Crowds of Crazy Rich World Assault RI's Neighbors, What's Up?

Jakarta, CNBC Indonesia - A number of super-rich families, aka the world's crazy rich, are reportedly busy building houses and offices in Singapore. In fact, the number has increased significantly when compared to a few years ago.
Singapore currently has about 700 offices associated with super-rich families. This number is up from 400 at the end of 2020 and 100 in 2017.

These families come from not only Asia, but also Europe and America. However, demand from Asia looks particularly pronounced, given that private wealth in the region is growing faster than anywhere else in the world.

"The pandemic has prompted many wealthy families to reconsider their wealth management and succession plans to better prepare for the uncertainties ahead," Carrie Ng, Head of Family Office Advisory Bank of Singapore, told Channel News Asia, Thursday (12 /1/2023).

"In addition to Asian family offices, more and more non-Asian families are coming to Singapore to set up satellite offices to capture and support their investments in the region."

This increase was triggered by the Covid-19 pandemic. These circumstances are forcing very high-income individuals and their families to rethink how to protect and grow their wealth for future generations.

Meanwhile, regarding the election of Singapore, analysts believe that the city-state was chosen because of its strength as a world financial center and tropical weather.

Not only that, Singapore has a stable political and regulatory environment, a developed financial services sector and a skilled workforce, and a good standard of living with well-established health and education infrastructure.

"Geography is another reason, with Singapore seen as a gateway to Asia. This is attractive to those looking to get closer to their investments in the region," said private sector analyst at Deloitte, Richard Loi.

https://www.cnbcindonesia.com/news/20230112154547-4-405023/ramai-ramai-crazy-rich-dunia-serbu-tetangga-ri-ada-apa