Singapore's former deputy prime minister Tharman Shanmugaratnam has been elected president, according to official results on Saturday.
The 66-year-old economist beat two rival candidates to secure 70.4 per cent of the vote, the Elections Department declared.
“I believe that it's a vote of confidence in Singapore. It's a vote of optimism for a future in which we can progress together,” Mr Shanmugaratnam said in a speech before the results were announced.
"I'm humbled by this vote. It is not just a vote for me, it is a vote for Singapore's future."
He replaces incumbent Halimah Yacob, who ran unopposed for her six-year term in 2017.
“I declare Mr Tharman Shanmugaratnam as the candidate duly elected as the president of Singapore,” said election returning officer Tan Meng Dui.
The presidency formally oversees the city's financial reserves and holds the power to veto certain measures and approve anti-corruption inquiries.
The win is considered a boost for the ruling People's Action Party, which was widely perceived to favour his candidacy.
His main rival was Ng Kok Song, a former chief investment officer of Singapore sovereign wealth fund GIC, who won 15.7 percent of the vote.
"The result is clear," he told reporters, adding that Mr Shanmugaratnam "has indeed earned a mandate from the people of Singapore."
The third candidate, Tan Kin Lian, 75, won the support of several opposition leaders but only picked up 13.88 per cent of votes.
The city-state's government is run by the prime minister, currently Lee Hsien Loong of the PAP.
"Singaporeans have chosen Mr Tharman Shanmugaratnam to be our next president by a decisive margin," Mr Lee said.
Presidential candidates must have served either as a senior civil servant or the chief executive of a company with shareholder equity of at least 500 million Singaporean dollars ($370 million).
The biog
Full name: Aisha Abdulqader Saeed
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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AT4 Ultimate, as tested
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If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
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How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
