Singapore millionaires rise by almost 33%

[Greatbirdlegend]

 

Congratulations Singapore!

 

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Jun 1, 2011

Singapore millionaires rise by almost 33%: Study

Around one per cent of households have 39 per cent of the globe's wealth according to a study published on Tuesday, with Singapore's millionaires rising by almost 33 per cent in 2010. --ST PHOTO: ABDUL AZIZ HUSSIN

 

WASHINGTON - AROUND one per cent of households have 39 per cent of the globe's wealth according to a study published on Tuesday, with Singapore's millionaires rising by almost 33 per cent in 2010.

 

Over 15 per cent of households in Singapore have over a million dollars in assets under management, well ahead of the Switzerland and the oil-rich Arabian Gulf states.

 

The number of millionaire households across the globe increased 12 per cent in 2010, according to The Boston Consulting Group report, increasing millionaires' share of wealth from 37 per cent in 2009, pointing to increased inequalities in the wake of the global downturn.

 

Despite being at the epicentre of the global financial meltdown, the United States had by far the most millionaires last year, with 5.2 million millionaire households, and increase of 1.3 per cent from the previous year.

 

Japan was second with 1.53 million and China third with 1.11 million.

 

But it is emerging markets in Asia that can expect to see the biggest growth, increasing their share of wealth by 2.9 percentage points in 2010. -- AFP

[Curahee]

Household millionare? How they calculate? eg. 5 person living in the same house, add up their asset?

[LoverofCar]

kong lan wei lah...millionair? how come I still feel money not enough? live in a house with paper value..this kinda data is so misleading and make people think singaporean are farking rich....

[Rncw]

almost every month got one toto millionaire

[Chemmie78]

why i dun have!!!! sob sob sob but not surprising la...you can also see the number of millionaires in mcf...so many....

[Hoppie24]

why i dun have!!!! sob sob sob but not surprising la...you can also see the number of millionaires in mcf...so many....

 

so sad i am not 1 of them. how do they calculate anyway?

 

Just becuz the property pricing increase thats why all become asset millionaire?

[Greatbirdlegend]

why i dun have!!!! sob sob sob but not surprising la...you can also see the number of millionaires in mcf...so many....

 

Singaporeans are very rich(not me hor).

Private properties keep launching and COE keep going up.

Huat ah!

[Hondacub777]

I belong to the 67%.

[Sdf5725]

then whenever overseas ppl target singaporean. cause they are very very rich, naive and careless.

[Chemmie78]

so sad i am not 1 of them. how do they calculate anyway?

 

Just becuz the property pricing increase thats why all become asset millionaire?

 

I am not sure but i think they take net investable assets excluding your primary domicile

[Curahee]

U can if u want. Read from the property trend thread, 10k salary can buy 4 to 5 condo, these 4 to 5 condo assets add up confirm can hit over 1 million. Like that those with 10k mthly salary can become millionaire liao if they want.

[Rosschang]

*sigh*... I so sad... see this kinda thread and I'm not one of the mentioned...

 

*sigh*... and see ppl pocketting $$$ from buying n selling properties... /wallhead...

[Csnewbie]

Has our currency changed?

[Celicar]

U can if u want. Read from the property trend thread, 10k salary can buy 4 to 5 condo, these 4 to 5 condo assets add up confirm can hit over 1 million. Like that those with 10k mthly salary can become millionaire liao if they want.

10k buy 5 condos then eat what? Eat the grass around condo compounds?

[Csnewbie]

10k buy 5 condos then eat what? Eat the grass around condo compounds?

rent out 4.

 

unsuccessful then file for bankruptcy.

[Tedlhw]

U can if u want. Read from the property trend thread, 10k salary can buy 4 to 5 condo, these 4 to 5 condo assets add up confirm can hit over 1 million. Like that those with 10k mthly salary can become millionaire liao if they want.

 

Bro, can tell me the banks that will lend money for 5 condos based on 120K annual?

Cos the monthly payment on a conservative $4 million loan (assume 1 condo 1 mil, and place only 20% d/p) exceeds the 10K monthy income based on 1.2% i/r on 35 year loan. Its almost 12K.

Time to sell the banks' shares.

 

Btw, if a person has 5 condos he confirm millionaire. Why?

Based on law, assume average condo S$1 million, he buys 5 .

Placed 20% (now require more) downpayment, means he placed $1 million in d/p.

Plus his income can tahan a S$4 million loan.

 

 

 

 

 

 

 

 

[Chemmie78]

Bro, can tell me the banks that will lend money for 5 condos based on 120K annual?

Cos the monthly payment on a conservative $4 million loan (assume 1 condo 1 mil, and place only 20% d/p) exceeds the 10K monthy income based on 1.2% i/r on 35 year loan. Its almost 12K.

Time to sell the banks' shares.

 

Btw, if a person has 5 condos he confirm millionaire. Why?

Based on law, assume average condo S$1 million, he buys 5 .

Placed 20% (now require more) downpayment, means he placed $1 million in d/p.

Plus his income can tahan a S$4 million loan.

 

most likely he put enough downpayment to pass front DSR or ABL

[Rockaphonics]

kong lan wei lah...millionair? how come I still feel money not enough? live in a house with paper value..this kinda data is so misleading and make people think singaporean are farking rich....

You my friend is assuming everyone has become a millionaire.