installation by Tao Hongjing
A recent survey has found that Beijing and Shanghai ‘could’ become the 3rd and 4th choice of city for billionaires to live. About 14% of the respondents in East Asia to Citi Private Bank’s Wealth Report 2011 said they would consider moving to China.
Recently overtaking Japan as the second largest economy in the world, China is also second only to America for number of billionaires. As previously reported, more of those billionaires live in Beijing than here.
But even our neighbor to the north can’t compare with Singapore, currently the most attractive city for billionaires to reside in Asia due to ‘its favourable tax policies and comparatively lower housing prices’.
By Laura Hinton