During the pandemic, ultrawealthy individuals flocked to Singapore, attracted by its less strict controls and favorable tax policies. The number of single-family offices based in the city-state more than tripled in three years, rising from 400 in 2020 to 1,400 by the end of 2023 according to government data. But the industry is coming under scrutiny after Singapore uncovered its largest-ever money-laundering case, leading to the arrest of 10 foreigners and over 3 billion Singapore dollars ($2.2 billion) in confiscated assets. Six single-family office funds, granted tax incentives for operating in Singapore, are linked to individuals related to the money-laundering scandal, according to Deputy Prime Minister Gan Kim Yong. bit.ly/4cPJb3x
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Updates
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New research by the Bank of America Institute suggests that job hoppers could be taking a pause as pay bumps for changing jobs fizzle. During the height of the Great Resignation in 2022, a record 4.5 million workers quit their jobs, according to Bureau of Labor Statistics data. Bank of America researchers looked at aggregated and anonymized internal deposit account data across millions of customers to track job-to-job (J2J) moves. They found out the rate at which people are making these J2J changes by identifying changes in payroll within deposit accounts. Read more: https://lnkd.in/enhcCexX
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Fortune reposted this
Even the best laid plans fail sometimes. Take marriage, for example. In 2022, there were more than 673,000 divorces and annulments in the U.S., according to data from Centers for Disease Control and Prevention. Although prenuptial agreements have historically been taboo or otherwise only useful for the ultra-wealthy, they’re actually becoming more popular. Half of U.S. adults in 2023 reported they at least somewhat support using a prenup, according to The Harris Poll data—a pretty significant jump from 2022 data. It’s not just the popularity of prenups that’s changed, but also their contents and coverage. Typically, prenups detail the assets that each person has going into the marriage, what will remain separate property of each person, how to divide assets, and establish alimony. They’ll usually outline how to divide up homes, joint bank accounts, and other valuable assets. But now that 51% of pet owners in the U.S. not only consider their pets as much a part of their family as a human member, according to Pew Research Center, more couples are also including provisions about what will happen to their furry friends should the marriage end in divorce. Indeed, 84% of pet parents support the idea of proactively deciding the fate of their pets should their relationship end, according to a survey of 1,000 pet parents conducted by Rover.com, a mobile app that connects pet parents with pet caregivers. Currently, more than one-fourth of co-pet parents have an official pet care agreement, such as a pet prenup. | Fortune https://lnkd.in/e7Gcs4ey
Pup prenups: 84% of pet parents support the idea of proactively deciding the fate of their pets if they divorce
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CEOs’ cups runneth over, largely because they’re serving themselves. And the billionaire CEO of Salesforce, Marc Benioff, is no exception. But it seems as if Benioff’s spree is slowing down ever so slightly, as his shareholders just pumped the brakes on his latest hefty compensation package. Alongside the suggested pay plans of other Salesforce executives, Benioff’s proposed compensation was rejected by 404.8 million votes (versus 339.3 million in favor), according to a Securities and Exchange Commission filing. Read more: https://lnkd.in/e_bFrhhu
Tesla's Elon Musk got his mega-pay package, but Salesforce's Marc Benioff might not be so lucky
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“I remembered thinking, ‘you really don’t understand women.’” In an interview with Fortune, Ellevest founder Sallie Krawcheck shared the worst business advice that would drive customers away in droves. "If you rush something out for women, particularly around their money, they are going to stay away in droves and not trust you," Krawcheck said. bit.ly/4cNtoSL
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Fortune reposted this
"I spent years of my career at the traditional firms looking to make change from the inside, out." Ellevest founder and Wall Street veteran Sallie Krawcheck wants to break up the "boys' club" of Wall Street. bit.ly/4cNtoSL
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Nvidia will have an embarrassment of riches in the coming years, and shareholders will be rewarded, as tech analysts predicted. Ben Reitzes, a managing director and head of technology research at Melius Research, told CNBC that Jensen Huang’s Nvidia has mastered a “full stack” approach with its hardware and software, giving it a key advantage in AI. “What they did is they built a computing language and an ecosystem that allows you to monetize AI, and obviously they’re killing it,” he said. Read more: https://lnkd.in/eJBUqezY
Nvidia will produce such a massive ‘cash gusher’ that it will have to buy back more stock because all that money has nowhere else to go, analyst says
fortune.com
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The results are in, and Suni Lee is heading to Paris for the 2024 Olympics as one of five women, including the most-decorated gymnast Simone Biles, to qualify for the U.S. women’s gymnastics team. Lee, a Minnesota-raised 21-year-old, became a household name during the Tokyo Olympics when she took home the gold medal in the individual all-around and helped propel her team to silver. However, the road to Paris has not been smooth sailing for Lee, who told TODAY this week that “it feels absolutely insane” to be marching toward her second Olympics representing Team USA. With recent health obstacles and the pressure to perform, Lee knows all too well that reaching success is much more than physical training alone. Lee swears by a daily mental ritual to calm her nerves and get in confidence mode, which includes journaling four to five pages before every competition. Read more from Fortune Well: https://lnkd.in/e25DqDqv
Olympic gymnast Suni Lee recites this 10-word rallying cry before competing to reduce stress and instill confidence
fortune.com
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The oldest members of Gen X are reaching an important retirement milestone. As of this week, they start turning 59 and a half, giving them the ability to withdraw funds from their 401(k)s and IRAs without paying the 10% early withdrawal penalty. But financial advisors warn it’s usually better to wait than to tap into savings right away. Read more: https://lnkd.in/eq4exwks
The oldest Gen Xers have reached a retirement milestone, but one mistake could cost them
fortune.com
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Amsterdam is fed up with its tourist deluge. The Dutch city attracts all types of visitors—whether they’re coming to party or visit tulip fields— but in recent years has become a victim of overtourism and has tried to cap its number of tourists. Last year’s “Stay Away” campaign was part of its efforts to discourage travelers from tainting Amsterdam with their “nuisance,” as Deputy Mayor Sofyan Mbarki put it. Now Amsterdam is planning to crack down on cruise ships too. bit.ly/3RVTmvn