3 Money Truths About Singaporean Millennials and What We Learn From Them

By Joanne Poh | MoneySmart – Thu, Nov 3, 2016 12:00 AM SGT
In addition, people aren’t taxed on their investments, and there is no estate duty meaning a guy who inherits a ton of wealth from his parents does not get taxed on his inheritance. 

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• ricky l 0 seconds ago
  It is important to keep and attract High Net Worth Individuals (HNWI) into Singapore. This will help to ensure that HNWI will create wealth, create business, create jobs for Singaporeans. 
  
  
• There are many Countries all over the World trying to make tax havens to attract HNWI and keep their wealth into their Countries. Singapore must stay ahead of the competition to attract and retain HNWIs - so that wealth can be created within the Country and business can be created and more jobs can be created. 
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• Investment should be encouraged and tax not levy on investment will encourage more HNWIs to make more investment within the Country so that more jobs will be created. 
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• Exemption from estate duties will also attract HNWIs to park their wealth in Singapore as tax already have levied on their income through income tax, business through corporate tax, consumption through GST. 
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• Estate duties will become double tax - and will cause HNWIs to move their wealth elsewhere or the HNWIs can redistribute their wealth to their descendants before death - which will defeat the purpose of estate duties.
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• ricky l 0 seconds ago
  HNWIs are very mobile, they have access to timely information globally and they can transfer their wealth and fund quickly. HNWIs are also the target of attraction by Countries worldwide. 
   
• Thus Singapore must be competitive in retaining and attracting HNWIs.