I am immensely grateful for everything that Singapore provides. I put in a lot of hard work to accumulate wealth for myself and the future generation. I know that times will be challenging for them, and they will require all the support they can get. Therefore, I am preparing them to stay ahead of the curve and prepare for the future.
Yes you are right to say what we have today is because of a very good government who cares for Singaporeans! Not forgetting we do not have natural resources.
Actually this makes a lot of sense because according to latest statistics about 4.8% of the Singapore residents live in landed and about 17.2% live in condos. With many landed and condos that are worth a couple of millions or even more, easily that 4% of millionaires are coming from this bucket, and also a small portion from HDB residents
I am blessed to be born, live and die in Spore. 😂 I am grateful to the Lee Kuan Yew govt for making it possible for me and the poor people of the Pioneer and Merdeka generation.
I think to be considered a real millionaire and be retired, you'll need at least S$2.5m, excluding the equity in your primary residence. This should generate about S$10k per month of cashflow for a very decent middle class lifestyle for 1 pax, or a moderate life style for 2 persons in SG.
Mr. Loo . How does this all matter? Good to hear your thoughts on what it will mean to Singapore if more middle income become the lower income and the millionaires are the new middle income. What would be the social impact? Perhaps a very different ruling class altogether?
Most importantly, in Singapore, you dont have to be a millionaire to live well. The average standard of living is well above anything they have in ASEAN and East Asia. For that, I am grateful for the foresight and hardwork of our forefathers.
How do they get 244k? They know how much I have? I think 244k is understated. There are so many old condo are fully paid + so many enblocs + so many above 55 and old hdb are fully paid + many above 55 inherited property/cash from their parants
It will be great if you could share your hair transplant experience. How to find a good service provider? How much did you spend initially and the maintenance fees. Many thanks.
In my opinion, property should be added in the wealth as net value. Net value = current property value minus all outstanding loan. Some may argue that residential properties should not be counted, only investment property counted, but probably in spore context, I assume many millionaires spend significant percentages of their wealth in their residential properties, this should be counted.
What's more important is what u wanna do with 1 mil. If it's for retirement then better not count in residential asset cuz u cannot easily liquidate. If purely to showcase then sure by all means count it in
I thought the article says there are 244800 millionaires in Singapore rather than there are 244800 Singaporean millionaires? Wonder if it is correct to make that 1-2-1 assumption in your premise?
How to be rich in finances and spirit? Educate yourself. Keep learning from those you admire and emulate them. Your personal experience and knowledge is never enough. Keep copying, ape-ing from those you personally consider successful. 活到老学到老，学做仁。😂
I don't know if I'm still a millionaire after excluding many things. There are many paths to be a millionaire but neither path is easy as all paths either need to work damn hard or make hard decisions.
Not true...only in recent times, our SGD dollars can buy even more good stuff with the 1. mushrooming of quality value dollar shops, 2.neighbouring JB purchases and oil top ups and 3. superb competitive purchases from online which never before has we King Consumer has so much choices at such competitive pricing. In summary, never before has the SGD dollar been able to purchase so much quality stuff. It's great to be a millionaire today (just don't be idiotic enough to buy overly pricey housing and cars during the uptrend).
I'm a $1,000,000 millionaire, but I feel damn poor, contantly in fear of running out of $$$ since retiring at around 50 years old. Basic millionaires means nothing in expensive Singapore!
Yes, dun worry much mate, world is in a mess, enjoy ur retirement, more millions wont save nobody when SHTF comes, be happy be live simple n u have enuf!❤❤
If u have enough for your living expenses with 4% withdrawal rule and u have additional cpf FRS or ers eventually u should not have anxiety. If u have, really need to look at reducing living expenditures
You are trying so hard to sound smart but based on your statement and question,you have proven yourself to be quite stupid. Heck,you can even become an instant multi-billionaire if you go to Iran and convert all your money to Iranian Rials. The millionaire standard is always calculated base off the value of your net worth equivalent to USD, the denomination of a currency does not directly translate to its intrinsic value. Secondly,what does inflation has got anything to do with what was discussed in the video? Whether a person is categorised as a millionaire or not is based on their current net worth, not their future net worth. So why does inflation need to be accounted for or have anything to do with it? Stop randomly throwing in economic terms to sound smart that's irrelevant when you don't even know how to apply it
I like the sentence “Singapore is in its golden age now. It won’t last forever. No country does.” Many Singaporeans (especially the young ones) fail to realise this and assume good times and good job opportunities are going to last forever. Cherish what we have for now.
I would disagree. Your networth should include the realistic valuation minus outstanding loan. Obviously that report method is flawed. If you have 1 dollar loan in a 1 million house, you dont count but the moment you pay the 1 dollar loan , you become instant millionaire? Logic is flawed la.
It does have some logic. If you sell a paid up property, it is bound to return in cash. If you sell a property with a loan, there is probability that you dont get back in cash. Because loan is subjected interest rate variability controlled by the bank and some people may take up additional housing equity loan on top of it. Simply too much uncertainty. So, ballpark just take all properties without debts. What i dont agree they shouldnt count property that we stay in because it is not generating an income. It is a liability. It is also not liquid as we would not have roof over our heads once we sell it.
It’s not flawed,it’s just their way to calculate but if it’s net worth then everything counts. Net worth will b a better method to calculate…all assets minus all liabilities
It's just the measure used by private banks to measure who can be their clients. Debt free property means you can pledge your property to the bank if you want a loan. Property under mortgage cannot.
I am immensely grateful for everything that Singapore provides. I put in a lot of hard work to accumulate wealth for myself and the future generation. I know that times will be challenging for them, and they will require all the support they can get. Therefore, I am preparing them to stay ahead of the curve and prepare for the future.
My group of friends all millionaires as their property all paid up. Vote PAP!
Yes you are right to say what we have today is because of a very good government who cares for Singaporeans! Not forgetting we do not have natural resources.
My starting salary as a local NTU graduate in 2018 was S$2000 a month. I am not sure whether according to your or global definition it is high.
Actually this makes a lot of sense because according to latest statistics about 4.8% of the Singapore residents live in landed and about 17.2% live in condos. With many landed and condos that are worth a couple of millions or even more, easily that 4% of millionaires are coming from this bucket, and also a small portion from HDB residents
With the beautiful family you have! You are already a multi millionaire!
I am blessed to be born, live and die in Spore. 😂
I am grateful to the Lee Kuan Yew govt for making it possible for me and the poor people of the Pioneer and Merdeka generation.
LHL definitely a good son who gave his heart and soul to bring us from there to here. Amazing.
I think to be considered a real millionaire and be retired, you'll need at least S$2.5m, excluding the equity in your primary residence. This should generate about S$10k per month of cashflow for a very decent middle class lifestyle for 1 pax, or a moderate life style for 2 persons in SG.
We should treasure our wealth and not always spend in JB during weekend to dilute our moneg out...
Mr. Loo . How does this all matter? Good to hear your thoughts on what it will mean to Singapore if more middle income become the lower income and the millionaires are the new middle income.
What would be the social impact? Perhaps a very different ruling class altogether?
Most importantly, in Singapore, you dont have to be a millionaire to live well. The average standard of living is well above anything they have in ASEAN and East Asia. For that, I am grateful for the foresight and hardwork of our forefathers.
How do they get 244k? They know how much I have? I think 244k is understated. There are so many old condo are fully paid + so many enblocs + so many above 55 and old hdb are fully paid + many above 55 inherited property/cash from their parants
Are the millionaires in Singapore Singaporeans? Also, how do you define "Singaporeans"?
It will be great if you could share your hair transplant experience. How to find a good service provider? How much did you spend initially and the maintenance fees. Many thanks.
In my opinion, property should be added in the wealth as net value.
Net value = current property value minus all outstanding loan.
Some may argue that residential properties should not be counted, only investment property counted, but probably in spore context, I assume many millionaires spend significant percentages of their wealth in their residential properties, this should be counted.
What's more important is what u wanna do with 1 mil. If it's for retirement then better not count in residential asset cuz u cannot easily liquidate. If purely to showcase then sure by all means count it in
If u own more than 1 property then yes it make sense to count them. If only 1, then u dont count it in.
If u sell, where u gonna live? Lol
I thought the article says there are 244800 millionaires in Singapore rather than there are 244800 Singaporean millionaires? Wonder if it is correct to make that 1-2-1 assumption in your premise?
I doubt majority of these 240k plus millionaires are sporeans. Many are expats or just migrate here. I may be wrong though
well, no matter how much money u have, all ur money will goes to others after 10~20 yrs...
All investment needs to be marked down 30%. An ostrich analogy… maybe a home no count is fine…
Me Millionhairs 😢
How to be rich in finances and spirit?
Educate yourself. Keep learning from those you admire and emulate them.
Your personal experience and knowledge is never enough. Keep copying, ape-ing from those you personally consider successful.
活到老学到老，学做仁。😂
You should move to Happy Land if you need to be a millionaire. There you can how Lian.
Millionaire does not equal to quality of life. One million sing in Singapore and Malaysia buys two different life style
I don't know if I'm still a millionaire after excluding many things. There are many paths to be a millionaire but neither path is easy as all paths either need to work damn hard or make hard decisions.
If u minus away all your debts and still have a million in liquidable assets, I believe you can be considered a millionaire. haha
Tokyo is impressive. Yen has weakened so much and yet it's at no. 3.
It is because china falling then Singapore have a chance to become more millionaires. Wealth has to flow from countries.
the problem is 1m USD is not much these days.
😂 only can buy HDB! Can retire but every meal is cai png😂! Can retire but can only go JB not HK to eat diam sum!😂
Not true...only in recent times, our SGD dollars can buy even more good stuff with the 1. mushrooming of quality value dollar shops, 2.neighbouring JB purchases and oil top ups and 3. superb competitive purchases from online which never before has we King Consumer has so much choices at such competitive pricing. In summary, never before has the SGD dollar been able to purchase so much quality stuff. It's great to be a millionaire today (just don't be idiotic enough to buy overly pricey housing and cars during the uptrend).
no wonder things keep getting more expensive
All minister's already are...and those above are billionaires
I'm a $1,000,000 millionaire, but I feel damn poor, contantly in fear of running out of $$$ since retiring at around 50 years old. Basic millionaires means nothing in expensive Singapore!
Relax. Being a millionaire is one thing. Living with anxiety is another
Yes, dun worry much mate, world is in a mess, enjoy ur retirement, more millions wont save nobody when SHTF comes, be happy be live simple n u have enuf!❤❤
Chill. The problem isn’t Singapore or the money. It’s u.
If u have enough for your living expenses with 4% withdrawal rule and u have additional cpf FRS or ers eventually u should not have anxiety. If u have, really need to look at reducing living expenditures
Lol I can go to Indonesia & become an instant "millionaire" also....Has this study accounted for inflation levels to be counted as a true millionaire?
You are trying so hard to sound smart but based on your statement and question,you have proven yourself to be quite stupid. Heck,you can even become an instant multi-billionaire if you go to Iran and convert all your money to Iranian Rials. The millionaire standard is always calculated base off the value of your net worth equivalent to USD, the denomination of a currency does not directly translate to its intrinsic value. Secondly,what does inflation has got anything to do with what was discussed in the video? Whether a person is categorised as a millionaire or not is based on their current net worth, not their future net worth. So why does inflation need to be accounted for or have anything to do with it? Stop randomly throwing in economic terms to sound smart that's irrelevant when you don't even know how to apply it
Private housing and condo alone almost 500k in sg. Since some is still paying installment,that number of millionaires are not surprising.
I like the sentence “Singapore is in its golden age now. It won’t last forever. No country does.”
Many Singaporeans (especially the young ones) fail to realise this and assume good times and good job opportunities are going to last forever. Cherish what we have for now.
What should I vote PAP
They have done nothing for me
I would disagree. Your networth should include the realistic valuation minus outstanding loan. Obviously that report method is flawed. If you have 1 dollar loan in a 1 million house, you dont count but the moment you pay the 1 dollar loan , you become instant millionaire? Logic is flawed la.
I don’t disagree with you 😊
Simply lazy analysts 😂
It does have some logic. If you sell a paid up property, it is bound to return in cash. If you sell a property with a loan, there is probability that you dont get back in cash. Because loan is subjected interest rate variability controlled by the bank and some people may take up additional housing equity loan on top of it. Simply too much uncertainty. So, ballpark just take all properties without debts. What i dont agree they shouldnt count property that we stay in because it is not generating an income. It is a liability. It is also not liquid as we would not have roof over our heads once we sell it.
It’s not flawed,it’s just their way to calculate but if it’s net worth then everything counts. Net worth will b a better method to calculate…all assets minus all liabilities
It's just the measure used by private banks to measure who can be their clients. Debt free property means you can pledge your property to the bank if you want a loan. Property under mortgage cannot.
So? Extremely skewed y no mention of China?
Must be all those who win toto every year.
Doesnt matter to many
Spore pools produce 1millionaire on average per week. 😂
millionaires in USD or SGD ?
Usd
You talk with very skewed basis
Your speech also very shallow and not substantive
Envy!
Tang dynasty of Singapore 🎉❤!!!
Waiting for the Yuan Dynasty of Singapore.. all hail to the Khan!