Typical Millionaire

at Salary.sg – Your Salary in Singapore

 

Typical Millionaire

October 20th, 2007

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Following its World Wealth Report 2007 released in June (see my post Lots of Millionaires), Capgemini and Merrill Lynch have recently released more details on the typical millionaire in Singapore.

In their Asia Pacific Wealth Report 2007, they repeated the old information:

  • Singapore has 67,000 High Net Worth Individuals (HNWI)
  • Singapore has the fastest growing HNWI population at a rate of 21.2%

… and provided new information:

With a combined wealth of US$320 billion, these rich individuals have an average net worth of US$4.9 million, higher than the global average of US$3.9 million and the Asia-Pacific average of US$3.3 million.

An interesting finding is that “the Indonesian population residing in Singapore comprised a significant share of the local HNWI population and wealth.”

The report went on to estimate that in 2006 “approximately 19,000 HNWIs of Indonesian origin resided in Singapore and held approximately US$93 billion in financial wealth.”

In other words, close to 30% of the high net worth wealth here belong to Indonesians. I’m sure many of us are not surprised.

As for asset allocation, our HNWIs put the largest proportion (36%) of their wealth in real estate, compared to the other 8 Asia-Pacific countries. They also put the least proportion (10%) in fixed income instruments.

The report also noted that Singapore “has one of the few real estate markets that has surpassed pre-crisis levels.” Maybe this explains why property investments figure so significantly here.

And maybe property is becoming a bubble here. :)

As for their sources of wealth, 36% of our HNWIs became rich because of their businesses. 22% are wealthy because they inherited their fortunes.

To put it differently, inheritance is ranked 2nd as a source of wealth for these rich individuals. Rich parents eh?

46% of them are in the 41-55 age group, while 32% are in the 56-70 age group.

Finally, 78% are male.

So, the typical millionaire in Singapore:

  • is male,
  • about 50 years old,
  • has about US$5 million of financial assets not counting his residence,
  • likes to invest in property,
  • became wealthy from either business or inheritance, and
  • is probably an Indonesian…

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7 Responses to “Typical Millionaire”


  1. Daily SG: 22 Oct 2007 « The Singapore Daily Says:

    [...] Daily Discourse – The Police State: Democracy for Thee, But Not for Me – The Anti Neo-Democracy Theorist: Give our students some space – Emerican Life : Stupidity & Singapore – Yawning Bread: Newspapers should beware of being shunned by the intelligent – Diary of A Singaporean Mind: Chee Bashes Singapore Govt!!! – My Singapore News: DPM’s responses to Timothy Cooper – Salary.sg: Typical Millionaire [...]


  2. How to be rich (part 2) | Salary.sg - Your Salary in Singapore Says:

    [...] at Salary.sg – Your Salary in Singapore « Typical Millionaire [...]


  3. Indonesia: potential unused « 卦Trigram Says:

    [...] Typical millionaire (source for the above). [...]


  4. Tan Says:

    I like the way you summarised it, haha! :)

    “So, the typical millionaire in Singapore:

    is male,
    about 50 years old,
    has about US$5 million of financial assets not counting his residence,
    likes to invest in property,
    became wealthy from either business or inheritance, and
    is probably an Indonesian… “


  5. MyMy Says:

    Besides those that inherited wealth,and/or from their businesses, what is the profile of the youngest millionaire’s age and in which line is he in. What about employee, which is the sector that has most millionaire if you have the data. Rgds


  6. We Are Wealthier Than Switzerland | Salary.sg - Your Salary in Singapore Says:

    [...] always lumped PRs and citizens together). Let me just quote from an old Salary.sg article on Singapore’s typical millionaire: An interesting finding is that “the Indonesian population residing in Singapore comprised a [...]


  7. We Are Wealthier Than Switzerland | Support Site for The Unemployed Says:

    [...] always lumped PRs and citizens together). Let me just quote from an old Salary.sg article on Singapore’s typical millionaire: An interesting finding is that “the Indonesian population residing in Singapore comprised a [...]

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