Singaporeans second-richest in region

Singaporean is richer than Japanese. No wonder private bankers business are booming, and more and more IPOs in Singapore. Are you part of the story?

Singaporeans second-richest in region

SINGAPORE — Asian wealth is riding high and Singapore is one of the region’s top performers with an ever increasing number of millionaires.

The Republic is the second-richest in the region and the eighth wealthiest globally — by measure of average wealth per adult — but yet only has a “moderate” level of household debt and inequality for a high wealth country, according to a report by Credit Suisse.

The annual Global Wealth Report, released yesterday, also forecasts that the Asia-Pacific will become the world’s wealthiest region by 2017, driven by emerging economies and the rising middle class.

“Household wealth (per adult) in Singapore has grown rapidly, rising 150 per cent from US$112,800 (S$141,200) in 2000 to US$281,800 in mid-2013,” Credit Suisse said. “Most of the rise is due to a high savings rate and asset price increase rather than exchange rate movements.”

This is the second consecutive year Singapore has ranked eighth globally. Within the region, Singapore rose from its third position last year to overtake Japan and place behind Australia’s US$403,000.
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http://www.todayonline.com/business/sing...est-region

I don't feel rich, my pay is still the same for several years now and is a fifth of what japanese people are getting in my profession. The only thing that has gone up in recent years is my HDB unit along with the rising property market. Maybe that's what this report based on. just smoke and mirror, an illusion.

Maybe a few years time if there is a property market correction we come back to this report and see how many millionaires are left.

Yes. Singaporeans very rich. Can see Lambo, Ferrari & Porsche on the streets almost every day and everywhere.

For younger ones, get into law, tax or investment mgt. Should have a good future.

(10-10-2013, 11:17 AM)opmi Wrote: Yes. Singaporeans very rich. Can see Lambo, Ferrari & Porsche on the streets almost every day and everywhere.

For younger ones, get into law, tax or investment mgt. Should have a good future.

Yah if the americans default next week there will be a huge demand in the considerable future for lawyers and accountants to wind up many companies.

(10-10-2013, 11:16 AM)sgd Wrote: I don't feel rich, my pay is still the same for several years now and is a fifth of what japanese people are getting in my profession. The only thing that has gone up in recent years is my HDB unit along with the rising property market. Maybe that's what this report based on. just smoke and mirror, an illusion.

Maybe a few years time if there is a property market correction we come back to this report and see how many millionaires are left.

cannot get rich from job. Except with stock options during dotcom and IB boom.

Grind at job. Ride a boom. Exit rat race. The middle part is the difficult one.

(10-10-2013, 11:16 AM)sgd Wrote: I don't feel rich, my pay is still the same for several years now and is a fifth of what japanese people are getting in my profession. The only thing that has gone up in recent years is my HDB unit along with the rising property market. Maybe that's what this report based on. just smoke and mirror, an illusion.

Maybe a few years time if there is a property market correction we come back to this report and see how many millionaires are left.

how come never jump firm?... can try to fight for pay rise since it sounds unfair when it is one fifth of the japanese's

Maybe they should use (Total Asset - debts - primary residence) to determine the wealth?

(10-10-2013, 11:17 AM)opmi Wrote: Yes. Singaporeans very rich. Can see Lambo, Ferrari & Porsche on the streets almost every day and everywhere.

For younger ones, get into law, tax or investment mgt. Should have a good future.

How about doctors?

(10-10-2013, 11:17 AM)opmi Wrote: Yes. Singaporeans very rich. Can see Lambo, Ferrari & Porsche on the streets almost every day and everywhere.

For younger ones, get into law, tax or investment mgt. Should have a good future.

I'm keen to know the split of those rich Singaporeans in terms of average wealth between born locally and naturalised.

Lawyers and accountants got business whether boom or bust.

Having one or two million dollar is only well-off, not rich.
Most doctors and lawyers are well-off, not rich!