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S'pore will have more millionaires per population v US, China by 2030: HSBC https://www.straitstimes.com/business/economy/singapore-will-have-more-millionaires-per-population-vs-us-and-china-by-2030-hsbc Ovais Subhani Senior Correspondent, PUBLISHED 17 AUG 2022, 1:33 PM SGT The study looks at resident population that comprises citizens and permanent residents. ST PHOTO: DESMOND WEE SINGAPORE - In the next eight years, the number of millionaires in Singapore as a share of its population will be more than that of the United States, China or any other economy in the Asia-Pacific region, said HSBC in a report. The Republic, where 7.5 per cent of the adult population had wealth of at least US$1 million (S$1.38 million) in 2021, would see the share of millionaires rise to 9.8 per cent in 2025 and then jump to 13.4 per cent in 2030. The study looks at resident population that comprises citizens and permanent residents. To measure the wealth of the millionaires, HSBC said it used their cash in banks and investment in securities such as stocks and bonds. It also took into account real estate holdings, which include owner-occupied properties, after deducting any outstanding mortgage amounts. The bank said that in Asia, Singapore is already second to only Australia, whose share of millionaires per population stood at 8 per cent in 2021. By 2030, Australia will drop to second place with 12.5 per cent of the nation holding cash and assets of at least a million US dollars. By that year, 11.1 per cent of Hong Kong's population will be millionaires, 9 per cent for the US, 7.2 per cent for Japan and 4.4 per cent for China. Singapore's share of residents with wealth of at least US$250,000 will rise to 67 per cent by 2030, second to Australia's 70.8 per cent, said the report titled The Rise Of Asian Wealth. HSBC said the growth of millionaires in Asia will continue through 2035 with their projected share reaching 17 per cent for Singapore, ahead of 15.1 per cent for Australia and 14.6 per cent for Hong Kong. However, in absolute terms, the countries with large populations will continue to lead the league of millionaires in the region. The number of adults with wealth of at least US$1 million in China stood at 17.1 million in 2021. HSBC said that number will rise to 50.4 million in 2030. The number of Singapore millionaires will rise over the same period from 400,000 to 700,000. Mr Frederic Neumann, HSBC's chief Asia economist, said the deepening pool of local savings across the region is providing a measure of resilience against the vagaries of global financial markets and hardship from rising inflation and slowing growth. "An account of Asia's growing wealth also shines a light on the societal resources that are ultimately available to lift millions more out of poverty," he said in the report. "After all, the region is hardly short of capital, even if this is unevenly distributed, both between and within economies." He noted that financial wealth in Asia had started to exceed that in the US after 2008 with the start of the global financial crisis, the worst economic disaster to hit the US since the Great Depression. Asian financial wealth reached just shy of US$140 trillion in 2021, well above US$120 trillion in the US. Japan accounted for over half of the wealth held in the region in the years following the global financial crisis. But by 2021, China's share climbed to 46 per cent while Japan's has fallen to a quarter. However, excluding Japan, Asia's financial wealth is still lower than that of the US at around US$100 trillion. But "given current trends in per capita income growth, wealth in Asia ex-Japan could surpass that in the US by 2025", said Mr Neumann. The number of millionaires in Asia, excluding Japan, is projected to jump from roughly 30 million currently to over 76 million by the end of the decade, he added. ================================================= 13% of S'pore population to become millionaires by 2030, highest proportion among Asia-Pacific economies: HSBC report https://www.todayonline.com/singapore/13-spore-population-become-millionaires-2030-highest-proportion-among-asia-pacific-economies-hsbc-report-1971636 BY NAVENE ELANGOVAN, Published August 17, 2022 (Updated August 18, 2022) Singapore is expected to see its share of millionaires among its residents grow from 7.5 per cent in 2021 to 13.4 per cent by the end of the decade. By 2030, more than 13 per cent of adults in Singapore will be millionaires, said an HSBC report This is the highest proportion among 15 Asia-Pacific economies In absolute terms, the number of millionaires in Singapore will rise to 700,000 in 2030, up from 400,000 currently SINGAPORE — In eight years' time, more than 13 per cent of adults in Singapore will be worth more than US$1 million (S$1.38 million), a proportion higher than the United States, China and 12 other Asia-Pacific economies, said an HSBC report. In Singapore, Australia, Hong Kong and Taiwan, there are likely to be more millionaires on a relative basis than in the US, with South Korea and New Zealand coming close, the report also said. Comparatively, the US is expected to have 8.8 per cent of its adult population as millionaires by 2030 while the figure for China is expected to be 4.4 per cent. Singapore is expected to see its share of millionaires among its residents, which comprise permanent residents and citizens, grow from 7.5 per cent in 2021 to 9.8 per cent in 2025 and up to 13.4 per cent by the end of the decade. In absolute terms, this means that the number of millionaires in Singapore will rise to 700,000 in 2030, up from 400,000 currently. The report by HSBC, titled "The Rise of Asian Wealth", looks at the rise of wealth in Asia. It was released on Tuesday (Aug 16). Among other things, the report examines the projected number of residents that will reach certain wealth brackets in the coming years. It does so based on the residents' bank deposits, investments in bonds and equities, assets held by pension funds or insurance companies, as well as their real estate holdings after deducting any outstanding mortgage amounts. It compares 15 economies in the region, including Singapore, China, Japan, Malaysia and Taiwan. Mr Frederic Neumann, HSBC’s chief economist for Asia, said that although the region is going through economic instability, it is nevertheless worth taking stock of Asia’s rising wealth at this juncture. This is because the deepening pool of local savings provides “a measure of resilience against the vagaries of global financial markets”. “An account of Asia’s growing wealth also shines a light on the societal resources that are ultimately available to lift millions more out of poverty,” he added in the report. S’PORE HAS SECOND HIGHEST PROPORTION OF MILLIONAIRES IN REGION The report said that currently, Singapore has the second-highest (7.5 per cent) number of millionaire adults based on the percentage share of its population, just after Australia (8 per cent) and ahead of Taiwan (5.9 per cent). By 2030, Singapore will take the top spot at 13.4 per cent, followed by Australia (12.5 per cent) and Hong Kong (11.1 per cent). By the end of 2030, only around 4 per cent of adults in mainland China and less than 1 per cent of adults in India are likely to be millionaires, noted the report. However, in absolute numbers, China will continue to have the highest number of millionaires, rising from about 17 million currently to 50 million by the end of the decade. This figure is projected to rise to nearly 80 million by 2035. The number of millionaires in India is also set to hit 6.6 million by 2030, exceeding the whole of the Association of Southeast Asian Nations (Asean) region, said the report. However, it noted that the large number of millionaires in some of these economies can be explained due to the large sizes of their population, on top of their wealth distribution and level of economic development. INDIVIDUALS WITH AT LEAST US$250,000 At the slightly lower end of the income bracket, Singapore is also expected to see the proportion of its residents having at least US$250,000 of wealth standing at 67 per cent by 2030, up by about 10 percentage points from 2021. In terms of the percentage share of the population, this will make Singapore the second-highest city in the region with individuals of this net worth, just after Australia at 70.8 per cent. Both economies also occupy the same top two spots in this category in 2021. In China, the number of adults with a net wealth of at least US$250,000 is expected to double by 2030 to around 350 million, while the figure in India could triple to 57 million. Region-wide, the number of millionaires is projected to jump from about 30 million currently to more than 76 million by the end of the decade. The report said that economies that are growing more rapidly tend to accumulate wealth faster. For example, Vietnam, the Philippines and India are expected to see the number of adults holding wealth of at least US$250,000 more than double by 2030, with Indonesia and Malaysia “not far behind”.

http://sg.yfittopostblog.com/2011/01/26/nk...llion-donation/ NKF receives $4.7 million donation By Alicia Wong

Dear Bros/Sis, Am very curious to know how many non-millionaires in assets here driving luxury car be it fully paid/with partial/full loan? Let me start the ball rolling. Am not a millionaire but driving an Alfa Romeo 156/Fully paid.

WARNING long article Isn't private banking is still a much coveted job and didn't many private banks say they are aggressively expanding? Clinton Ang, the grandson of a gunny- sack seller who emigrated last century from China to Singapore, oversees a fortune valued at almost $80 million for himself and three siblings. That makes him a target for wealth managers in Singapore, the private-banking capital of Asia. Yet the 39-year-old managing director of Hock Tong Bee Pte, which evolved from his grandfather

This news report today says millionaire decreased in 2011. Number of wealthy people in Singapore down 7.8% in 2011

Here in MCF, 4/5 are.... 1 in 6 Singapore households are millionaires inShare</span> Purchase this article for republication Buy SPH photos Generic photograph of the Hougang housing estate. Singapore leads the world in terms of the proportion of households classed as millionaires after the ranks of the wealth swelled again last year. -- ST PHOTO: ALPHONSUS CHERNBy Melissa TanSingapore leads the world in terms of the proportion of households classed as millionaires after the ranks of the wealth swelled again last year. A new study found that households with investable assets of US$1 million (S$1.24 million) or more jumped 14 per cent more to 188,000 last year. That means 17.1 per cent of households - more than one in six - are millionaires. The findings come from management consultancy Boston Consulting Group (BCG) in its Global Wealth Report 2012.

Tai Keng Court fetches moer than selling price 23 March 2012 Straits Times THE owners of Tai Keng Court have defied the subdued collective sale market by selling their mixed-use estate for about 25 per cent more than they asked for. They will get $161.1 million for the freehold plot at the junction of Jalan Lokam and Upper Paya Lebar Road, which works out to $1,109 per sq ft (psf) per plot ratio (ppr). Flat owners can expect to receive gross proceeds of about $1.89 million - around 50 per cent more than if they had sold their units individually. Shop owners will reap between $2.19 million and $2.55 million, said marketing agent Jones Lang LaSalle (JLL). The complex has 56 apartments and 24 shops in three blocks. The $161.1 million bid is the highest unit price achieved in at least four collective sales struck this year and largest total quantum. The previous high for the year was the $96.2 million for Seletar Garden. The Straits Times understands that about five bidders took part in the tender, with most offering more than the $130 million asking price. A joint venture between Fragrance Group, with a 60 per cent share, and Aspial Corp topped the tender. Experts said developers lost interest in collective sales on the back of a new rule that requires them to build and sell all units in a project within five years of acquiring the site or pay a 10 per cent additional stamp duty. But the popularity of mixed-use projects such as Bedok Residences, Watertown in Punggol and The Hillier in Upper Bukit Timah that have hit the market recently meant Tai Keng Court stood a good chance of attracting buyer interest. Mr Nicholas Ng, associate director of investments at JLL, noted that the estate also had a freehold tenure, unlike recent mixed-development launches, most of which had 99-year leases. 'Developers are aware of the rarity of such sites. This is especially so as Tai Keng Court, built in the early 1970s, sits on a large freehold site with a commercial component, which has great convenience and frontage, and is long due for redevelopment,' he added. The 103,798 sq ft site is zoned residential and commercial and has a gross plot ratio of up to 1.4. Up to 40 per cent of its potential gross floor area of 145,317 sq ft can be used for commercial space. It can be built up to five storeys.

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. http://www.straitstimes.com/BreakingNews/S...ory_724964.html so confident?

Congratulations Singapore! ----- 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

SINGAPORE, Sept 28, 2010 (AFP)

Check it out, baby! Wah say . . . got like dat one??. NNKC!!

Who thinks they will be millionaire in 2017? http://www.todayonline.com/articles/252410.asp