Dear readers, Singapore has 7.5% of the adult population who had at least US$1 million in 2021. This finding was revealed in a HSBC report yesterday on how Singapore will have more millionaires per population versus US and China by 2030 as the share of millionaires in Singapore is projected to rise to 9.8% on 2025 and then to 13.4% in 2030.
Based on the report, the wealth is measured based on cash in banks, investment in securities such as stocks and bonds, as well as real estate holdings, which includes owner-occupied properties, after deducting any outstanding mortgage amounts.
I did a quick google on the number of adults in Singapore. Based on my search, there are approximately 4.89 million adults here and that means that there are approximately 366,750 millionaires in Singapore.
However, I also googled on the number of Singapore millionaires and the number I came across was 526,000 millionaires.
The numbers may differ in my opinion due to the definition of a millionaire. I will go with the definition that a millionaire is someone with a disposable or liquidable amount of US $1 million, that means to exclude properties value. I will also go so far to say that a Singapore millionaire should exclude monies in CPF accounts as these are more for housing, medical and retirement.
I believe the next stock markets correction will be a good chance for Singaporeans to multiply their wealth through investing at the bottoms of the stock markets corrections.
So Save More, Work Hard, Play Harder, Rest, Exercise and Recharge More and work towards a rewarding life, not just financially but also body, mind and soul.