ST Oct 11, 2006The next excerpt is about the high number of very rich Indonesians or ex-Indonesians in Singapore:
1.5% of adults in Singapore have assets exceeding US$1m
Republic's concentration of the wealthy is far higher than global, Asia average, survey shows
By Finance Correspondent, Lorna Tan
IF YOU are looking for a millionaire, it is rich pickings in Singapore - which has the highest concentration of well-heeled people in Asia.
A new report estimates that there are 55,000 people who each have net assets, excluding their main home, above the magic US$1 million (S$1.6 million) mark.
That is a concentration of 1.48 per cent of its adult population, far higher than the global average of 0.22 per cent and Asia's average of 0.1 per cent.
ST Oct 11, 2006
A third of millionaires here of Indonesian origin
ONE in three millionaires in Singapore is Indonesian in origin, according to a report from Merrill Lynch and consultant Capgemini.
It estimates that at the end of last year, Singapore had 55,000 people with net assets of at least US$1 million (S$1.6 million), excluding their main home.
Of these, 18,000 were Indonesians who have become either Singapore citizens or permanent residents here.
The third article concerns an ex-Morgan Stanley analyst's private views about Singapore and rich Indonesians:
“... [some] were competing with each other to praise Singapore as the success story of globalisation. Actually, Singapore’s success came mainly from being the money laundering centre for corrupt Indonesian businessmen and government officials. Indonesia has no money. So Singapore isn’t doing well. To sustain its economy, Singapore is building casinos to attract corrupt money from China.”See anything?
Technorati: Singapore; Indonesia; economy; money laundering