Thursday, June 26, 2008

77,000

The number of Singapore’s millionaires (defined as Singaporeans having a net worth of US $1 million in net assets, excluding housing property) surged up to 77,000 from the previous official figures of 66,600. This figure makes up about 2% of the total Singapore population of 4 million and Singapore ranks 7th globally among the countries with the highest proportion of millionaires.

Thus out of 50 locals one meets, one of them might be a millionaire, not having just S$1 million in accumulated worth but owning a US $1 million in net assets! I have personally observed that Singaporeans are getting wealthier, judging from the slew of luxury items they are lapping up distinctly and readily off the shelves!

While it is still common to hear of Singaporeans earning a modest income of $2000 in our society, a bulk of our people are starting to earn big bucks and at a much earlier age. Newspaper reek of stories of the fresh graduates earning starting salaries of $20,000 and more per month in jobs, mainly in the finance line. Banking seems to be the most lucrative career and an investment banker seems to be the most coveted job in terms of monetary payout (provided one can take the stress and strain of some of these highly demanding jobs).

Many others, in their quests to join the ranks of local millionaires are also exploring entrepreneurship. Newpapers abound of free seminars on the varied routes to become entrepreneurs (for more information on such seminars, please refer to my earlier posts) and the take up rate for such entrepreneur programmes seems to be pretty encouraging.

In a nutshell, to become a millionaire in Singapore and join the ranks of the 77,000 uber-rich, one could explore the following means:

a) Inherit a profitable family business
b) Investment (think of Warren Buffet who becomes the world’s wealthiest man via this mean)
c) Join banking (especially investment banking) and other traditionally lucrative industries such as insurance, property agents and strive to be the next MDRT, Court of the Table or even Top of the Table)
d) Be an entrepreneur

If the above four methods are not for you, then one could only explore the traditional method of working hard and saving hard (though it may possibly take a lifetime to garner a million bucks in this way). Alternatively, one could also join the long queues at the Singapore Pools outlets!

The important thing to note is that one shall not indulge in the heedless pursuit of money, as happiness and health are more important in life. All said, with the rich in Singapore getting richer, the income gap between the rich and poor further widens.

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