SYDNEY: Self-made Australian mining tycoon Nathan
Tinkler is to move to Singapore hoping to increase his wealth by
being closer to Asia's money markets, reports said
Saturday.
Tinkler, who has built a coal fortune of A$915
million at the age of just 36, was quitting his native Newcastle,
north of Sydney, to pursue his interests in Asia, his spokesman
told Fairfax newspapers.
"His prinicpal place of residence would now be
described as Singapore," the spokesman said. "He just wants to be
closer to the markets, to Asia."
Tinkler, Australia's richest young entrepreneur, owns two national
sporting franchises -- the national rugby league's Newcastle
Knights and A-League football club the Newcastle Jets -- along with
a large thoroughbred stud.
He built his wealth on a series of canny coal transactions,
culminating in a merger between his Aston Resources and Whitehaven
Coal, unveiled late last year, to create a mammoth A$5.1 billion
new firm.
The rapid growth of India, China and other Asian nations has driven
a resources boom in Australia which has created a host of new
mega-rich residents including Tinkler and iron ore mogul Gina
Rinehart, who is the world's richest woman.
Singapore is popular among the rich and famous due to its maximum
income tax rate of 20 per cent, safe environment and paparazzi-free
culture.
Facebook co-founder Eduardo Saverin calls the city-state home,
along with billionaire US financier Jim Rogers.
- AFP/wm
