Home to the world's super-rich

SMU Associate Professor Khoo Teng Aun commented on the issue of some of the wealthiest people in the world choosing to live in Singapore and the impact this has on Singaporeans. He said that as more wealthy foreigners choose to set up base in Singapore, accusations of Singapore being a tax haven are unlikely to stop. “It really depends on how you define a tax haven. Singapore always encourages foreign funds to invest here because it is developing itself as a fund management centre and we must have the incentives to attract funds here”, he said.