Self-made Australian mining tycoon Nathan Tinkler is to move to Singapore hoping to increase his wealth by being closer to Asia’s money markets, reports said Saturday.
Tinkler, who has built a coal fortune of Aus$915 million (S$1.2 billion) at the age of just 36, was quitting his native Newcastle, north of Sydney, to pursue his interests in Asia, his spokesman told Fairfax newspapers.
“His prinicpal place of residence would now be described as Singapore,” the spokesman said. “He just wants to be closer to the markets, to Asia.”
Tinkler, Australia’s richest young entrepreneur, owns two national sporting franchises – the national rugby league’s Newcastle Knights and A-League football club the Newcastle Jets – along with a large thoroughbred stud.
He built his wealth on a series of canny coal transactions, culminating in a merger between his Aston Resources and Whitehaven Coal, unveiled late last year, to create a mammoth Aus$5.1 billion new firm.
The rapid growth of India, China and other Asian nations has driven a resources boom in Australia which has created a host of new mega-rich residents including Tinkler and iron ore mogul Gina Rinehart, who is the world’s richest woman.
Singapore is popular among the rich and famous due to its maximum income tax rate of 20 per cent, safe environment and paparazzi-free culture.
Facebook co-founder Eduardo Saverin calls the city-state home, along with billionaire US financier Jim Rogers.