Singapore’s rising costs are one reason why bankers from Hong Kong do not want to move to the Lion City
SINGAPORE: A March 25 article quoted a number of individuals in the finance industry as saying that they would choose to live in Hong Kong over Singapore, in large part due to higher living costs in The Little Red Dot.says that while income taxes are at 15 per cent in Hong Kong for those who earn US$640,000 per year, this actually looks “generous” in comparison to Singapore, where people who earn US$89,000 a year pay 15 per cent taxes, while those who earn US$237,000 pay 22 per cent.
. One of the bankers quoted in the piece said, “It would take a really significant career opportunity to get me to Singapore.”The man, who is a managing director on the trading floor at a European bank in Hong Kong, said, “Hong Kong is where all the action is. Singapore is more boring – there’s no real excitement there.”
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