More millionaires in S'pore

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.

Author's Comments:

Income inequality is widening in Singapore, especially after the credit crisis as the wealth of the millionaires grew significantly as compared to lower income households. Higher value jobs are created which give higher wages whereas lower-skilled workers’ income have not moved up as fast.

It is important to be educated about the investment instruments as it is one of the ways  to grow the wealth and get into the millionaires club. Like many millionaires in Singapore, it is through the acquiring of instruments like stock, propertyduring opportune times, which grew their wealth  significantly.

To be successful financially, it's important to have sufficient funds on hand to capitalize on good opportunities when they come knocking at your door.

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Original Article: 02 Jun 2011, Straits Times: "As thick as... millionaires in S'pore"