Following my bearish outlook, I would like to add that there is one silver lining at least.
Despite the gloomy economic forecast for the next few years, it is possible that Singapore may emerge from the crisis stronger in financial services.
Quote:"The sun-drenched Asian city-state, with the highest density of millionaires in the world, is seeing wealth management prosper as the U.S. and Europe grapple with the worst slump in a generation."
Two things struck me.
First is obviously the amount of money that is going to flow into our financial services sector, due to implementation of EU Savings Tax Directive across the European countries.
Second is we have "the highest density of millionaires in the world". Wow! And I've always thought countries like Monaco are places where the millionaires live.
No comments:
Post a Comment