S'pore's millionaire club, are you in it?

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S'pore's millionaire club, are you in it?

Postby markfch » Sun Jun 13, 2010 12:30 pm

A Straits Times article on 12-Jun wrote: 11% of households in S'pore have investable assets of over US$1m.

And the amazing thing is that the amt mentioned excludes properties. :shock: I quote from the article: An annual study by Boston Consulting Group (BCG) showed that Singapore had the highest concentration of millionaires, as in 2008. A total of 11.4 per cent of households here own more than US$1 million (S$1.4 million) - defined as those with investable assets of over US$1 million, exclusive of property and items like art.

No wonder I find that things here are getting expensive. Or maybe I'm earning too little. This is quite a reality check for me. :(

http://www.straitstimes.com/BreakingNew ... 39313.html
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Postby starlight1968sg » Sun Jun 13, 2010 12:33 pm

The little (if any) annual increment in our monthly salary is not possible to catch up with the inflation and price hikes of everything.

So the poor remains poor and the rich remains rich if not richer.

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Re: S'pore's millionaire club, are you in it?

Postby Sun_2010 » Mon Jun 14, 2010 10:02 am

markfch wrote:A Straits Times article on 12-Jun wrote: 11% of households in S'pore have investable assets of over US$1m.

And the amazing thing is that the amt mentioned excludes properties. :shock: I quote from the article: An annual study by Boston Consulting Group (BCG) showed that Singapore had the highest concentration of millionaires, as in 2008. A total of 11.4 per cent of households here own more than US$1 million (S$1.4 million) - defined as those with investable assets of over US$1 million, exclusive of property and items like art.

No wonder I find that things here are getting expensive. Or maybe I'm earning too little. This is quite a reality check for me. :(

http://www.straitstimes.com/BreakingNew ... 39313.html


Am i in it?
:rotflmao: :rotflmao: :rotflmao:

A million worries, a million grey hairs, yes

what a nice way to start the week...
:lol:

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Re: S'pore's millionaire club, are you in it?

Postby Guest » Mon Jun 14, 2010 10:09 am

Sun_2010 wrote:
markfch wrote:A Straits Times article on 12-Jun wrote: 11% of households in S'pore have investable assets of over US$1m.

And the amazing thing is that the amt mentioned excludes properties. :shock: I quote from the article: An annual study by Boston Consulting Group (BCG) showed that Singapore had the highest concentration of millionaires, as in 2008. A total of 11.4 per cent of households here own more than US$1 million (S$1.4 million) - defined as those with investable assets of over US$1 million, exclusive of property and items like art.

No wonder I find that things here are getting expensive. Or maybe I'm earning too little. This is quite a reality check for me. :(

http://www.straitstimes.com/BreakingNew ... 39313.html


Am i in it?
:rotflmao: :rotflmao: :rotflmao:

A million worries, a million grey hairs, yes

what a nice way to start the week...
:lol:


You are funny....:rotflmao:

I suppose the enbloc sales made quite many millionaires over the past few years with lots of disposable income as some of these people had a few enbloc sales.
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Re: S'pore's millionaire club, are you in it?

Postby markfch » Mon Jun 14, 2010 11:13 am

ksi wrote:I suppose the enbloc sales made quite many millionaires over the past few years with lots of disposable income as some of these people had a few enbloc sales.


There might be lots of en-bloc sales, but certainly not 11% of local households rite? It works out to be roughly 100,000 households locally having 1m usd just waiting to be spent. Why not me :cry:
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Postby tree nymph » Mon Jun 14, 2010 11:22 am

me also not in this club, though wishing I'm in! But i would rather opt for a million full hearted laughs or a million blessings if I were made to choose.

But the number is amazing!!! how come i still not getting my annual increment this year!??!!??

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Postby KSP » Mon Jun 14, 2010 11:31 am

11% that is about 1 in 10 people. So there bound to have some in kiasuparents.com here. I think chief is one of them.

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Postby JonC » Mon Jun 14, 2010 1:04 pm

Why USD1m and not SGD1m hah? Maybe SGD1m got more household.

Cannot read the full article. 1 in 10 household, maybe includes non Singaporeans. If only true blood Singaporeans, maybe less.

Why not properties? Fully paid properties are assets too, just that it is not as liquid as cash. Of course properties which are still servicing loans are assets of the bank, the people paying the loan is the slave of the bank. So if you are still servicing loans (any type), you are not working for the company who employs you, YOU ARE WORKING FOR THE BANK!

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Re: S'pore's millionaire club, are you in it?

Postby UncleLim » Thu May 26, 2011 5:21 pm

is it a club for those who owe their banks more than $1M ?

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Re:

Postby rosemummy » Thu May 26, 2011 7:34 pm

JonC wrote:Why USD1m and not SGD1m hah? Maybe SGD1m got more household.

Cannot read the full article. 1 in 10 household, maybe includes non Singaporeans. If only true blood Singaporeans, maybe less.

Why not properties? Fully paid properties are assets too, just that it is not as liquid as cash. Of course properties which are still servicing loans are assets of the bank, the people paying the loan is the slave of the bank. So if you are still servicing loans (any type), you are not working for the company who employs you, YOU ARE WORKING FOR THE BANK!


I believe it includes investment properties (net of debt), but not the primary residence. US$1m is not a big sum these days. Most professionals should be able to achieve that before they're 40. US$1m used to be the minimum net worth to qualify for private banking services. Now, most private banks are looking at at least US$5m.

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