I am embarrassed to admit it… but America has been beaten.

[ad#Google Adsense 336×280-IA]Unfortunately, the U.S. doesn’t even stack up… at all.

Don’t get me wrong. I love living in Florida. I have no plans to leave.

But if I’m honest about it, a few places I’ve been in the last few days have America beat.

Even worse, based on the path we’re on in America, we’ll never catch up.

Take Singapore, for instance…

Here’s the view from my hotel room in Singapore:

Singapore is the most modern place I’ve ever been. Nowhere in the U.S. can compare.

A friend of mine who picked me up at the airport here explained it well. He said:

“I can make a great living here in Singapore – a quarter-million dollars a year. Taxes are super-low. Everything here works. And it’s totally safe – a great place to raise my kids.”

I couldn’t argue with him – he is correct on all points.

As I write to you, I’m in Hong Kong – yet another place that unfortunately puts America to shame.

You may be surprised to learn that Singapore and Hong Kong ALREADY have us beat… Income per head in both Singapore and Hong Kong is higher than it is in the U.S.

Why are these places growing so much faster than the U.S.?

I don’t know… People here definitely work hard…

One possible explanation is that people get to keep more of what they earn in these places… And keeping more of what you earn generates wealth.

For example, the highest income-tax rate in Hong Kong is roughly 15%, and it’s 20% in Singapore.

Meanwhile, the highest income-tax rate in the U.S. is 39.6% (and that doesn’t include state and local income taxes). Ouch!

The news isn’t all bad…

Based on my view from Asia, America still leads in a couple of areas…

For example, America leads in entertainment (Hollywood) and in fashion. And America is also still good at developing new technologies. But beyond that – based on what I’ve seen in Singapore and in Hong Kong – Asia doesn’t need us.

It’s a bit sad to recognize the truth on this trip.

The sad truth – as I’ve learned from this trip – is that America has been surpassed by Singapore and Hong Kong in many ways.

I wasn’t sure if you were aware of this truth. Sitting at home in the U.S., it’s easy for you to deny it or not try to confirm it. But I’m telling you, I am here in Hong Kong, and it is true.

I still plan to live in America… It’s home.

And I do love living in Florida. I don’t see myself ever living in Singapore or Hong Kong.

Yes, Singapore and Hong Kong are more modern than the U.S. Yes, stuff works better here… And yes, the gap between these two places and the U.S. will widen in the coming years.

Still, I have no plans to move. I just love home too much…

But having been here now, I do plan on putting much more money to work in Asia through investments in the coming years…

You ought to consider doing the same.

Good investing,

Steve

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Source: Daily Wealth