Some days I will come across news articles that mentioned about more and more Singaporean turn millionaires. The latest article is from asia one business titled: “More join ranks of millionaires s’pore” This really make me wonder how and when will it be my turn to “join the ranks” too? 😛
How wealthy they are, at least?
Let’s start by calibrating ground on what do we understand by how wealth is being measured among the ranks of millionaire. A high-net-worth individual is defined as a person with at least US$1 million (S$1.25 million) in investable assets, excluding primary residence, collectibles and consumables. This kind of definition is congruent with Robert Kiyosaki’s thought where his famous line being “Your house is not an asset” as he regard as it doesn’t contribute to your cash-flowing in. As for collectibles and consumables I think is quite subjective and value is usually intangible or worst depreciative.
So what make them wealthy?
Asiaone’s article explain the wealth comes from the good performance of Singapore’s equity market in the recent years. Some will argue is due to the ever increasing property price that result in property investors who own multiple apartments to reap huge windfall from it. So simply put, it is through making good investment that might be the recipe.
On the other hand, just today I read an article from wall street that share a different viewpoint which is quite interesting. It started off by having our usual stereotype image of the rich leaving a ‘cash-burning’ lifestyle dashed. It describe the average millionaire in singapore likely to be a male age of about 66 years old, married and has 3 children. This make our average millionaire the oldest in the world. It also reported that they are rated to be a reluctant entrepreneur as only 35.7% have made their money from a business or company.
Then how did the majority millionaire make their millions?? They are the one who holds a day job, such as a CEO, COO of a bank or other financial institute where he makes wealth, from the funds resides in Singapore or in the neighbouring nations by the other ultra-rich.
The observation was backed by their critics on Singapore’s education system which currently do not have an effective culture that encouraged on innovation, creativity and enterprise. As a result, we could only earn our wealth through hardwork and trading away our time, which is quite sad.
I hope I do not have to wait till the age of 66 to earn my million dollars (if the day will to come by… 😛 ). However what we can learn from this article is that, to accumulate wealth, the norm and proven way is to have a sound investment and hold a high paying job. This will stand true until we can find an alternative to attain our goals through venturing unsought ground in Singapore. We need to seek innovation to progress further! Let’s work together on this goal!