We are peasants...

[Knoobie]

 

Why Singapore is now the place where the wealthy stay up all night to get lucky

 

The dark hours in Singapore used to be for sleep. Now, with billionaires hitting its new luxe clubs, you'd have to be a daft punk not to check it out, says John Arlidge

It is 9am on a humid Sunday morning and Michael Ault has just finished work. Cruising through the crosstown traffic, he reaches into his pocket and pulls out the stack of business cards he has collected. 'There's a queen, princes of "this" or "that" country, Saudi sheikhs, oligarchs, generals from Indonesia and Burma, the sons of the generals, Kevin Spacey, David Beckham and Paris Hilton,' he says.

It's been a long but very good night. 'Right now we are the most profitable club in the world,' says the New Yorker. 'We take more than $200,000 in a good night -- in a 4,000ft2 space!'

Ault runs Pangaea. He has opened 89 nightclubs in the world's capitals and party cities but the one he's driving home from now with the United Nations of business cards, the one that's making more money than any other, is in Singapore. Singapore? 'Yes. There's opportunity here now. Singapore is ahead of the eight ball,' he grins.

Jim Rogers' nightclub days are over. But the storied investor who co-founded the Quantum Fund also shares a new home from home with Ault. He moved from New York to Singapore a few years ago and has not looked back. 'Singapore is the most successful country of the past 40 years. We've gone from half a million people living in poverty to five million people living prosperous lives,' he says.

Read more on Singapore from Spear's

Simon Cheong looks up and down, not back. The CEO and chairman of developer SC Global builds skyscrapers. His latest is the Marq development, just off Orchard Road, where he joins me in a 6,000ft2 apartment he is selling for $30 million. 'I've never been more bullish on the future of Singapore. Things can only get better,' he says.

When Singapore was awarded a Formula One grand prix and announced bold plans to build vast casinos to turbo-charge its economy and shed its image as the dullest capital city in Asia, many did not believe it would work. But almost a decade on, it has turned out better than anyone dared to hope. Singapore is fast becoming the new capital of the fastest-growing region on earth. And, whisper it, fun, too.

Don't take my word for it. Ask Eduardo Saverin, the Brazilian co-founder of Facebook, who moved to Singapore a year ago and is a regular on the nightclub circuit, arriving at Pangaea in his Bentley. He's not alone. Last year Nathan Tinkler, the minerals tycoon, moved to the island nation from Australia. So have Bhupendra Kumar Modi, one of India's biggest telecom moguls, New Zealand billionaire Richard Chandler and Gina Rinehart, who is, thanks to a mining empire, one of the world's richest women.

 

Wealth magnet

Today, in spite of its postage-stamp size, Singapore is home to the third largest number of UHNWs (net worth above $30 million) after London and Tokyo -- with 3,154. The WealthInsight Intelligence Center Database says Singapore is attracting more new UHNWs than any other city.

Singapore is growing so fast it is on course to overtake Hong Kong to become the capital of Asia. Just look at the numbers. Gross domestic product for the three months to the end of September grew 5.1 per cent, faster than the second quarter's 4.2 per cent. Assets under management have risen by more than a fifth over the past year to a record $1.29 trillion.

Read more on travel from Spear's

So much new cash is flowing into Singapore that its funds are now almost as large as those in Switzerland. Swiss private banks have been losing business steadily following revelations that some banks helped US citizens to evade tax. Consultancy PwC says Singapore's assets under management could overtake Switzerland's by 2015.

 

Why is Singapore on a tear? Hardware first. It is close to booming China but not too close for comfort, like Hong Kong. 'China has had a fairly benign attitude to Hong Kong so far but there's always a nagging doubt in people's minds: what if Beijing changed its mind? What would then happen to people in Hong Kong, to people's money, to the city?' says one Singapore-based business leader who has just moved his main office from Hong Kong.

Singapore has the best airline in the world, Singapore Airlines, and one of the best airports, Changi. It has the best road and rail network of any Asian city and is easiest to get around. It is even expanding physically. New land is being reclaimed all the time as the city state struggles to keep pace with its population growth.

 

Hong Kong? Phooey

But it is software that is really driving change. Singapore has stable government of the no-nonsense, laissez-faire kind investors like. More people speak English than in Hong Kong. Schools and healthcare are world-class. Yale has a campus. Taxes are very low. It does not suffer the pollution that Hong Kong endures. 'On virtually every level you care to think of, Singapore is the easiest entry point to booming Asia,' says Rogers. Small wonder Google and Yahoo have just opened their offices for South East Asia there.

Quality of life for the super-rich has gone from zero to 'whatever'. A country roughly the size of San Francisco now has 449 Ferraris, up from 142 in 2001, while its Maserati fleet has grown from 24 to 469. Yacht clubs are popping up along with super-luxurious shops, notably the Louis Vuitton Island 'Maison', a flagship boutique on its own floating pavilion in Marina Bay.

Nightclubs such as Pangaea are the new playgrounds of the young Saverin and his crew of UHNW party boys. Rich out-of-towners also flock to Singapore's two new casino resorts, that opened in 2010, including the Marina Bay Sands complex with its celebrity-chef restaurants and an infinity pool on the 57th floor. Gaming revenues in Singapore now exceed those in Las Vegas.

Hotels and restaurants are now world-class. The Fullerton Bay is about as damn near perfect as a city hotel can be. The boutique rainforest resort of Capella Singapore on verdant Sentosa island is twenty minutes but a world away from the downtown glitz. The angel hair pasta with Oscietra caviar at Les Amis restaurant is worth the cost of the flight to Singapore alone.

As he arrives back home to sleep for the day before another night at Pangaea, Ault says he 'no longer feels the magic' in Manhattan. 'It is still my home town and I carry a deep love for the city. But from a nightlife perspective, it has lost its magic and no longer has the world's top clubs.'

Singapore is another matter. This is where he says the rich feel rich and unusually secure. 'What I see here is what I imagined must have happened in the US in the 1880s, in the Gilded Age, when it first took over England in terms of wealth,' he says. 'It is extraordinary how much wealth there is -- and how willing people are to spend it.'

 

 

source : http://www.spearswms.com/news/why-singapore-is-now-the-place-where-the-wealthy-stay-up-all-night-to-get-lucky-4173156/

Anton Casey was right. we are poor people :(

[Mockngbrd]

60.1% approved

[Zanter]

If you think you are peasant, then you will be peasant.

If you think you are rich, you will be rich.

You are what you think.

[Toothiewabbit]

Ad nauseum....but this feeling just don't go away agree?

 

We are second class in our own backyard.

[Knoobie]

Ad nauseum....but this feeling just don't go away agree?

 

We are second class in our own backyard.

those are the real Singaporeans.. we are just the PR!! :(

[Joshterran]

Ad nauseum....but this feeling just don't go away agree?

 

We are second class in our own backyard.

 

Yes, poor Singaporean are truly a second class residents in our own country.

 

Our forefathers toiled to build this city with great sacrifice together with blood and sweat, wanting to leave behind fruits of their hard toil to their future generations to enjoy. However lest that they would expect is that all their hard work of building up Spore is being enjoy by foreigners leeching on our free-for-all (only with money) system.

 

Gates opened wide to anyone from foreign lands (China, India and other countries) to be PR and eventually convert to Spore citizen.

 

We, as being born Singaporean, will have to slogged to pay and pay for our house, children etc.

 

It wont take much for a civil scholar to know why Sg birth rate is low.

 

Get real !!! Dun deceive ourselves anymore. Your destiny is in your own hand come 2016. Whether I will continue to be slave or a true Singaporean, I will know who to choose for my vote.

[Evillusion]

ok...i feel like a millionaire....but i no money! Happy?

[RadX]

i think, therefore, I am.

 

 

u all dun say throttle liddat hor.....he angwee

[Vid]

Peasant reporting [wave]

[Throttle2]

By the way, this report is quite outdated. Just saying....

[RadX]

By the way, this report is quite outdated. Just saying....

 

 

ya ya...jus bcos you reached the UHNW 5 yrs ago......tt why outdated......

[Jman888]

ok...i feel like a millionaire....but i no money! Happy?

 

 

they pay $2.5 mil to become citizen, so in other words, you already have $2.5 million

[Mustank]

ok...i feel like a millionaire....but i no money! Happy?

 

you are supposed to see your cpf statement

then you will surely feel bery lich!!!

[Throttle2]

 

 

ya ya...jus bcos you reached the UHNW 5 yrs ago......tt why outdated......

I reach nothing. Still wiping.

[Joshterran]

 

you are supposed to see your cpf statement

then you will surely feel bery lich!!!

 

Get Real !!!! Dun keep deceiving ourselves that we (1970s era) will get our own CPF $$$ when we are reach our 60s (The minimum sum level will keep raising)

 

We, can make a difference to how we wan to live in Singapore !!!

[PSP415]

Haiz....as if the world must all be millionaires or rich then can be happy. Even peasants fare better than these because they have learnt contentment.

 

I dun feel like a peasant, especially not in my country or wherever I move about here. And I am not a millionaire or rich.

 

My parents have always emphasised on better to have good health and be self

supporting than looking to

others for help. Most importantly, to remember to be thankful that we have a safe place to call our home.

 

Hence, kpkbing in my house will be often met with "so? What are you doing to

improve the situation/yourself etc etc." We are not given the time to engage in

self pity or whining that equates to being seated in a rocking chair....much

movement but status quo at the end.

 

What can you do about it? It's always the govt's fault. So here we go now...... wait till 2016 then they know. Er, from now till then is almost 2 years.... should you not do something on your own to improve your peasantship? What if come 2016, it's still the same govt just with a lesser percentage or your nightmare come true and it's a reverse with higher percentage win?!

 

Oh no! #$@/&&¥¥₩₩....more whining and kpkbing? Till how old? Even if new govt, you think you will get a windfall from the country's treasury? You think if every one owns a car, it's good because now can eat, sleep and work in the car cos now even it's controlled yet still have jams and butter everywhere.

 

Haiz.....You are who you think you are. Why is it important what people think of you? If you die, strangers care? If you broke, strangers bother? Even if they laugh, you should care? If you sick, sometimes even your own family leave you in the lurch or in an old folks home.

 

You accept what people say who you are, you become. Dun blame anyone else. You can migrate and become their whatever class citizens. Or you can stay put and make this your home to be proud of. It's your contributing part too....and dun tell us how much you gave for income tax..... Your contribution alone cannot sustain this country so everyone is playing a part.

 

Stop comparing....You will always have those poorer than you and there will always be those richer than you. What's there to compare?

 

Safe ride.....dun be broken records.....just vote then accordingly to your heart's choice. At this moment, I am home and there is nowhere else I want to be on a permanent basis and that's my choice.

 

Some thoughts from another side of the coin. Please do not take offence cos not intended. It's my general feeling and a tired one where too many rocking chairs have been generating a lot of wind but no positive action.

 

Cheers

Edited February 11, 2014 by PSP415

[Zanter]

ok...i feel like a millionaire....but i no money! Happy?

 

Buddha was rich once but unhappy, but when he gave up everything, he found enlightenment and peace.

Is he rich or poor?

[RadX]

Haiz....as if the world must all be millionaires or rich then can be happy. Even peasants fare better than these because they have learnt contentment.

 

I dun feel like a peasant, especially not in my country or wherever I move about here. And I am not a millionaire or rich.

 

My parents have always emphasised on better to have good health and be self

supporting than looking to

others for help. Most importantly, to remember to be thankful that we have a safe place to call our home.

 

Hence, kpkbing in my house will be often met with "so? What are you doing to

improve the situation/yourself etc etc." We are not given the time to engage in

self pity or whining that equates to being seated in a rocking chair....much

movement but status quo at the end.

 

What can you do about it? It's always the govt's fault. So here we go now...... wait till 2016 then they know. Er, from now till then is almost 2 years.... should you not do something on your own to improve your peasantship? What if come 2016, it's still the same govt just with a lesser percentage or your nightmare come true and it's a reverse with higher percentage win?!

 

Oh no! #$@/&&¥¥₩₩....more whining and kpkbing? Till how old? Even if new govt, you think you will get a windfall from the country's treasury? You think if every one owns a car, it's good because now can eat, sleep and work in the car cos now even it's controlled yet still have jams and butter everywhere.

 

Haiz.....You are who you think you are. Why is it important what people think of you? If you die, strangers care? If you broke, strangers bother? Even if they laugh, you should care? If you sick, sometimes even your own family leave you in the lurch or in an old folks home.

 

You accept what people say who you are, you become. Dun blame anyone else. You can migrate and become their whatever class citizens. Or you can stay put and make this your home to be proud of. It's your contributing part too....and dun tell us how much you gave for income tax..... Your contribution alone cannot sustain this country so everyone is playing a part.

 

Stop comparing....You will always have those poorer than you and there will always be those richer than you. What's there to compare?

 

Safe ride.....dun be broken records.....just vote then accordingly to your heart's choice. At this moment, I am home and there is nowhere else I want to be on a permanent basis and that's my choice.

 

Some thoughts from another side of the coin. Please do not take offence cos not intended. It's my general feeling and a tired one where too many rocking chairs have been generating a lot of wind but no positive action.

 

Cheers

 

nicely put and totally agree! Contentment is key which is lacking in a lot of folks