Every Friday, we challenge our readers with five financial trivia questions drawn from the international/offshore world…
To see the answers, go to page 2. To suggest a question, email [email protected]
1. Cheap Charlie’s Bar, featured in the photograph, is a well-known expat drinking establishment in the central business district of which Asian city?
2. Name two events, one in the late 1950s and one in the early 1960s, that are seen today as having led the Isle of Man to develop a financial services industry.
3. Who first coined the expression “Disneyland with the Death Penalty” , to refer to Singapore? What happened next?
4. According to the US Bureau of Economic Activity (2013 data), which US state is home to both the metropolitan area with the highest per capita personal income, as well as the metropolitan area with the lowest per capita personal income?
5. A recent Bloomberg article noted that a certain well-known G20 country is on its way to becoming “the world’s favourite new tax haven”. Some, the article noted, “are calling it the new Switzerland”. Which country is it?
(To see the answers to these five questions, go to page 2.)
Answers to the International Investment Daily Financial Trivia Quiz:
1. Cheap Charlie’s is located in Bangkok, Thailand. It was founded in 1982 by “Charlie” and his brother “Satit”. Charlie died in 1997, but his brother continues to run it. The address is 2/7 Soi Sukumvit 11.
2. In 1958, the “Isle of Man Act” removed the British Treasury’s control of the island’s finances. This set the stage for the Isle of Man, in 1961, to abolish what was known as “Surtax”, an extra income tax added to those with incomes over a certain amount – resulting in the creation of a low-tax jurisdiction that ultimately attracted people, and their money, from higher-tax jurisdictions.
Although this influx of people money was accompanied by some initial hostility on the part of certain locals towards the “come-overs”, it was the beginning of a new chapter in the island’s economy that continues to play out, 45 years on.
3. “Disneyland with the Death Penalty” was the name of a 4,500-word cover story about Singapore that appeared in the September/October 1993 issue of Wired magazine, written by William Gibson. The phrase was a reference to Singapore’s blend of cleanliness and functionality but, some critics say, undercurrent of authoritarianism and artificiality.
According to the phrase’s Wikipedia listing (yes, and it’s here), “the Singaporean government banned Wired upon the publication of the issue, and the phrase “Disneyland with the death penalty” became a byword for bland authoritarianism that the city-state could not easily discard”. And some years later, “Disneyland with the Death Penalty” was assigned as a reading on the topic of “Singaporean progress” for a 2008 National University of Singapore Writing & Critical Thinking course, the Wikipedia entry notes.
4. The state of Texas
5. The US, which, according to Bloomberg, “by resisting new global disclosure standards…is creating a hot new market, [and] becoming the go-to place to stash foreign wealth”.
22% of adults have lost or unclaimed assets