S'pore's millionaire club, are you in it?
S'pore's millionaire club, are you in it?
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. 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
And the amazing thing is that the amt mentioned excludes properties. 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
- starlight1968sg
- KiasuGrandMaster
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Re: S'pore's millionaire club, are you in it?
Am i in it?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. 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
A million worries, a million grey hairs, yes
what a nice way to start the week...
Re: S'pore's millionaire club, are you in it?
You are funny....Sun_2010 wrote:Am i in it?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. 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
A million worries, a million grey hairs, yes
what a nice way to start the week...
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.
Re: S'pore's millionaire club, are you in it?
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 meksi 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.
- tree nymph
- KiasuGrandMaster
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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!
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!
Re: S'pore's millionaire club, are you in it?
is it a club for those who owe their banks more than $1M ?
Re:
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.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!