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1 in 5 a millionaire in Singapore?
- Thread starter siangsiang
- Start date
value of homes and cars included................but still paying installments on both plus interests.........if value of house drop, die lor............car sure lose money.............
This Boson Consulting Report strikes again. It does not include property. In Singapore, unlike other Western Countries, families tend to live together, so households are bigger, about 3.6 people per household. There are approx 1.2 Million "households" in Singapore.
The report is based on the avg person in SG having S$360K (US$ 286K) in investable wealth, i.e. CPF, cash, stocks, bonds etc. We have attracted alot of foreign money of unknown origin in recent years so this figure goes up. How much does the avg Singaporean citizen have in CPF, cash, etc - this is the real figure, not the artificial one. We have money parked in our banks that should not be here.
Also, CPF balances have increased. Some Singaporeans have also sold shares and property. So 3.6 people X 360K = 1.3MSGD or 1M USD. 188K Households meet this criteria. If the US Dollar rises, then the number of millionaire households fall dramatically. In 2007 it was S$1.6. Not S$1.29 like today. In that case the same number of 188K households will have US$ 800K combined - so how many millionaire households will Singapore lose just on currency appreciation?
Quite stupid. We have 5.4% inflation now. We refuse to raise interest rates so we allow currency appreciation. It failed. We are moving into a high cost environment, approaching HK and Japan cost of living.
Notice how quiet the government is on inflation. Wealth is nice, but our cost of living is increasing too fast. 5.4% inflation is an issue. What is the point of having S$360K per person (which is an inflated figure) when it buys alot less than in other countries?
The report is based on the avg person in SG having S$360K (US$ 286K) in investable wealth, i.e. CPF, cash, stocks, bonds etc. We have attracted alot of foreign money of unknown origin in recent years so this figure goes up. How much does the avg Singaporean citizen have in CPF, cash, etc - this is the real figure, not the artificial one. We have money parked in our banks that should not be here.
Also, CPF balances have increased. Some Singaporeans have also sold shares and property. So 3.6 people X 360K = 1.3MSGD or 1M USD. 188K Households meet this criteria. If the US Dollar rises, then the number of millionaire households fall dramatically. In 2007 it was S$1.6. Not S$1.29 like today. In that case the same number of 188K households will have US$ 800K combined - so how many millionaire households will Singapore lose just on currency appreciation?
Quite stupid. We have 5.4% inflation now. We refuse to raise interest rates so we allow currency appreciation. It failed. We are moving into a high cost environment, approaching HK and Japan cost of living.
Notice how quiet the government is on inflation. Wealth is nice, but our cost of living is increasing too fast. 5.4% inflation is an issue. What is the point of having S$360K per person (which is an inflated figure) when it buys alot less than in other countries?
Another entry for misconception in sg
Like that when the millionaire men are called for reservist, MINDEF must have to give lots in make up pay.
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