Dear readers, the Forbes top 50 richest Singapore list was published earlier this week. We saw names of billionaires and multi-millionaires on the list. I believe the list might have sparked some interest among some of you or even inspire some towards earning your first million dollars and becoming a millionaire.
The definition of a million is defined in US dollars term and hence, in Singapore’ context, Singapore Dollars S$1,350,000. This definition of a millionaire is simple and is universally recognised i.e. a USD $1 million millionaire.
According to a report, in 2020, Singapore has 270,000 millionaires or 5.5% of the total population and this number may increase to 437,000 millionaires by 2025. And I read from a report that one needs US $2.9m or S$3.92m to be considered the wealthiest 1 per cent in Singapore.
In case, you are wondering whether to be a millionaire you need to hold S$1,350,000 in cash, the definition of a millionaire is often interpreted in terms of net worth. And that means using the mathematics: your asset minus your liabilities to arrive at your net worth.
In the common rat race, it is inevitable some people are so fixated on earning lots of money, having fast and high promotions, power and working toward earning that first million and that coveted properties. But I always believe that is even more important to be happy, balanced and healthy in life and ensure all the things one does is meaningful and creates positive value to the community and the world! And the journey is more important than the end goal.