Wednesday, September 21st, 2016

Photos: Rich Kids of Singapore lie on money beds!

Narada Desk | September 21, 2016 3:00 pm Print
An enviable Instagram feed shows the glamorous life of Kim Lim, the 23-year-old daughter of tycoon Peter Lim, who bought Spanish football club Valencia last October

Money can’t buy happiness, is maybe an excuse for poor peasants. Because here the spoilt kids of millionaire Singapore families show their assets literally all over, making every single people out there envious.

Do you even remember when you last had a bath tub shower? These kids are bathing in champagne! And sleeping over money and drinking the money straight outta from the expensive liquor!

HAPPY BIRTHDAY KIM LIM (@kimlimhl) @KIMLIMHL The 23-year-old daughter of tycoon Peter Lim, who bought over Spanish football club Valencia last October. An enviable Instagram feed that showcases her jet-setting lifestyle, throwing fancy parties, expensive collection of bags from luxury brands like Hermes, Givency, Chanel, Saint Laurent, and a dizzying array of Christian Louboutin heels. The well-networked socialite is friends with the likes of famous footballer David Beckham to K-Pop group Big Bang member, Lee Seung Ri. Read More At #follow #millionairesplaygroundsg #billionairesclub #cash #money #rich #love #fashion #igers #food #bestoftheday #instagood #likesforlikes #likesplease #follow #followalways #photooftheday #followme #likes #happy #beautiful #instadaily #selfie #smile #likesreturned

A photo posted by Rich Kids Of Singapore (@therichkidsofsingapore) on

Lets have a check on how Singapore became like this !

How does Singapore achieve such high GDP per capital despite lack of natural resources?
1. Pro-Business/Foreign Investment Policies
There are many policies in place to support investments and businesses in Singapore. Tax exemptions of up to 200k for ALL new companies in Singapore, 60% claims for expenditure on training and purchase of equipment that drive productivity & many other schemes. Imagine starting a retail shop. The POS system together with barcode printer & scanner costs S$8000. In additional, you bought a laptop that costs S$2000 & accounting/HR software that costs S$1000 adding up to S$11 000. Guess what? You can claim $6600 CASH from the government – as long as you have 3 Singaporean employees. If you don’t, you can always opt for 200% tax rebate instead. The process is relatively simple & successful claims are paid out EVERY quarter. Incorporating a (private limited) company in Singapore is even easier. It can be done online within 1 hour for only S$315.

2. Lack of Welfare – Dependence on Self-Reliance

There are no employment benefits, no disability benefits. There is no free medical/dental facility – except for young Singaporeans in government primary school who receive basic dental care. Singaporeans have been asked to look after themselves. One of the few welfare you get are heavily subsidised education, partially subsidised public housing ownership, forced savings into a “MediSave” Account for healthcare needs in event of hospitalisation. The recent scheme includes a workfare – in contrast to unemployment benefits. Employed, but receive low wages, the government will supplement you. Not employed? You don’t receive a cent.

3. Forced Savings
Singapore has very low personal income tax, but Singaporeans are all forced to save up to nearly 20% of their monthly income – with CPF (Central Provident Fund). Meant to purchase public housing and retirement, the CPF is tightly regulated & people cannot withdraw as they please. Withdraws happen part by part after the official retirement age. This meant that the government get to hold onto a massive sum of money for long-term investment to grow the GDP. I don’t believe there exist another freely elected government that can force its citizens to save till retirement and not get kicked out by the next election.

4. Trade

Singapore is well-connected – VERY well-connected. Singapore’s seaport, for example, is connected to over 600 ports in 123 countries spread over six continents. It was the world’s busiest port until Port of Shanghai overtook it in 2005. Today, it tranships a fifth of the world’s shipping containers & half of the world’s annual supply of crude oil. Singapore also happens to be among the top three oil refineries in the world – despite having no natural resources. Singapore has 20 FTAs in force & another seven others in on-going negotiations. Examples of in-force FTAs partners include China, Japan, India, Korea, Australia, ASEAN (Association of South East Asian Nations), the United States, New Zealand etc.