, in his 40s, asked if I smoked. “For smokers, going on patrol means you can find a corner to take a smoke,” he said with a smile.

    I do not smoke, but going on patrols allowed me to test the observation skills I had been taught.

    So when I spotted a white van parked illegally near a taxi stand for more than 20 minutes, I reported it to another supervisor, only to have him say: “Leave it to LTA, not our business.” The van’s presence was not entered into the guard room’s official record book, labelled “Occurrence Book”. All it said was: “10 to 11am: SO Toh conducted patrol. Everything normal.”

    Another time, the fire alarm went off. I could not contact my supervisor who was on his meal break, so I did what I had been trained to do.

    I checked the floor under my charge, evacuated a worker to a safe area and reported what I had done to the worksite’s fire control centre. I also made an entry in the record book, as I had been trained to do.

    It turned out to be a false alarm. While I did not expect a pat on my back, I certainly was unprepared for the dressing down that came from the burly security manager, a full-time employee of the building owner.

    Yelling at me for recording the incident, he shouted: “You are trying to be too smart!”

    That was when I learnt that guards were not allowed to write in the record book. They had to write on a piece of paper and show it to the security manager, who would then decide whether to put it in the book. Clearly, it was meant to show only what the security manager wanted to record.

    After the dressing down, I decided I had enough. I told the agency manager I would not be coming to work the next day.

    Mr Krishnan did not bat an eyelid when I said goodbye at the end of my shift. “Relief guards come and go. I am angry that the manager keeps sending inexperienced guards like you to me,” he vented.

    Ending my short stint as a security guard, I remembered Mr Zaini, the condominium supervisor who told me to smile while on the job. He has been a guard for 15 years and I’d asked him how he did it.

    “This is a thankless job,” he said. “Smiling makes it easier for me to get through the long day. And at the end of each day, I smile because it is over and I can get home to my family.”

     

    Source: www.straitstimes.com

  • 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