Why Wall Streeters Are Packing Up In Droves And Moving To Singapore

singapore

Photo: Courtesy of Fullerton Bay Hotel

Bankers have always been a worldly crew, and since Facebook co-founder Eduardo Saverin renounced his U.S. citizenship and moved to Singapore, we’ve thought that island deserved our attention.So we started digging and we found out that bankers are heading there in droves. In a recent Telegraph survey Singapore dominated a list of places that bankers said they wanted to work, with 27% of the vote it even beat out NYC.

Boston Consulting Group recently named Singapore the country with the world’s densest population of millionaires — 17 per cent of all households, to be exact.

It’s no surprise then that Singapore has become a veritable playground for the richest of the rich. 

If you’ve got the dough (and we mean serious dough) then there’s plenty of room for you to play (and work) too.

Singapore is best in the world for business

Singapore is the best country in the world for doing business, according to a report released earlier this year by the World Bank. Here's why:

  • It takes, on average, three days to open a business.
  • Trade is open and competitive: there are no tariffs on imports and foreign and domestic business are regulated equally.
  • Unemployment is only 2.1%

Sources: Heritage and World Bank

It's in the middle of Asia, which means it's in the middle of some booming markets

Take Silicon Valley-transplant, and Bubble Motion CEO, Tom Clayton, who moved his start-up to Singapore after 2008's economic downturn.

He told Business Insider that working in Singapore gave him great access to the nearby mobile markets of Indonesia, India and Asia (three of Asia's biggest).

'We can take day trips or red-eyes to all of our core markets,' said Clayton.

And odds are your current employer is already there (and may even be hiring)

Goldman Sachs, Morgan Stanley, Citigroup, Deutsche and JP Morgan (to name a few) have already set up shop in the tiny nation-state.

Goldman even reportedly fired American workers last year so the firm could add 1,000 workers to its Singapore office.

Singapore has the fourth-hottest real estate market in the world

While Singapore's real estate market may be the most expensive in Asia, it's also one of the fastest-growing markets in the world with 5-year growth figures just over 50%.

If you can afford it, you're likely to make some decent money.

For upscale living check out a these awesome new builds in two of Singapore's nicest areas: the East Coast and Orchard Road

But if buying isn't on your horizon, then here's how to rent

According to Propwise, a Singapore real estate guide, here are your rental options:

Landed property (terrace houses, attached houses, bungalows) will run you between $7,800 and $23,430 USD per month.

High-rise buildings (room rentals, apartments, condos and penthouses) can be more affordable, starting as low as 800 USD (for single rooms) and going as high as 25,000 USD per month, for the more upscale condos.

And there's an added bonus: you may be able to make money off your used car

Granted, that car would have cost you more than the average American home (try $152,000, you can thank the exorbitant licensing fees).

But there's a bright side. If you buy a car, you may be able to sell it and your permit, for a profit the next year.

Then there's the fun stuff—like an Infinity pool in the sky

The pool, at 55 stories high, is the largest in the world at its height.

Find it at the Marina Bay Sands Hotel.

Source: Asia One

And a Louis Vuitton island.

Louis Vuitton's new concept store 'Island Maison,' replete with a bookstore, art gallery and, of course, a Louis Vuitton store.

But if you'd prefer to your shopping on the mainland, there's always Orchard Road

The 2.2 kilometer long street has 22 shopping malls (that's one shopping mall for every .1 km, or .06 miles). Wow.

Source: OrchardRoad.org

Or you can check out the only Formula One night race in the world, the Singapore Grand Prix

The event, which began officially in 2010, is nothing short of a 10-day extravaganza.

Known colloquially as 'Grand Prix Season,' the week leading up to the race is full of parties, concerts, and race themed shopping and dining.

Here's what the race looks like at night

Then there's the gambling, lots of gambling.

By the end of this year, Singapore is expected to generate more gambling revenue ($6.4 billion) than the mother of all casino towns, Las Vegas ($6.2 billion)

There are two main hotspots: Marina Bay Sands (which is the most expensive standalone casino in the world, valued at $8 billion) and Resorts World Sentosa.

Source: msnbc.com

We hear the nightlife isn't too shabby either

One of Singapore's hottest Western imports, Pangaea (which brings in, on average, $121,000/night), has couches lined with gold python skin.

Then there's St. James Power Station, housed in Singapore's first coal-fired power plant, which boasts 11 distinct clubs and entertainment venues.

Source: Wall Street Journal

What to do with your weekends? Forget the Hamptons, look what's a 45-minute ferry ride from downtown

Behold, the island paradise of Bintan, Indonesia.

Five star resorts, white sand beaches and world-class dining all at your fingertips.

But if resort towns aren't your thing, you can visit the awesome nature preserve, Chek Jawa

Chek Jawa, a cape on Singapore's northeastern coast known for its rich biodiversity (it has six separate ecosystems), was publicly uncovered in 2000 and has since been a favourite destination for Singaporeans.

That's six ecosystems just minutes from the hustle and bustle of downtown.

Plus, they have good healthcare while spending less than 4% of GDP

Economists have long ranked Singapore's health care system as one of the best in the world.

And it's no wonder why: total expenditure on healthcare (and this is good health care) is under 4% of GDP.

And icing on the cake, it's totally safe.

Even though Singapore's flashy living may remind you of something out of a crime novel, it's actually really safe.

The crime rate--one of the lowest in the world--is only 660 for every 100,000 residents.

Source: Singapore's Department of Statistics

Feeling like going a little further east?

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