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Singapore lures in the rich with friendly rules and subsidies

Japan's Nomura sees opportunity in private banking in city state

SINGAPORE -- Singapore is becoming the playground of the super wealthy. With its low-tax regime and its free-market credentials, foreign funds and assets have been flowing into the country even during the pandemic. On their tail, their wealthy owners have also rocked up to the Monaco of the east, some fleeing the political instability in Hong Kong.

Here, the super wealthy are welcomed with open arms. Financial institutions have been stepping up efforts to expand private-banking services. The country's government has been working on introducing a new framework to facilitate the investment of funds.

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