Survey ranks S'pore as world's No.2 best place to do
business
SINGAPORE: Singapore overtook London as the investors'
preferred place for doing business in a Bloomberg Global
survey.
Singapore was chosen by 17 per cent of respondents who
said it was the second best place for financial services two years
from now.
New York, despite being battered by the financial crisis, remained
the world's leading financial centre, with 29 per cent of the
votes. London was in third place, garnering 16 per cent of the
votes.
Analysts said Singapore is growing in popularity as companies look
for ways to tap the wealth accumulated in China and the rest of
Asia. Respondents also favoured Singapore because it is well
organised and efficient.
Private wealth management, in particular, is growing in Singapore -
which has no capital-gains tax.
Shanghai was also popular, with 11 per cent of the votes, largely
due to China's huge growth potential.
Meanwhile, Tokyo - which was once considered a global hub -
received the nod from only one per cent of respondents.
The quarterly survey, which was conducted in early October, polled
over 1,400 Bloomberg subscribers in six continents.
- CNA/sc