http://www.straitstimes.com/Latest%2BNews/Singapore/STIStory_235048.html
S'pore to be 'City of Millionaires': Barclays survey
SINGAPORE will have the highest concentration of wealthy households in the world within a decade as economic expansion and the growth of its financial services industry draw investors, said Barclays Plc.
Almost 41 per cent, or 436,000, of Singapore's households will have assets of at least $1 million by 2017, compared with 39 per cent in Hong Kong and 28 per cent in Switzerland, according to a survey by Barclays Wealth, the bank's wealth management unit.
Singapore was second in 2007 with 23 per cent, while Hong Kong had 26 per cent, the report said.
Singapore's US$132 billion economy grew last quarter at the fastest pace since 2003 as tax breaks and efforts to draw banks and manufacturers to expand or set up new businesses in the city offset slowing demand for electronics. Growth is expected to moderate this year because of a US slowdown, Bloomberg news reported on Wednesday.
'It's a little premature to assume that growth will continue in a straight line, but the underlying trend remains one where Asian countries are generating plenty of economic activity and employment opportunities,' said Song Seng-Wun, an economist at CIMB-GK Securities Pte. in Singapore.
Economic growth elsewhere in Asia is also boosting wealth creation. China, the world?s fastest-growing major economy, is estimated to become the third-wealthiest nation in the world by 2017 by total net worth, lagging behind only the US and Japan, while India will be ranked eighth, according to Barclays Wealth.
'Unprecedented Wealth Creation'
'Not only are we seeing unprecedented wealth creation in Asia, but the structure of the region's economies have fundamentally changed,' Didier von Daeniken, chief executive officer of Barclays Wealth in Asia, said in a press release.
'Education, technology and globalization are driving wealth creation, resulting in a shift of economic power to the East.'
Singapore households with more than $1 million held about $672 billion in assets last year, and will grow to US$1.6 trillion by 2017, according to Barclays Wealth.
The survey takes into account assets such as cash, shares, bonds and property.
The rich get richer. The poor and middle-class, not necessarily so.
ReplyDeleteI'm guessing most of the value would be derived from property, which cannot be liquidated if one only has one property. Gotta keep a roof over one's head, though if you go by Timothy Ferriss, you can live well on less ... if you're able to move to another part of the world and still maintain the same income. (http://www.fourhourworkweek.com/)
ReplyDeleteAnyway, no point in claiming to be a millionaire if most of the asset is from your own and only house, and if downgrading is going to cost just as much, or close to it.
Read about this guy in an automotive mag. I have to say his ideas are interesting.
ReplyDeleteHave you heard of the "M 型社会“ ? The rich gets richer, the poor gets poorer.
ReplyDeleteI dont agree with the statement. Bill Gates wasnt born rich. But he has the brains.
ReplyDeleteAye, he had brains, but he was also fortunate enough to have an education and the opportunities to use his brains. In a scenario where bright kids have no chance to exercise what brains they have, how would they and by extension, their families, progress?
ReplyDeletenah.. bill gates didnt do well in his studies... he just happened to be good with his brains in IT areas.. Creativity perhaps.. and very important, a very good buddy who shared and realised his dreams. Oh, and good supportive parents too.
ReplyDelete;-)
Yep, and all these positive factors contributed to his success. I'm afraid kids in less privileged countries have to contend with the basic ricebowl before they can even think of soaring to such heights.
ReplyDeleteyeah how depressing... I used to be contented with just a basic ricebowl too when I was a kid. Half-boiled eggs in the mornings were luxuries...
ReplyDeleteoh, did I mention the country's good resources and a good governt count?
Don't think so. ;-)
ReplyDeleteyeah, it counts.. lolz.........
ReplyDeleteActually many of the richest people today are self-made. Look at Warren Buffet. While self-made in almost all cases they had very good family support who taught them from a young age how to create wealth, the 'secrets' of the rich if you will.
ReplyDeleteEven better example of self-made folks would be our founding fathers like Tan Tock Seng or others who came from poor families and through dint of their hardwork and business acumen made it very very rich.
The poor and less 'privileged' on the other hand will continue to lament the situation as they have done since time immemorial. Ever since the human civilisation got to the point of city-states, society has always been a pyramid, powerful on top and the masses below. If you think life is better in the past think again. Today most of us have more opportunities than our ancestors ever did. More wealth is created today than it ever was in the past and there are more people living in luxury than at any time in the past.
I'm a buddhist and I believe a person's wealth is a result of past karma (action). If a person has in his previous life done many good deeds such as helping others and exhibiting generosity, he will enjoy something in return in this life such as greater wealth.
ReplyDeleteSo, doing more good deeds and being generous will lead to greater personal wealth. On the contrary, miserly action will result in greater poverty. One should do more good deeds and help others, not for the sake of gaining more benefit/wealth, but simply it makes you feel good.
Well said.
ReplyDeleteI think the statement is out-dated.