Yes, they have the CPF to which both employer and employee contribute a percentage of monthly salary. With the benefits of long term compounding, it is really great for retirement. Also the government developed housing adds to individual wealth with appreciation in value. I once met a taxi driver who was planning to emigrate to Australia where he felt life was more laid back than Singapore. In chatting with him, he revealed that he was worth more than a million Singapore dollars. I asked how, and he said his HDB apartment was worth >700K and his wife had a good job so had about 500K in CPF which they could withdraw early if leaving Singapore permanently. He was probably in his mid 40s so not bad going for a taxi driver.
Im just following the conversation you put out there. By comparing 2005 to now. I clearly stated in my first post that I dont think we will be a financial hub. Again read..peace.
Ah, now I remember. The indeginous Singaporeans were well aware that they were headed for extinction via migration. To be replaced by a an international financier class. The culture will be curious relic a few generations from now. From illiterate fisherman to international financier in 3 generations, thousands (millions?) of Horatio Alger stories. Makes me want to bring a bald eagle there. 'sniff'
BTW the only "real" Hedge Fund that Miami has had was Everest Capital, however it went bust with the CHF fiasco last month and they lost all their money LOL. I don't know if it says more about the quality of funds that are down here, or more about the Hedge Fund concept in general. But the trend I keep seeing down here, and perhaps the same happens in NYC I don't know, is that the funds that open up, last as long as a new club or restaurant in South Beach....2 or 3 yrs. The only real respectible IB I know of is HIG Capital in Brickell. They now are in the relatively new JP Morgan building and as far as I know they keep doing well. But you see other than big financial advisers firms and the occasional hedge funds that come and go, you don't really have any analysts here, no research depts and little IB activity or deals. It is all real estate down here really. Nothing beats NYC yet in terms of different levels of finance jobs and depts present in the area.
SkyBridge Opens Office In Florida, Sponsors Bike Share Program Mar 5 2015 | 1:05pm ET SkyBridge Capital, a global investment firm with approximately $12.5 billion in assets under management and advisement, has opened an office in Palm Beach Gardens, Florida. The new office will initially serve as the firm’s regional headquarters for Southeast sales and marketing, and is expected to grow and add more employees over time. “We couldn’t be more excited to establish a foothold in Florida,” said Ray Nolte, co-managing partner and chief investment officer of SkyBridge Capital. “The state is leading the nation in economic and job growth, offers attractive tax policies and is one of the top regions from which we are raising assets. We expect it to be a steady growth market for the firm.” Furthering its commitment to the region, SkyBridge Capital’s founder Anthony Scaramucci joined West Palm Beach Mayor Jeri Muoio and private sector partner P3GM to announce that SkyBridge Capital is the title sponsor of the city’s first-ever bike share program, SkyBike. Beginning this spring, 150 SkyBikes will be available for rental at 14 bike share stations across the West Palm Beach downtown area. “Rather than just marketing and advertising through traditional channels, SkyBike is an opportunity to integrate with the community and provide something that hopefully improves city living,” said Scaramucci. “In addition to seeing more of SkyBridge Capital in Palm Beach County, I predict that by 2025, South Florida will be one of the country’s top markets for the financial services industry.”
I just cut and paste this from my trading/news diary from today (WSJ was original source): On Miami condos : We have “early signs of new demand slowing” while “construction pricing is busting budgets beyond feasibility” in a market where “speculation abounds” in land pricing. When framed against a very unfavorable foreign exchange dynamic for the market’s most important buyers, the situation really couldn't get much more precarious. I'm a long term believer in Miami in part because Barry Sternlicht has laid out a very bullish thesis for South Florida based mostly on the massive infrastructure investment that's going on. Short-term though it looks like a pause is in order.
Florida leads all the other states in foreclosure by a wide margin... http://www.bankrate.com/finance/real-estate/state-foreclosures-florida/
any traders in here that would like to participate in a film about money markets and trading? i'm a filmmaker from NYC who will be in Miami this week and am looking for subjects to document to get some inside into trading, markets, and the traders connection to the concept of 'the market'. You can get back to me here or email me andjettstrauss@gmail.com. Look forward to hearing from you guys!