Survey ranks S’pore as world’s No.2 best place to do business

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.

Source : Channel NewsAsia – 30 Oct 2009

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