Australian coal mining tycoon moving to Singapore

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 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 percent, safe environment and paparazzi-free culture.

Facebook co-founder Eduardo Saverin calls the city-state home, along with billionaire US financier Jim Rogers.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin B. Tacadena, VERA Files “Gutom (hunger),” Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of the country's marine resources is not stopped. Legarda, chair of the Senate committee on Environment and Natural … Continue reading → …

  • ‘Yolanda’ fiberglass boats modern-day Noah’s ark VERA Files - The Inbox
    ‘Yolanda’ fiberglass boats modern-day Noah’s ark

    By Jane Dasal, VERA Files If you want to save the earth, build a boat. That's what a group of environmentalists is saying, especially if you want to save both the forests and fishermen affected by supertyphoon “Yolanda” (Haiyan). “Haiyan … Continue reading → …

POLL
Loading...
Poll Choice Options