SINGAPORE - Focusing on traditional means of taxing wealth by raising the highest marginal personal tax rates as well as taxes on higher-value properties and luxury car ownership could help further reduce social inequality and make the tax system more progressive and fairer, while maintaining Singapore's competitiveness as a wealth management hub, analysts said.

While a widely anticipated introduction of a wealth tax was put on hold, many analysts say it is no surprise that low-lying fruit was not spared.