As discontent grows, Singapore budget to tighten noose on the rich

Reuters, 19 Feb 2014
Singapore is known as a tropical refuge for the world's wealthy, endowed with exclusive residential enclaves, a marina for super-yachts, two casinos and an annual Formula One race that brings in the global jet-set.
But as the orderly city-state comes within a whisper of overtaking Switzerland as the world's largest offshore wealth hub, a growing public backlash is forcing the government to tone down its policies catering to the rich.
The government's budget on Friday could raise levies on high-end cars and purchases of multiple properties, along with a possible widening of the top income-tax rate, say economists. It would build on measures announced last year that cooled Singapore's red-hot property market and targeted mostly rich homeowners. Full story