Based on the data, it also seems that by 2016, around 408,000 Singaporeans will be millionaires. That is quite a significant number of millionaires in tiny Singapore.
Most Singaporeans who read this are probably thinking: "How is possible that it is so easy for so many Singaporeans to be millionaires?" Well, the exact same thoughts are actually running through my head. Just doing a basic calculation of my annual pay package (inclusive of bonuses) and I figure that I need a minimum of 14-15 years just to make a million dollars. This is of course based on the assumption that my pay stagnates and does not increase at all. Another assumption made is that I also save all my salary and do not spend a single cent.
With such a simplistic calculation, it will take me till I am almost close to 50 years old to actually earn a grand total of one million dollars. And this is in Singapore dollars not US dollars.
Looks like I won't be making it in the 2016 list. Perhaps 2025?
Hello FF,
ReplyDeleteI am of the opinion that the majority of working Singaporeans will be millionaires (on paper) in 10 years time.
Just look at HDB 5 room prices. Now they are around 700,000.
I believe 10 years later, HDB 3 room will be worth 1/2 a million and HDB 5 room will be worth at least a million!?
I know some will say cannot count housing. But if we sell our HDB and rent, there you go! Money is money in whatever form - just like water :)
That is true. Singapore can have many instant down-graded millionaires if they wish to.
ReplyDeleteIt's not practical to count in housing. How many people will sell their HDB and willingly start renting or downgrading?
ReplyDeleteHence, many will remain "millionaires" on paper. Asset rich, cash poor.
Oh yes, let me take the opportunity to also say - Credit Suisse's report is crap.
Thanks.
Live simply, work smart, save and invest wisely.
ReplyDeleteThose able to reach middle management level in the 30's might get a chance to be non-housing asset millionaires.
Yep, they count housing in the report. So they might be asset rich but cash poor.
ReplyDelete