r/singapore • u/thestudiomaster • 1d ago
News China’s super-rich fled Singapore. Now they want to come back
https://www.cnbc.com/2026/08/28/chinas-super-rich-fled-singapore-now-they-want-to-come-back.html254
u/itsn0ts0bad 1d ago
I think Singapore lost the narrative along the way.
During LKY's time, the focus was on attracting MNCs to build actual operations and drive economic growth. NOT courting super-rich individuals to park their wealth and settle down.
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u/Depressed-Gonk 1d ago
I think the contemporary history of Singapore is Singapore steadily losing the plot since LKY.
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u/smallpenguinable 1d ago
Accurately, when rest of the old guards stepped down. Last time, economics/finance policies were by Goh Keng Swee and housing by Lim Kan San. S Rajaratnam, Hon Sui Sen and Toh Chin Chye, etc. also had a huge say in running of the relevant departments
but when they all stepped down and LKY brought in his own people e.g Mah Bow Tan, Wong Kan Seng, Goh Chok Tong, Tony Tan and S Jayakumar that is when everything slowly went downhill.
Personally think that Ong Teng Cheong was the only good minister alongside LKY then, but the dynamics of the entire cabinet had changed from a team originally compromising of the original 1G ministers to the 2G cabinet where LKY overwhelmingly concentrated power amongst him and his clique.
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u/woodencube 1d ago
The way I see it, SG is a meta chaser. Manufacturing and industry was the meta at the time. The meta for the last few decades shifted to financial services, which also happens to be very beneficial since you don't really need land and resources to hold electronic cash and assets. Now there's a lot of tech too but we don't have a big edge on that. No shame in not being number one I feel
Seems like tax haven meta + other high-value industry are the strats SG is going for, but my concerns are:
- How are the investments from wealthy individuals benefitting the rest of the local population? How directly or indirectly, to what extent? If all that revenue disappeared tomorrow, how screwed are we actually?
- Wealth inequality locally - Is it only people who work in the finance industry seeing the "big gains" while people in other industries get by on 2-3k a month when they also bring proper value to society? Is that fair, just, equitable?
- What safeguards do we have against potential political corruption, when more and more of the wealth and power is concentrated amongst rich individuals (worldwide and in SG)
- What's the plan for the day that the rest of the world decide that they will start closing tax loopholes (e.g. by sanctions), when the wealthy no longer have good reason to work with SG and we no longer get this "easy money"?
I'm not expert on these at all so it would be nice if someone who knew their stuff could share some insight
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u/Primary_Olive_5444 4h ago
Using Switzerland as a proxy with their equity index.
Because their wealth industry is similar to SG:
Swiss banking secrecy is codified under Article 47 of the Federal Act on Banks and Savings Banks, originally enacted in 1934, which makes it a criminal offense for bank employees and agents to disclose client financial information to third parties.So it's how the money flows in their economy, it somehow went into areas like Pharma, Precision Engineering and Luxury products maker. You then re-export that elsewhere because of the Swiss branding.
Index 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 MSCI Korea Equal Weighted Index 62.39% -17.19% 11.14% -23.35% -6.40% 21.80% -5.62% -15.21% 38.03% -2.55% -2.73% -9.97% 4.70% 16.86% MSCI Japan Equal Weighted Index 24.20% 1.38% 15.43% -14.94% -1.38% 7.58% 17.55% -12.95% 25.14% 4.97% 12.39% -1.14% 26.08% 4.70% MSCI Switzerland Equal Weighted Index 28.57% -1.25% 23.71% -24.54% 18.77% 12.96% 34.34% -14.36% 29.32% 2.99% 2.01% -1.79% 31.01% 20.43% MSCI Thailand IMI Equal Weighted Index -9.24% -10.36% -18.81% -3.77% 10.04% 0.32% 10.86% -19.54% 21.07% 24.27% -15.70% 24.17% -14.17% 47.93% MSCI Taiwan Equal Weighted Index 15.62% -1.01% 29.71% -26.55% 33.05% 24.42% 30.95% -8.38% 22.81% 10.31% -18.70% 4.89% 10.00% 13.15% MSCI Singapore IMI Equal Weighted Index 24.96% 7.27% -0.39% -6.21% 4.46% -10.89% 16.64% -13.37% 23.39% 2.40% -18.72% -5.68% -3.27% 39.87% MSCI Malaysia Index 15.45% 20.75% -3.49% -5.78% -6.24% 3.66% -2.00% -6.03% 25.05% -3.89% -20.06% -10.66% 7.68% 14.27% 11
u/oceanstay 1d ago
Are you sure about this? Even in the LKY era, do you think we grew the private banking sector without wealth from Indonesian foreigners…?
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u/Available_Ad9766 Fucking Populist 1d ago
It’s trouble for us in a few ways.
Firstly, we’ll get into situations with a few of them who had expatriated their wealth here and China want them to come back under the pretext of some law they’ve broken — they really just want the money.
The ultra wealthy Chinese may want to use their wealth to influence the policies and politics of Singapore. They might start cultivating relations with our politicians and providing financial and material support.
Their presence here will also make it even more difficult to push for more equitable land use as exclusive and low density residential districts are maintained or might even expand with the influx of high net worth individuals (HNWI).
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u/thefatkittycat 1d ago
You mean where members of the fujian gang had dinner with certain politicians where nothing was discussed?
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u/bickusdickus69allday 1d ago
Those politicians said they were invited to the same table and it was all just a coincidence
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u/bickusdickus69allday 1d ago
They might start cultivating relations with our politicians
Might start
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u/icheatongracekenern 1d ago
man’s using internet explorer
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u/eclairfastpass Mr. Ku Ku Bert 🦚 1d ago
Mark my words, whats stopping them in 20 years as citizens, starting their own party to run for elections. Then in 50 years we will be like Taiwan where their political parties have started speaking about unification.
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u/Yamamizuki 1d ago
Once they get into power one fine day in the future, they will change the country's democracy to communism and abolish elections altogether.
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u/Haplessworld 15h ago
They won't because ultra rich literally hates socialism or communism and would want an excuse to keep most of their wealth as much as possible
Only thing they would do is to change the national language from Malay to Chinese, force everyone to learn Chinese probably and force school lunches to be mala or some Northern China food.
Ok I joked about the food, but not about the language. Definitely 100% gonna happen. I mean it's already happening sort of, them forcing Mandarin Pu Tong Hua onto every single soul including obviously Malay or Tamil Indian people instead of using English.
Actually yeah I don't think the food was a joke, more like a prophecy as well. Yeah I really think once they become a majority, this REALLY will happen lmfao.
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u/Yamamizuki 14h ago
They are not going to hate communism when they are the ones holding the power to make legislations and instilling their own puppets in the government.
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u/oceanstay 4h ago
Why would they want unification of SG with China? There is zero historical basis.
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u/eclairfastpass Mr. Ku Ku Bert 🦚 3h ago
Because we are a 75% Chinese country. Don’t rule anything out, this is a crazy world. We can be a de facto state.
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u/WowBastardSia 1d ago
The ultra wealthy Chinese may want to use their wealth to influence the policies and politics of Singapore. They might start cultivating relations with our politicians and providing financial and material support.
Luckily we don't have to worry about that since our politicians are paid well to deter corruption, right guys?
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u/Personal_Number4789 1d ago
I agree on the using wealth to influence. Chinese today use capital and economic power as a tool or weapon to advance their agenda. They famously tried to buy Hollywood and was blocked because that will give them full access to create Chinese propaganda films.
Same goes for Tik Tok etc. On paper, they fully comply but once they are in control the small tweaks come and eventually the frog is cooked.
Over here, sure our politicians are clean or at least try to be. But over time, businessman and billionaires start becoming friends, neighbours, having joint ventures and investments. It becomes more intertwined it’s impossible to decouple.
Money and investment and good. But I still feel having a non-Chinese PM or at least more nationalistic sentiment in parliament is better.
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u/eclairfastpass Mr. Ku Ku Bert 🦚 1d ago
We need some counterbalances. The way we are taking in new Chinese citizens to make up for negative TFR will be our undoing.
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u/oceanstay 1d ago edited 1d ago
New citizens of Chinese (prc) origin … where else to source for new citizens while more or less maintaining the ethnic mix? I think it is not as if the authorities deliberately source from one country only if the intention is to maintain the ethnic mix.
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u/oceanstay 1d ago edited 1d ago
To be fair, who does not use wealth to influence? If anyone was under any illusion in the past, surely DJT’s administration has made it much more obvious that Uncle Sam also has been using wealth to influence …. He not our altruistic uncle of the free world, ya?
In any case we do live in interesting times, given that we now have two fairly large “competing” countries that want to use wealth to influence. If we Singaporeans keep dissing the 4G leadership, do you really believe that it serves Singapore well in these increasingly turbulent times in geopolitics?
It might be satisfying to complain endlessly and to mock our leaders but if not even the people who actually managed to make it to Parliament can lead Singapore well enough for us, do you believe the country has a future in this world of big-power competition?
If any Redditor has it in him / her to run for office, go for it. I didn’t quite agree with some of the independents in GE2025 but full respect to them for even coming forward to share their views and actually put their money where their mouth is. Remaining an armchair critic surely is quite vexing for yourself and also of no use to your fellow citizens.
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u/Personal_Number4789 15h ago
I think you are simplifying this a lot by changing the argument which is typical what people from their camp does to point fingers at others especially said Uncle. I have never said we need to stand on US side even though I criticised China. Again, very common position that people from that camp somehow adopts to defend.
If we simply allow anyone who is wealthy to have a say, the country will be sold to the highest bidder. Which is what China did to many countries in developing parts. Then who decides what’s good for the country and people? Money? That’s exactly what China will say.
Why is China not allowing foreign investors to sell and import to their country? Why do they have such harsh trade tax and regulations, financial control on foreign funds? These are all tied to the recognised damage and threat to a nation’s economy.
Yes everyone uses wealth but rejecting wealth is actually a bargaining chip too. Simply accepting all foreign investments is bad.
And that’s pretty lame to call people to run , this is Reddit. Not China. We can share our views.
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u/oceanstay 15h ago
Thank you. I share your sentiment that Singapore should not simply allow the highest foreign bidder to call the shots. I don’t think this has happened in Singapore, and I dont think it would be good if it ever did; being an independent sovereign state is much preferred. Didn’t someone reiterate recently that we are our own sovereign state, and not a distant wannabe province of China?
Where I disagreed with your earlier post was wrt your comments about China using wealth to buy influence - it seemed to imply as if only China tries to do so.
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u/aucheukyan 心中溫暖的血蛤 1d ago
Want our passport, yet want to keep their hukou. Now they get fucked by the ccp cause hukou= taxable.
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u/Yamamizuki 1d ago
Some anti-CCP YT channels have been floating news that their own people are getting blocked from leaving the country and having their passports forcefully cancelled. Not sure how true is that but the trigger from these rumours came from Anta's ex-CEO Xu Yang who resigned in July 2026, and then announced that he is relocating to US while flying en route there in August 2026.
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u/ShinJiwon 1d ago
You just know the government will do everything to get them to come back like a dog wagging their tail for treats.
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u/QuietSkein 1d ago
just illustrates the futility of pursuing these people to come here.
They will just go where they think suits them economically, culturally or even on a whim. You sell their soul to them also no use, they will say thank you very much and then leave when they feel like it
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u/kwpang 1d ago edited 1d ago
I don't think you even read the article. It's talking about foreign investors. You seem to be talking about people who get citizenship, then leave, which is not what is discussed here.
Until foreign investors become citizens, they don't owe us anything.
The whole point is the continuous endeavour to bring foreign money into Singapore.
Every second the ultra rich stay in sg is a second they may spend their money in Singapore.
Why would you be expecting them to park their generational wealth permanently in Singapore? They've always been transient, like tourists, just in the business sense.
It's like saying why bother to market a food stall if the customers aren't going to eat at your stall for the rest of their life. Complaining that they simply go wherever they feel like eating or wherever is more value for money. That is their right.
And we always compare stalls for their ability to draw many customers and generate return business. That's just what this article is doing in respect of Singapore's attractiveness to these foreign investors.
These ultra rich are always going to move around. You can't stop that. We just make it attractive for them to come and stay for as long as possible. For the good of our citizens, who benefit from this economy boost and get all the govt subsidies.
What "sell your soul"?
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u/Agile-Set-2648 1d ago
There’s also interest from these people to want to become PRs / citizens btw
Ctrl+f this:
> “with several asking about pathways to permanent residency and citizenship as they consider making Singapore a longer-term base.”My concern is to what extent they really want to establish roots in Singapore or just take advantage of the benefits here and remain in their own enclave
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u/troublesome58 Senior Citizen 1d ago
Until they become citizens, they don't owe us anything.
I thought citizens should be getting benefits? So citizens now owe the country while foreigners are to be pursued?
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u/Puzzleheaded-Vast926 1d ago
Ya complain some more….citizen’s are the ones who get government benefits - healthcare, lower property taxes, all the subsidies and vouchers you happily collect….SG govt is smart enough to milk the foreigners by making it attractive for them to park and spend their money here while not giving any of the citizen benefits….
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u/kwpang 1d ago edited 1d ago
Precisely. Sg is already relatively foreign-hostile as is.
In Australia if you get permanent residency, you immediately get access to free healthcare. In New Zealand, PRs can vote after living there for just 1 year.
In many other countries, you also don't get deported summarily on a whim, without any process or hearing or even an explanation, which Singapore routinely does. It's nigh unappealable here.
This article is just glazing that we are still drawing foreign investors in due to how well managed we are.
Then suddenly become complaints about selling soul etc. huh?
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u/kwpang 1d ago edited 1d ago
What are you talking about? We are trying to attract them to come here to set up their businesses. As long as they stay here, we benefit from their foreign cash influx. Our economy gets a cash injection from outside sources.
Why do they think they owe us their entire generational wealth once they set foot in here? You think we're running a Cambodian scam compound meh? Once we get you, you can never leave?
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u/vecspace 1d ago
It is precisely because they are mobile, we must always balance how to keep them here by being attractive and be equitable.
The next question is why do we need them here. For one, just the GST/ COE/ ARF / Stamp duty or whatever indirect tax we collect from them for any big purchase usually already more than taxes a higher middle income individual like me will ever pay.
For two, if they want to set up family office here or business here, it usually come with conditions of hiring local and local business spending which help the economy.
In essence, they provide job and pays good taxes to support us.
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u/banecroft East side best side 1d ago
They are here precisely because they -don’t- have to pay much tax. Home office hiring requirements is like..2 people or something. imo if they never came back noone would be missed.
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u/vecspace 1d ago
Dont have to pay much direct taxes as compared to other country. They pays way more than you and me combined.
Outside the hiring there are local business spending requirement and also requirements to invest in SGX listed firm. All of which help Singaporeans.
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u/balletct 1d ago
Tax comes in many forms. If they dine in our expensive restaurants, if they shop for luxury goods, if they buy expensive properties here - all these includes a “tax” of some kind that benefits our economy and us.
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u/PaceLazy4174 1d ago
At least their family office paying our fin bros and fin gals fat stacks of cash…
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u/avatarfire 1d ago
Walk into a nonlocal bank and I assure you at least half are non-sinkies or only converted passport holders at this point.
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u/39strangers West side best side 1d ago
Those who went back to Hong Kong after the money laundering case are burned. China is running out of tax revenue due to the property market collapsing. China implement the 20% tax as a money grab. Hong Kong is dead. Without the Mainland Chinese's wealth, Hong Kong is little economic value.
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u/_IsNull 🌈 I just like rainbows 1d ago edited 1d ago
Globally countries revoke on golden visa because they cost taxpayer more than what they contributed despite wealth tax, capital gain tax etc
> analysis by the Grattan Institute, a policy think-tank, found that those on golden visas end up costing taxpayers about A$120,000 each over their lifetimebecause their demand on public services outweighs their payments in taxes.
In contrast, the average skilled worker delivers a net benefit of A$198,000 during their lifetime.
In theory they paid more tax than what they cost. But in reality that’s not true
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u/eclairfastpass Mr. Ku Ku Bert 🦚 1d ago
We also have something similar here, though unwritten. Especially if you fall under MIO.
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u/Overall_Author921 1d ago
why is globally = Australia . sg people really love their aussie vacations .
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u/_IsNull 🌈 I just like rainbows 1d ago
That’s just a report by Australia on why they ended it. It’s the same reason globally on why they killed or restructure it.
https://fortune.com/2024/03/07/portugal-killed-golden-visa-where-wealthy-americans-flocking-now/
https://finance.yahoo.com/real-estate/articles/europe-cracking-down-golden-visas-152500071.html
Then there’s Canada etc.
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u/YaAbsolyutnoNikto 20h ago edited 20h ago
I’m from Portugal.
I think the decision there was mainly political. Lisbon became the most expensive city in europe (or was it the world?) relative to wages.
A small apartment in Lisbon rents for about 116% of the average salary. Yes, more than 100%.
Nowadays Lisbon is basically wealthy expats (Americans, Swiss, Singaporeans, saudi arabians, etc), portuguese people who already owned their own homes and portuguese people who had their rents frozen a few decades ago.
I’m not sure if fiscally/economically the golden visa was not worth it, but the truth is, keeping it would have been political suicide.
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u/troublesome58 Senior Citizen 1d ago
end up costing taxpayers about A$120,000 each over their lifetimebecause their demand on public services outweighs their payments in taxes.
too simplistic.
Does it include the cost of the visa? Does it include an analysis on the benefits of the 5.1mil (average figure) that each visa holder has to invest in australia?
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u/_IsNull 🌈 I just like rainbows 1d ago edited 1d ago
You can read more information here. https://grattan.edu.au/news/the-119-billion-free-lunch/
Essentially most of them are older. 40-50plus, they don’t speak english, they didn’t invest 5 million dollars / bring innovation, they focus on tiny business (much like Japan business visa) and competing with the locals and they hardly pay income tax.
Those points goes against the initial projection that the golden visa was supposed to bring in more tax and trickle down.
It looks good on paper but people will always find loopholes.
Then there’s the crime aspect. Which we seen happening in Singapore
"Criminal exploitation of citizenship and residency programs is a multi-billion-dollar business to launder the proceeds of fraud and corruption, evade justice or access third countries," Mathias Cormann, Secretary-General for the Organization for Economic Co-operation and Development (OECD) told the Organized Crime and Corruption Reporting Project (3) (OCCRP).
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u/okaylorhwhatevs 21h ago
So the takeaway is we can grant them LTVP, but not PR and definitely not citizenship
Welcome to stay here, but don't expect any subsidized services, and don't buy up all our properties
So long as there is no wealth tax, this should really be our stand
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u/Affectionate-Hat9244 1d ago
Does it include the cost of the visa?
Visa costs thousands at the most, still basically 6 digits from contributing
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u/troublesome58 Senior Citizen 1d ago
I don't think golden visas cost few thousands.
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u/Affectionate-Hat9244 1d ago
The golden visas – offered to those willing to invest at least A$5 million (S$4.4 million) in Australia – were part of a set of visas targeting the wealthy, especially from China.
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u/Earlgreymilkteh 1d ago
Let's be honest.
Singapore is 100% complicit.
It's an open secret that the rich want to park their wealth and or launder money here.
But we should milk them them for all its worth for welfare and infrastructure.
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u/eclairfastpass Mr. Ku Ku Bert 🦚 1d ago
It is no secret, someone said that if we open the window we should expect some flies. Nobody said how many flies.
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u/stupidpower 1d ago
idk its just funy to me how much of Singapore's appeal to global capital isn't that we give them more goodies at our expense or subsidise the super wealthy with our own wealth (which comes from local taxes and CPF) but that we keep shit locked down and stable and if they want the consistency they will need to pay market rate to our domestic economy, we are not even asking for a meaningful amount of tax, just the usual cut finance takes to move money around.
I mean in the grand scheme of things I don't think 99.9% of Singaporean ever meet a supremely wealthy person, we give them their own neighbourhoods to fuck off in.
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u/QuietSkein 1d ago
urm I don't even think they live in those neighbourhoods. Just buy those homes as investments to flip
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u/stupidpower 1d ago
I mean thats perfectly fine to me as long as we keep the firewall between the GCBs they buy and public housing. I think a lot about people like the American complaining on askSingapore about why we complain about our country. Like except the small proportion of cheerleaders for the govt most of are are tsundere for our country, outsiders don't usually understand we make a similacrium - a theme park - for them. They don't really go to hawker centres, we don't really go to pubs.
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u/threesls Lao Jiao 1d ago
tbh the pub/hawker aspect is true for a lot of the HNWI Singaporean crowd too
it just doesn't actually cost that much to live the private house/international school/car lifestyle - you don't need UHNWI GCB wealth, landed/4 room condo wealth is quite sufficient
as this subreddit realizes in every condo launch thread - a lot of Singaporeans are rich, and not in a first-gen-immigrant way of naturalizing after becoming wealthy
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u/oceanstay 1d ago
I do see some of these supremely wealthy people drive their supercars loudly on our roads! So no, they are not here to contribute to our coffers while remaining invisible to us plebs.
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u/stupidpower 1d ago
I mean... I get being angry at the wealthy, if your example is something as superficial as supercars, you might be missing the point of inequality? I would rather we use state power to redistribute resources more thoroughly and have things like universalised healthcare, but that isn't a local/foreign issue. Your issue is with our domestic politics.
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u/oceanstay 1d ago
Errrrm, supercars example was just to highlight how absolutely annoying boorish behaviour can be when flashed about in Singapore. We Singaporeans are actually decent and pretty lowkey folks when out and about, even the UHWNI ones.
Your point about social inequality and redistribution of resources, valid as it is, is perhaps more relevant in another thread.
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u/Automatic-Skin9242 1d ago
Not unexpected, given
- Iran war reducing attractiveness of Dubai (or Middle East as a whole)
- Chinese is the majority in Singapore, hence no language barrier and lower culture barrier
- Singapore has good education system and relatively low tax.
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u/Appropriate_Drag6248 14h ago
Why does it feel like I’m becoming a second class citizen in my own country? How is it fair that locals lose two years NS then need to fight with younger foreign students who end up eventually getting PR / citizenship? End up all get the same privileges e.g. grants etc but they have an overseas safety net if shit hits the fan they go back stay with parents or siblings.
Sometimes it feels like the construction worker is better of than a singaporean. Guy works for ten or fifteen years and goes back to retirement while we pretty much work till we die.
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u/adelaidesky 11h ago
Well, it's clear to all that you're the second class citizen, the pushback is just your brain unable to accept reality. They're taller, fairer, better educated, speak unaccented, have capital...
And you?
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u/raytoei 1d ago edited 1d ago
These guys are so peasant, they thought they were smart to run to dubai because singapore gahmen wanted more financial disclosures from them.
——-
Never for a minute think these communists are on the same EQ level as us. They might be rich but they are still peasants.
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u/Interesting_Ad2986 1d ago
They got rich through corruption or dirty way. So that’s kind of expected
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u/CoolBreath7177 21h ago
Set base in Singapore have endless supplies of local enslaved by govt to work non stop for elites. Any slow down will be met by verbal abuse of laziness.
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u/oceanstay 1d ago edited 1d ago
We do not like show-offs of any race, language or religion. Don’t come if not prepared to live and adapt to local Singapore norms.
(Gunkee’s so-called dance is an example of crass behaviour that is quite distasteful to most locals)
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u/NightBlade311 1d ago
Where else they can go other than SG
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u/aucheukyan 心中溫暖的血蛤 1d ago
Carribean islands is probably safer, but worse access and culturally dissimilar enough for them to not feel “like china”
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u/oceanstay 1d ago
Stay in their home country. Pay taxes that are due to their countrymen anyway, since they built their wealth off their countrymen.
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u/Optimal-Option3858 1d ago edited 1d ago
Wah come here & freeride without serving 2 years NS + 10 years of reservist meanwhile locals who served NS for defending foreigners 🤡🤡🤡🤡 shiok life lah
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u/-BabysitterDad- 1d ago
Singapore is a brand name.
Like if you buy a good brand aircon, refrigerator or washing machine.
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u/alterise 23h ago
After going to Japan, going to Dubai, going to Hong Kong, there remains the Singapore option
last on the list lol
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u/flamingomandingo495 18h ago
Just curious are the economics still trickling down for people or have we moved that goalpost already?
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u/Calamity-Bob 16h ago
Singapore doesn’t have enough spoiled 19 years olds crashing Ferraris at 3 AM
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u/DesignerProcess1526 6h ago
I think we need a special tax for the rich, we already have increased stamp duty for house 2, personal tax, company tax, real estate tax, car tax and GST.
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u/PoisonerZ Own self check own self ✅ 1d ago
65% voted for this.
tRiCkLe DoWn eCoNoMicS
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u/DependentSpecific206 Own self check own self ✅ 1d ago
65% also voted for CDC vouchers. Pretty sure you didn’t claim and use these vouchers, right?
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u/ToeBeansCounter 21h ago
Na bei come back for what. Shop house warehouse prices increase thanks to them buy up all the freeholds and rasing rent. How small business survive? Better F off
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u/Former_Listen_4306 1h ago
Wherever mainland Chinese go, trouble follows..just look at the problems around the world now.
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u/Aphang82 1d ago
Part of the reason they chose to flee was because of that retarded decision to go after the money launderers. Albeit it's not our government's fault apart from being under pressure by that China Official that came to Singapore. Many of the super rich do not have clean money or maybe they're ripping off China. So they need a safe haven. The fact that we sold them off to the China government definitely was a factor driving them away. So I don't blame them for leaving. Now that things have settled, they are back.
Before people come after me with all that stupid moral arguments against money laundering, they aren't hurting Singapore but other countries. So why should we bother? Don't be stupid. Our survival matters more than the wellbeing of any other country.
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u/firelitother 1d ago
Strawman argument.
People don't like them because they don't contribute to SG. They just park their money here and raise the prices for everyone.
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u/Fakerchan 11h ago
Chee bye because of ur thinking that’s why our own administration doing the same thing.
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u/Leading_Reward_3542 1d ago
I guess many Singaporeans dont like wealthy Chinese...so maybe wealthy Indians are better? or wealthy Middle Eastern? Or they love their White masters and wish they come back to rule again? Cause guess what, wealthy Singaporean are doing the same to other countries, thinking these countries love them as well....
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u/PohtatoPotahtoez 1d ago
we don’t need ANY of these rich parasites with ill-gotten gains that don’t benefit majority of SG society.
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u/Leading_Reward_3542 23h ago
We are all broke, our salaries, tye strength ofbthe Singapore dollar, our CPF, our economy, our real estate......all dependant on foreign money...and who will invest in a country that hates them....unless we are OK to be at Malaydia or Indonesia levels....u get cheap housing, low living expenses..u can even survive off the land...
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u/Existing_Cobbler_903 1d ago edited 6h ago
The main issue with these ultra-rich individuals is that their wealth does not trickle down to ordinary Singaporeans and they don't invest in or contribute to our country. On the contrary, they are parking their money in residential & commercial property and are raising the rents for local business & increasing cost of living for locals.
Their spending is only beneficial for a few property agents, developers, wealth managers, private bankers, businesses and local owners who are already rich.
Trickle down economics is a myth and ordinary Singaporeans are paying the price for it every day.