-Galla S Kiran Kumar,Bureau Chief Telagana (Andhra Pradesh)
Chinese Billionaires Rush To Singapore: There are new fears among Chinese billionaires. It is believed that there is a possibility of threat to their wealth if they stay in China. With this, they are going to Singapore, which is a tax haven. Family offices are being established there.
Delhi: Jakma.. Ali Baba is the head of the group. One of the Kuberas of China. The government of China was also frowned upon for speaking out against the communist government of China. His businesses are under pressure. Not only did he lose a lot of wealth, but he had to hide in a foreign country, Japan. Why should not the same situation come to them tomorrow..? The same suspicion started among the billionaires in China. With this, they are shifting to Singapore. Singapore is trying to save the wealth it has accumulated over the years in business.
Recently, there have been cases of rich people from China moving to Singapore. It seems that the government there is keeping an iron foot on tech billionaires and Kuberas, committing oppression, and due to the three-year zero-covid policy, they are moving to Singapore, which is a tax haven. It is known that many people have already booked tickets to Singapore. Singapore has been under a single government for the past six decades. There is a ban on labor strikes and street protests. The percentage of taxes is also very low. In addition to this, the fact that most of the Chinese people live in Singapore is a common factor. As a result, more and more wealthy people are making Singapore their destination. Some businessmen in Singapore say that they live in expensive houses and drive around in expensive cars and spend their money extravagantly.
Our money too..?
The main reason for moving to Singapore seems to be that the billionaires there do not have faith in the Chinese communist government. It is known that they are worried about Jakma’s condition as to why they will not come tomorrow. An accountant who closely observes these situations said that if they go to Singapore, their money that they have not earned all these years will not be lost and they will be the ones who have given wealth to the generations to come. “At least if I am here… my money will be mine” can be understood from the comment of a Kubera.
One of the founders of China’s largest hotpot (food related) China HaidiLao recently opened a family office in Singapore. Usually wealthy families who do multi-crore businesses, set up private wealth management companies for them are termed as family offices. This office oversees the family’s domestic and foreign investments. Their main objective is to increase the wealth of the family and pass it on to the next generation. While there were 400 family offices in Singapore in 2020, the number will reach 700 by 2021. A private wealth management co-head in Singapore predicted that this number will soon reach 1500. He said he would not be surprised if one out of every two newly established family offices was set up by wealthy Chinese. On the other hand, China
