Finance minister Mr Lawrence Wong gave his 2022 Singapore Budget yesterday. Compared to the previous budget, this budget has more changes that affect the higher net worth more. But generally, I felt that the changes tax the ultra-high net worth more in a progressive manner doesn’t feel repulsive enough for them to reconsider their wealth allocation. It also doesn’t move the needle too much. I will go through a few notable ones. But let us start off with some CPF changes.

The Next 5 Cohorts Turning 55 Years from 2023 to 2027 Will See Higher CPF Basic Retirement Sum (BRS) Requirement Growth

3 of our Providend staff would be affected by this including my boss, our CEO and head of the advisory team. This is also likely to affect a portion of our clients in numbers but not in impact. The government will raise the Basic Retirement Sum by 3.5% a year for the next 5 cohorts turning 55 years old from 2023 and 2027....