The dark side of a global city

In Economy on 11/10/2010 at 4:32 am

Joel Kotkin shared his insights on the growing class divide in ‘global cities’ such as London…in a lecture at the Civil Service College on Thursday BT reported last Saturday. He is the Distinguished Presidential Fellow in Urban Futures at Chapman University, California.

He citied statistics on growing income inequality and poverty everywhere – US, Germany and even Japan

One gauge of how depressing these numbers are, he said, is to look at how unaffordable housing has become in some major cities. As a ratio of median home price to median family income, it will take 5.2 years to afford a home in Toronto, 7.1 years in London and 9.3 years in Vancouver.

[Aside: looks gd to S’poreans. Didn’t a minister say housing is affordable because S’poreans can afford to pay the 99-yr leases on their HDB flat in 30 yrs?]

… he showed London as the first- world capital with third-world realities. London has the highest child poverty rate of any region in England, and this pattern is repeated for working-age adults.

And we aspire to be another London, NY?

Maybe taz why MM says the gap between rich and poor will grow wider here. The govmin prefers to aim to be a London or NY, rather than aim for a narrower income gap or a better quality of life for us.

Yes: This has nothing to do with investing. But @#$%, I don’t want to live in a dangerous city in my old age. Looks like JB or Batam will be safer. I’ll rent there, living off the rental income from my private property here.

  1. On the contrary… it has everything to do with investing – just that it’s not about dollars and cents now. In essence you are reconsidering the investment of your future in this country.

    It’s so easy to get caught up in the nuts and bolts of investing that we forget why we do it in the first place – for most people, to secure a comfortable future.

    So what you’re doing now is assessing the current investment climate, coming to a conclusion, and taking appropriate actions based on that conclusion.

    And arbitraging the differences in currency strengths and purchasing power between two countries… although not technically investing per se, isn’t that part of the investing mindset as well?

    On the side, Penang is another popular retirement destination for Singaporeans for lifestyle reasons… although the cost of living is a bit more expensive there.

  2. Btw good on you. I believe that the ability to recognize (awareness) and act on change (guts) is the hallmark of every successful investor.

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