Dear readers, according to an article which I read yesterday, for year 2021, there were:
a) 28 billionaires (with net worth of at least US$1 billion each) in Singapore
b) 526,000 High-Net-Worth Individuals (HNWIs) (with net worth of at least US$1 million each) in Singapore
c) 4,206 Ultra High-Net-Worth Individuals (HNWIs) (with net worth of at least US$30 million each) in Singapore
The articles does not give details on which asset categories the billionaires, HNWIs and Ultra HNWIs have their wealth concentrated, though I believe most of these assets should be in properties, equities and perhaps cryptocurrencies (which is getting popular by the day).
Cash may be an overlooked asset for many seeking to become wealthy due to the comparatively more humble returns than it generates. But I would again think that when properties and equities markets get volatile, holding some cash as an investment warchest will be wise.