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

[cif5000]

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!

This should be the 2nd easiest.

[Image: z?s=USDSGD%3dX&t=2y&q=&l=&z=l&p=s&a=v&p=...&region=SG]

[mrEngineer]

Erm cif5k bro, be it exchange rate or 1.2 or 1.4, they are millionaires in SGD in investible assets..

[aspeed]

I think it is not difficult to become a millionaire here. Most private propertry now cost >$1m (less shoe box type). Just have to cash out, and become instant millionaire. And there are still many still own >1 property for investment/rental income, so it can be even more millioaire.

btw, $1m don't get you much in Singapore nowsday.

Also I wonder how n where they can get raw data for compitation.

[yeokiwi]

Erm cif5k bro, be it exchange rate or 1.2 or 1.4, they are millionaires in SGD in investible assets..

cif5k bro probably means that now it is easier to become USD millionaire since the bar has been lowered to S$1.23 million.

It used to be S$1.5 million in order to qualify to be a US$ millionaire.
The report used US$ as the benchmark currency.

[Musicwhiz]

I am just curious on how robust the survey is, and how much can we trust these "findings"? Not denying there are many millionaires on our small island, but 15.5% of all households does sound very absurd!

[newborn1000]

Boston Consulting Group's (BCG) is rather reputable.........

I know them from one of a management matrices....

Anyway, I agree that the fall in USD contributed to the rise of millionaires in Singapore

[mrEngineer]

Yeokiwi bro, I understand what cif5k bro is driving at to explain the increase in numbers but no. of millionaire households in SGD is as surprising as well. Anyway, I think I may have overlooked one important fact that the report does not consider leverage. So considering the low borrowing costs in Singapore, it is quite likely that numbers are coming from local citizens and PR.

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If I buy a condo plus a BMW now probably I can qualify into the millionaire in term of assets too! Haha

[egghead]

I looked at DOS 2010 Census numbers and found that 10.4% of Singapore households have monthly household income of above $15,000 (was 4.1% in 2000); 21.9% have monthly household income of above $10,000 (was 10.5% in 2000).

Base on these numbers, I think the 15.5% millionaire household number does not look too absurd; but also looking at the sharp increase, many high income (millionaire) households are likely imported.

[redcorolla95]

I am just curious on how robust the survey is, and how much can we trust these "findings"? Not denying there are many millionaires on our small island, but 15.5% of all households does sound very absurd!

According to a JPM report in Feb 2010, based on DOS numbers the estimated household net wealth was about S$350k per household in 2009.
This Feb, DBS Treasures said they have about 70,000 customers who have $350k of money sitting with them.
Last Nov, HSBC Premier said they have 65,000 customers; the same people say that Singapore's affluent & mass affluent control about 94% of Singapore's liquid assets.
Last Oct, Merrill Lynch & Cap Gemini said Singapore has about 80,000 HNW individuals.

So 15.5% of households being millionaires is quite consistent with all these findings.

[Musicwhiz]

According to a JPM report in Feb 2010, based on DOS numbers the estimated household net wealth was about S$350k per household in 2009.
This Feb, DBS Treasures said they have about 70,000 customers who have $350k of money sitting with them.
Last Nov, HSBC Premier said they have 65,000 customers; the same people say that Singapore's affluent & mass affluent control about 94% of Singapore's liquid assets.
Last Oct, Merrill Lynch & Cap Gemini said Singapore has about 80,000 HNW individuals.

So 15.5% of households being millionaires is quite consistent with all these findings.

Ok thanks redcorolla for presenting me with all the information and evidence. I was secretly hoping that the report may be flawed or wrong so that I don't have to feel like I am struggling to get into the millionaire club without much success, haha!

Seriously, one question I have is - how do these people do it? Did they start out rich and just got richer (e.g. inheritance, owning a successful business); or they did it the old-fashioned way which is save, invest and insure? The general belief is that the rich get richer, which is justified considering they have access to many more financial products (e.g. hedge funds or private equity opportunities which are open only to accredited investors); so how can a "normal" person earning say median income ever hope to enter this league?

Would appreciate some advice from those who are already there (i.e. rich, financially free or in the millionaire household club), if possible. haha!