Just a couple of decades ago, being a millionaire was probably something a lot of people dreamt of becoming but were probably never sure they’d be able to achieve.
For most though, it was just a pipe dream that was unattainable.
Today, it’s safe to say that if you told someone you had a million bucks in wealth, they probably wouldn’t bat an eyelid.
Probably cause they watched Crazy Rich Asians.
S’pore Sees Increase In Millionaires In 2019; 207K Have At Least US$1Mill In Wealth
A 2019 Global Wealth Report by Credit Suisse released this year examined the household wealth of a whopping 5.1 billion people worldwide using numbers from reliable household sector balance sheet data.
But no, Singaporeans were not at the very very very top.
Switzerland, Hong Kong and the United States had the world’s three richest people.
However, almost half of all people in Singapore were part of the top 10%.
Yes, you read that right.
2.18 million people in Singapore belonged to the top 10% of the global wealth population, and had at least US109,400 (~S$147,400).
That’s a pretty big deal since it’s quite a big chunk of all Singaporeans.
But what about the richest of the rich in Singapore?
Where do they stand compared to all the other rich people in the world?
5% of Singaporeans Belong In The World’s Richest 1%
5% of Singaporeans, which is made up of around 226,000 people were part of the world’s richest 1% of people.
To qualify, they need to have at least $1.26 million.
That said, not everyone in Singapore was as well to do.
The report also revealed that 14% of Singapore’s population had less than $13,500 to their name. This makes up around 700,000 people.
However, this percentage (14%) is understood to be lower than the global average (58%).
Singaporeans Are The Second Richest People In Asia
Hong Kong holds the first position for being the richest people in Asia, however, Singapore came in second place.
Singaporeans are the second richest people in Asia.
Let’s take a moment to really absorb that.
This was a result of the average person’s wealth increasing threefold to around $404,100 in 2019, which mostly came from financial assets like stocks and real assets such as property.
But do these figures matter if things in Singapore are so expensive?
