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...keep its economy chugging, the Singapore government in the past has implemented farsighted policies to attract electronics manufacturers and biotech start-ups?and the masters program at SMU is part of another official quest: Singapore is determined to become a private-banking haven to rival Switzerland. Several years ago, the city-state's leaders recognized that despite its transparent legal system, low taxes and stable government, Singapore (population 4.2 million) really wasn't big enough to challenge Hong Kong or Tokyo as an Asian center for investment and merchant banking. But tiny Switzerland manages to punch way above its economic...

Author: /time Magazine | Title: How to Clone Switzerland | 8/21/2006 | See Source »

...implemented the withholding tax, "very little happened in terms of asset migration," says Sebastian Dovey, managing partner of Scorpio Partnership, a London-based consultancy to the wealth-management industry. "The big gain for Singapore is not to take assets away from Europe," he says. "The big gain is to attract assets from within its own region. And [Singapore] is doing that tremendously." For now, though, it still has a long way to go before it can claim to be a wealth-management capital on a par with Switzerland. Assets under management at Singapore private banks total about $200 billion, says...

Author: /time Magazine | Title: How to Clone Switzerland | 8/21/2006 | See Source »

...banks. Having joined the World Trade Organization five years ago, China is required to start making its banking market more accessible to foreign firms in 2007. In anticipation, Citigroup opened a private-banking office in Shanghai in March?the first such office on the mainland?in a bid to attract some of the 300,000 Chinese millionaires that it reckons are currently underserved. "With the kind of wealth that's been created in the last 10 years or so, clearly there is a lot of raw material," says Citigroup's Leung. "There's a high savings rate, just under...

Author: /time Magazine | Title: Bespoke Banking | 8/21/2006 | See Source »

...tots she held the day she picked up her public-library card, the reading from her memoirs. Earlier this year the Chappaqua School Foundation gave Hillary its inaugural "It Takes a Village" award (named after the senator's 1996 book), largely because they thought hosting a celebrity would attract donors to the foundation's annual fundraising dinner. They were impressed with the Senator's follow-through: She arrived early, spoke at length with teachers and students, and gave an impassioned 20-minute speech on the importance of education...

Author: /time Magazine | Title: What the Neighbors Say: A Visit to the Clintons' Home Town | 8/21/2006 | See Source »

...other species, including teals, kingfishers, cranes and herons. Boating is available on Sultanpur Lake and if you don't feel like making the trek back to town, you'll find plenty of guesthouses nearby. HONG KONG Counted among Hong Kong's best-kept secrets, the Mai Po Marshes attract many wetland birds, including endangered Dalmatian pelicans, Saunders' gulls and, in winter, rare black-faced spoonbills. Well-marked trails allow for easy access to much of Mai Po, but guides are available if you want to reach the more remote corners. SINGAPORE With more than 600 species on view, Singapore...

Author: /time Magazine | Title: Wing It | 8/16/2006 | See Source »

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