Wednesday, September 24, 2008

Singapore - Island of Millionaires (but likely not locals)

I was surfing the website and read the article about more people (2,751) earning at least S$1 million last year.

Out of curiosity, I google and found a few more articles that commented that Singapore is Asia's Switzerland for Millionaires (2008), Singapore leads world in new millionaires (2007), where millionaires stash it away (2006), and Singapore chalks up world's fastest millionaire growth rate (2005). So this is a growing trend over the past years.

Wow. The 2007 report said that there are 66,660 people with over US$1 million, or 3 US$ millionaires per 200 people.

So if we do a simple arithmetics of comparing 66,660 against the 2,751 people, it should be pretty clear that many of these so called millionaires do not earn their millions from Singapore incomes. Yes I know, the first article mentioned about S$ millionaires, while later articles commented about US$ millionaires, which makes my point even more stark, right?

Guess I'm living in a land of (many) foreign millionaires who parked their assets here. Hmm for some reason I feel poor now ... lolz. No wonder some price tags for food / housings / recreations keep increasing over the years, guess the 'poor me' is not their target audience. lolz.

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