Singapore Billionaires Unsettled by Moves to Narrow Wealth Gap

In September 2023, Singapore’s then prime minister-in-waiting, Lawrence Wong, told a meeting of investors that they shouldn’t engage in ostentatious displays of wealth if they want to set up in the city-state.

“If you would like to be here, please follow our norms, follow our rules,” Wong said at an event organized by former junk-bond king Michael Milken’s institute. “If you think they are not for you, that is okay. You can take your money elsewhere.”

Singapore’s popularity as a base for the super rich leaves the ruling party with a delicate balancing act as elections loom on May 3. It’s trying ...