The number of millionaires in Singapore are expected to more than double by 2016, from the current 183,000 to 408,000.
Singaporeans are also the second richest in the Asia Pacific region, and the fifth richest in the world, with an average wealth of US$285,000 (S$359,600). This is a 32.1 per cent increase from the figure of US$215,000 in Jan 2010, less than two years ago.
This is according to Credit Suisse’s latest global wealth report, that takes into account the individuals’ assets after subtracting debt.
The report also states that most of the increase was due to the saving rate and asset price increases, rather than exchange rate movements.
Source – ST
Food for thought: With so many millionaires around, and ever increasing, it is no longer a big news to be a millionaire now as many are striving to a multi-millionaires or billionaires. The question lies in what really got them to be a millionaire apart from those running a profitable business? I guess it must be some form of investment, and next question is what type of investment? Could it be property or stocks and shares? Awesome!