Comments on: Is your Net Wealth 300k?

By: JD

JD — Mon, 11 Jan 2010 03:40:39 +0000

Many of us in Singapore are good savers but many people here also have bought so many things on credit and the total cost of those things should be deducted from our savings. I have friends who own things like cars, TVs, furniture, and so on that they are paying for on installment. When I bought my TV with cash the clerk at Harvey Norman was was surprised because he said usually people pay on installment. This is all debt. However one thing that helps us in Singapore (besides the government subsidized housing) is that most of us young people live at home, while in the west young people like to live on their own. So even though their salaries are much higher, they save less because they all have their own houses and apartments and party and travel so much.

By: broadmind

broadmind — Sun, 30 Nov 2008 17:03:20 +0000

Thanks, and same to you. But I also think that although saving is a good habit, it will only get one so far. Most people really only become wealthy with by taking advantage of business or investment opportunities. For example, many investors realised capital gains of several hundred thousand dollars from the property boom last year. The current financial crisis also presents good investment opportunities to multiply one’s capital given a time-frame of at least 5 years.

By: 5m10y

5m10y — Sun, 30 Nov 2008 14:35:48 +0000

Good for you, same here.

By: broadmind

broadmind — Sun, 30 Nov 2008 07:48:27 +0000

Most of my peers are good savers. I save around 50% of my income

By: 5m10y

5m10y — Fri, 28 Nov 2008 23:56:38 +0000

Do you think most Singaporeans have super saving habits? Quite a number of my friends actually live paycheck to paycheck leh. How about yours?

By: broadmind

broadmind — Fri, 28 Nov 2008 16:40:43 +0000

700K per household looks pretty high, probably skewed by the ultra wealthy. nonetheless, it does go to show how wealthy singaporeans are as a whole, due to super saving habits and rapid economic progress

By: 5m10y

5m10y — Mon, 24 Nov 2008 13:10:28 +0000

100% agree with Charles. With “average”, 1 person with a net worth of 100 million can bring the average up even though the overwhelming majority earn way less than the resulting average.

What we’re looking for is median, correct.

By: Charles

Charles — Mon, 24 Nov 2008 05:54:44 +0000

The *average* has no meaning whatsoever.
What matters is *median*.

By: SGDividends

SGDividends — Mon, 24 Nov 2008 04:26:41 +0000

Does it include Permanent Residents? Anyway Shares and Securities are not accurate. It could be more as singaporeans buy US shares and these US shares are not custodised with CDP(SGX) but in US custodians.

Singaporeans are either filthy rich or super savers…!

By: adiemuso

adiemuso — Mon, 24 Nov 2008 02:12:33 +0000

over 50% of Singaporeans earn less than $3000 per month..minus the daily and monthly neccessities and expenses..at best u are left with $500.

anyway the figures are wrongly skewed…but it does highlight one important fact..the income disparity or wealth distribution is badly skewed here in SG….