Singapore Millionaires - Lots More by 2016

According to Credit Suisse's Global Wealth Report, Singapore is ranked no.5 in the top 10 countries with the highest average wealth per adult in 2011. The figure amounts to USD$284,692 per adult. Australia is in 2nd place with USD$396,745. Switzerland is ranked 1st with average wealth of USD$540,010.

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?

Millionaire Mind Intensive

Hope that you find this video useful. It shares some insights from T Harv Ecker regarding the Millionaire Mind that one should have.

What I found useful was the part where he talks about the need to get to the root of the issue. Wealth and money are just RESULTS. They are the fruits in a tree. It is however the roots that caused these fruits to appear. Likewise, when one is poor, you should look at the inside (your mindset), to remedy the problem.

Another thing he mentions about is to Quit Complaining. Complaining is what so many people do best. By complaining less, we take responsibility for our own financial destiny and stop putting the blame on others.