SINGAPORE: A thread written by a tech innovator comparing Singapore with Dubai earlier this week has gone viral, getting over 14.6 million views.
In an Oct 29 thread on X (formerly Twitter), Alessandro Palombo, the CEO and co-founder of Jur and Unbound Fund, wrote his breakdown of who should choose which of the cities to live in and why, explaining that he has spent four years in Dubai and incorporated two businesses in Singapore.
Mr Palombo called Singapore “The billionaire’s hub (in flip-flops)” while dubbing Dubai “The tax-free oasis (in Lamborghinis).”
Nevertheless, he underlined that these were “Two paths to freedom.”
His bottom line is that both cities are desirable—at least for high-net-worth individuals— perhaps even equally, depending on what one’s goals are.
If a person’s long-term goals are stability, integration, and global access, then Singapore might be better, but if they’re after tax benefits, business ease, and a flashier lifestyle, then Dubai would be a better fit.
Read also: SGX considers expansion into Dubai as hedge funds surge in UAE
Mr Palombo noted how both Singapore and Dubai have seen swift economic growth, enjoy high levels of security, low income taxes for the ultra-wealthy, rank well in terms of ease of doing business, and have good banking support.
On the negative side is the climate in both cities, problems with residency or citizenship, and in Singapore’s case, high living costs, including car ownership.
He wrote that if a person values access to Asia’s markets, stability and long-term planning, top-tier banking, education, and healthcare, then Singapore would be hard to beat.
However, if they prioritize zero per cent personal tax, “a free and luxurious lifestyle but less permanent,” and being in the presence of young entrepreneurs, then they would be better off opting for Dubai.
Mr Palombo wrote that while he’d happily relocate back to Dubai, he’s also in Singapore frequently nowadays and “loves it.”
He has since received a number of comments on his thread, with people weighing in based on their experiences with both cities.
One X user wrote that as a woman, she would hesitate to live in Dubai.
Another commenter who claimed to have traveled recently to Singapore wrote that 99 per cent of the Singaporeans they encountered “come across as rude and hostile to outsiders”.
Several pointed out that people really don’t need a car in Singapore, with one adding, “The drivers here are really bad so not driving might really be better.”
“A car in Singapore is a waste of money,” another agreed. /TISG
Read related: 6,500 millionaires expected to leave India this year, with many likely to go to Dubai or Singapore
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