By Justin Ong

Today-June 2, 2023

The number of ultra-high-net-worth individuals with a net-worth of over US$30 million (S$40 million) in Singapore is projected to rise in the next few years. They are attracted to Singapore due to its economic hub status, stability, and safety, among other reasons. However, sociologists warn that the ultra-rich will be expected to conduct themselves with restraint, and not be too flashy with their wealth. Attention should also be paid on how the super wealthy contribute to society in tangible ways such as through philanthropy or job creation. If not, it could lead to societal tension and even increased xenophobia, given Singapore’s egalitarian values.

Read more at: https://www.todayonline.com/big-read/big-read-can-growing-number-ultra-rich-singapore-live-harmony-average-joe-2183836 First published in Today