ABSTRACT
Background A generally acknowledged economic success story, Singapore has seen a steady increase in its Total Gross Domestic Product (GDP) since gaining independence in 1965. In the decade from 1996 to 2006 alone, the country’s GDP increased by S$79,488.9 million (Singapore Department of Statistics, 2007) in spite of periods of economic downturn such as in 2001 and 2003, following the dot-com bubble burst, September 11 and SARS. Statistics from the annual World Wealth Report 2007, compiled by Merrill Lynch and research firm Capgemini (2007) have further indicated that Singapore registered the highest growth rate in the number of millionaires in the world.
