SINGAPORE, June 3 — It was a typical weekday morning at Empress Road Market & Food Centre — a neighbourhood wet market off Farrer Road — where a 68-year-old retiree was...
SINGAPORE, June 3 — It was a typical weekday morning at Empress Road Market & Food Centre — a neighbourhood wet market off Farrer Road — where a 68-year-old retiree was spotted buying a bouquet of flowers.
She shared that she is a retired legal counsel from Malaysia, who used to deal with clients from Europe and the United States. According to a report by real estate consultancy Knight Frank released late last month, Singapore’s population of UHNWIs saw a 6.9 per cent increase to 4,498 in 2022, up from 4,206 in 2021.
From an economic standpoint, the Government has signalled that the ultra-wealthy who come here should preferably create jobs and opportunities for Singaporeans, and on a large scale. “Clearly, the Government wants to see track records,” he said. “If an individual says that he can contribute to the Singapore economy, then show me.”
This can be done through not only creating jobs for diverse segments of the population, but also via philanthropic work and setting up of charities or scholarships for the less fortunate.Despite the economic gains, having a significant number of UHNWIs among the population may, from a sociological perspective, give rise to several challenges.
For instance, Chan Teck Chye, an owner of a vegetable stall at the market, said that there are some affluent customers living around the area who behave rudely. It is hence important for the UHNWIs here to note that there is a prevailing “culture of restraint” in Singapore, said sociologists. “As opposed to the ‘rights’ of individuals to get rich and flaunt their wealth, the emphasis here is more weighted towards the ‘duty’ that one has of preserving social harmony between groups.”“Standardisation is valued over standing out from the crowd,” Chua added.
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