Singaporean Minister of Finance Lawrence Wong said that Singapore is planning to raise taxes for buyers of higher-value properties and luxury vehicles, as it tackles a growing wealth gap brought on by the arrival of rich families. The minister said the city-state is also planning to increase levies on tobacco in an attempt to boost income and reduce inequality. Wong said the changes are to apply to all properties acquired February 15, 2023. The move is expected to generate an additional SGD500m in revenue per year. OrangeTee & Tie senior vice president of research and analytics Christine Sun said that even with the hikes, buyers of high-end real estate might not be deterred. Sun said properties in the upper tier may not see a major impact as wealthy buyers are not likely to be deterred by the additional.