Martin Lee @ Sg
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Millionaires in Singapore

According to a new report by the Boston Consulting Group, BCG), Singapore has the highest percentage of millionaire households in the world.

15.5% of households in Singapore have more than US$1 million in investable assets.

Switzerland is a distant second at 9.9%, and Qatar in third place with 8.9%.

The 15.5% works out to be about 170,000 households, an almost 33% increase from the year before.

One reason for the increase would be due to the rapid increase in property prices in the past few years. Even though the report excludes residential property, people who dabble in additional properties would have seen a significant rise in their assets.

Another smaller factor could be Singapore’s Global Investor Programme, which grants permanent residency status to individuals who are able to invest S$2.5 million into businesses here.

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Musicwhiz says 10 years ago

Singapore is fast becoming a playground for the rich and wealthy to flaunt their (over-priced) property and cars. Just look around this small red dot and you can witness more and more sports/expensive car models, and more and more (unattainably) high-priced condominiums worth millions of $.

Being of the middle-class, and with very low chances of joining this elite prestigious club, I personally feel this will corrode the country over time and wrap our youth’s sense of values. There is simply too much rampant materialism going around these days.

    Musicwhiz says 10 years ago

    Sorry, it should be “warp” and not “wrap”. My spelling is going to the dogs these days haha….

      Martin Lee says 10 years ago

      You thinking too much about wrap accounts yah.. haha

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