Lots of millionaires in Singapore

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A wealth report released by Merrill Lynch and Capgemini puts Singapore as home to the world’s fastest-growing population of millionaires.

Here’s a quick summary of what I found out from the report:

  • Singapore saw the highest growth (21.2%) in High Net Worth Individuals (HNWIs), followed by India (20.5%), Indonesia (16.0%), Russia (15.5%), UAE (15.4%), South Korea (14.1%), South Africa (13.3%), Israel (12.9%), Czech Republic (12.6%) and Hong Kong (12.2%). HNWIs are people with US$1 million in financial assets.
  • Despite Asian countries featuring quite strongly in the above list, Asia-Pacific is ranked 4th by continental regions, behind Africa, Middle East and Latin America.
  • The growth rate globally is 8.3%.
  • But in absolute numbers, Russia has 119,000 HNWIs – the highest. This is followed by India (100,000), South Korea (99,000), Hong Kong (87,000), UAE (68,000), and then Singapore (67,000).
  • “HNWIs in Asia-Pacific nearly doubled their allocations to real estate, from 16% in 2005 to 29% in 2006. Consistent with the investor behavior often seen in emerging economies, HNWIs in Asia-Pacific tended to invest in tangible assets.”
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8 Comments

  1. Masindi
    That’s because the poor lacks financial literacy to make more money. Having more money doesn’t mean spending more time on part time jobs. It also requires saving, investing and working smart. The poor gets poorer because they only complain and not take active steps to get rich.

  2. Pingback: Typical Millionaire | Salary.sg - Your Salary in Singapore

  3. Wealth is comparative. If everyone is wealthy, then everyone is poor. The rich exist because there is comparatively poorer people around.

  4. Pingback: Number of Millionaires up 15.3% | Salary.sg - Your Salary in Singapore

  5. sg 4d and toto…

    toto starts from 300k , if snowball then i see every 2 weeks will produce 1 millionair , 1 year = 24 millionairs

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