The most contentious issue in the recent General Election was the affordability of housing. Opposition politicians argued that the government had allowed property price to rise beyond the affordability of the masses. And the ruling People's Action Party re-butted with figures from the housing board proving otherwise, especially for first-time buyers.

The proof is centered around the proportion of monthly income going to repay the mortgage called the Debt-to-service-ratio (DSR) . For first-time buyers in the non-mature estates ,the DSR average is 23% which is well below the nationally recognized threshold of 30% for affordability. But this might not be entirely the whole picture as there are the sandwiched middle class whom are caught in between.

HDB resale flat prices had risen nearly 65% in the last 3 years, while  the average household income remained stagnant. Younger familes with a combined income of $10,000 are having a hard time because they cannot really afford a private property and they don’t qualify for a new HDB flat. But looking at the resale market can be quite a big challenge as the cash over valuation (COV) Outlay is too much for them to afford too.

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The EU warned that the debt load of Greece Portugal & Ireland are likely to be bigger than forecasted, adding fear that the bailout by the EU are failing to solve the region crisis. All 3 countries have debt levels above 100% of GDP.

Greece’s debt level will reach 157.7% this year and 166.1% in 2012, which is higher than forecast in last autumn at 150.2% & 156% respectively. Euro zone governments are like to open discussions on a second bailout for Greece after it was granted $110 billion Euros.

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The CPF minimum sum will be raised to $131,000, up from $123,000. This will apply to members who turn 55 from 1 July 2011 to 30 June 2012.

Those who have $131,000 can apply to withdraw the monthly payout of $1,170 when they reach the draw-down age of 65.

From 1 July 2011 as well, the Medisave minimum sum will be raised to $36,000 from $34,500 to ensure Singaporeans can meet healthcare expenses

This increase, which includes an adjustment for inflation, seeks to ensure Singaporeans set aside sufficient funds for their retirement and medical expenses.

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15.5% of Singapore households hold more that US$1 million (S$1.23 millions) of investible assets, excluding owner-occupied property and items like arts. Last year the proportion was 11.4%.

The wealth of Singaporeans surged due to stronger Singapore dollar, sharp economic rebounds and soaring asset prices including property. Openness to foreign talent and wealth ‘new’ Singaporeans also expanded the number of millionaires in Singapore.

During the credit crisis, as much as 70% of the household assets were sitting in cash. Not only did these households emerge relatively unscathed from the crisis, they were also so well placed to capitalize on the opportunities in both the stock and property markets when real interest rates plunged into deeply negative territory.

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More of the  wealthy in Asia are incorporating philanthropy into their wealth management plans.

As a result, there are more professional and institutionalized foundations sprouting to meet the needs. One such organization is SymAsia, an initiative launched by Credit Suisse seeks to help the bank's wealthy clients channel their money in an efficient and sustained manner to a range of charitable causes, while Credit Suisse will absorb the administrative costs of the venture.

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