S'pore tops the chart again when it comes to millionaires

[Musicwhiz]

I think FW are included. It is quite impossible to grow by one third in a year if it is not due to new rich people entrants into Singapore. Unless we have many households hanging around 900k last year. lol.

All I wish for is that the income gap is not so wide. You hear of families struggling with kids and costs, while on the other hand the very wealthy are buying yachts, million-$ condos, flashy cars and other expensive luxury items. It is just so jarring to me!

[kichialo]

Wealth distribution is very lopsided in S'pore. In the past, when the rich gets richer, the middle class or poor probably fared or stagnated at same level. ALthough this means the poor became relatively poorer compared to the rich.

In recent years the situation has gotten worse. Not only has the rich raced ahead further, the poor actually saw themselves went in opposite direction.

[corydorus]

There's alot of working singles still living with their parents. With more people opting to be single, later marriage and Divorce rate, Percentage wise will be much higher with 2-3 working adults. Question is why go by Household ?

[egghead]

Firstly, FW refers to foreign workers without residence permit. In the case of DOS numbers, they are clearly refering to Singapore residents (i.e. citizen + PR). The DOS 2010 census document defines residents as follow:

"Singapore citizens and permanent residents are classified as Singapore residents or the
resident population. Singapore permanent residents refer to non-citizens who have
been granted permanent residence in Singapore. The non-resident population
comprised foreigners who were working, studying or living in Singapore but not
granted permanent residence, excluding tourists and short-term visitors."

Since the numbers by DOS show Singapore residents as 3.771 mil, and total Singapore population as 5,077 mil, with the difference of 1.306 mil as non-residents; I therefore suspect the BCG numbers exclude FW (i.e. base on residents).

What are you refering to that grows by a third?

[yeokiwi]

For those who want to analyze the report
http://www.dasinvestment.com/fileadmin/i...ay2011.pdf

Long Live Google!

[tanjm]

I think FW are included. It is quite impossible to grow by one third in a year if it is not due to new rich people entrants into Singapore. Unless we have many households hanging around 900k last year. lol.

I can think of two possible reasons

One, it would include stocks which did have a big ramp up post crisis.

Second, change of measurement method. Just like with GDP or other estimates you will use sampling and it also matters how you measure it.

[egghead]

Ok, on re-reading, I now know what mrEngineer is refering to for the 1/3 increase in 1 year. Wondering why I am not one of those 42,500 new millionaire households

[mrEngineer]

Instead, the honour belongs yet again (yes, again) to Singapore - with one in six, or 15.5 per cent, of all households having at least US$1 million in assets under management (AuM) in 2010.

Translated into absolute numbers, that's about 170,000 households here with more than US$1 million in AuM (including cash deposits, money market funds, listed securities, onshore and offshore assets). The number represents an almost one-third growth from the year before, which makes Singapore also the country with the fastest-growing number of millionaire households.

[redcorolla95]

Lets look at the nos rationally.

Between Jun 2008 & Jun 2009 the total population increased by 148,000
Between Jun 2009 & Jun 2010 the total population increased by 89,100.
http://www.singstat.gov.sg/pubn/popn/key...on2010.xls

But according to Knight Frank + Citi's Wealth Report, the no. of HNW Individuals changed from 74,000 to 58,000 to 219,000, over roughly the same intervals.
There are both nos for household & indivs - Cap-Gemini also does individuals too.

Lots of foreigners that come into Singapore are cleaners, construction, IT support, poly / uni grads/students etc, so in other words the increase in HNW cannot be 100% explained by foreigners. We should be willing to acknowledge that many of the HNW class are Singaporeans.

The easiest explanation should be that if we have lots of people hanging around $900k, and then stocks & property increased in 2009 & 2010, then voila we have lots of rich people!

[WolfT]

This is just a statistic why take it to heart? More millionaire better than less millionire.. By the way if i manage to sell my hdb successfully. They have to +1 next year. 