Mai Ban Fa De....Bro, those coolie genes dun understand wan
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Inequalities in Singapore: income, wealth, class, opportunities...
- Thread starter LITTLEREDDOT
- Start date
FTs are the best. Ask any PAP ministers.
Forum: People above 60 have hard time competing with younger people for gig jobs
APR 30, 2024
At 68, my sister finds difficulty in securing daily-rated jobs, such as a food server or dishwasher in hotels and restaurants, particularly through various gig job applications.
These jobs pay higher hourly rates than those at coffee shops and hawker centres.
Some job apps declare age limits. But even for those without, where she had been able to get jobs in these establishments before, she now finds her success rate has declined over time.
I suspect this may reflect a trend of age-based discrimination in hiring practices.
I understand there are also other people looking for gig jobs, such as students and foreign workers.
However, older workers aged 60 and above often don’t have a fair chance to compete in this pool of ready and willing gig workers solely because of their age.
As senior workers like my sister navigate diminishing job opportunities as they age, I wonder if human resource departments can be encouraged to adopt positive discrimination policies that reserve roles for seniors, fostering inclusivity and combating ageism in the workplace.
Let us reflect on the significance of May Day in honouring workers and advocating fair and equitable opportunities for all, including the seniors in our community.
Ong Seok Khim
One first need to think independently instead of believing every story or narrative in our MSM. Plan to quit the rat race early.
Singapore is world’s 4th wealthiest city, overtaking London: Report
According to the report, 3,400 high-net-worth individuals moved to Singapore in 2023 alone. PHOTO: LIANHE ZAOBAO
Angela Tan
Senior Business Correspondent
MAY 07, 2024
SINGAPORE - Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners.
According to the investment migration consultant’s 2024 World’s Wealthiest Cities Report, 3,400 high-net-worth individuals (HNWIs) moved to Singapore in 2023 alone.
The Republic – which is widely regarded as the most business-friendly city globally – is now home to 244,800 resident millionaires or individuals with liquid investable wealth of US$1 million (S$1.35 million) or more, 336 centi-millionaires with investable wealth of US$100 million or more, and 30 billionaires with investable wealth of US$1 billion or more.
This follows an impressive 64 per cent increase in millionaires over the past 10 years from 2013 to 2023, with Singapore looking set to unseat Tokyo as Asia’s wealthiest city very soon.
Tokyo, which led the pack as the world’s wealthiest city a decade ago, has suffered a 5 per cent drop in its resident HNWI population over the same 10-year period and now sits in third place with 298,300 millionaires, 267 centi-millionaires and 14 billionaires.
London, the wealthiest city in the world for many years, has continued to tumble down the ranking and now sits in fifth place with 227,000 millionaires, 370 centi-millionaires and 35 billionaires, a decline of 10 per cent over the past decade.
Meanwhile, Hong Kong has fallen four places over the 10-year period to ninth globally, with 143,400 millionaires, 320 centi-millionaires and 35 billionaires.
China has established a notable presence in the latest ranking, with Beijing and its 125,600 millionaires making it into the top 10 for the first time following a 90 per cent growth in its millionaire population over the past decade.
Shanghai, Shenzhen, Guangzhou and Hangzhou have all recorded significant increases in their millionaire populations too.
Mr Andrew Amoils, head of research at global data intelligence firm New World Wealth which worked with Henley on the report, said Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population exploding by 140 per cent in the last 10 years. Hangzhou also experienced a huge 125 per cent increase in its wealthy residents, while Guangzhou’s millionaire numbers have grown by 110 per cent over the past decade.
New York City remained firmly in the top position globally, with wealth held by its residents exceeding US$3 trillion, higher than the total wealth held in most major Group of 20 countries.
The Big Apple is home to a staggering 349,500 millionaires, 744 centi-millionaires and 60 billionaires.
Hot on its heels in second place is Northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley. The Bay Area saw its millionaire population grow by a whopping 82 per cent over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires and 68 billionaires.
Dr Juerg Steffen, chief executive officer of Henley & Partners, said a key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets in recent years.
“The S&P 500’s 24 per cent gain last year, along with the Nasdaq’s 43 per cent surge and Bitcoin’s staggering 155 per cent rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation,” he said.
When it comes to the most expensive cities in the world, New York City came in second after Monaco. The average sq m price of a prime 200 sq m to 400 sq m apartment was US$35,500 in Monaco and US$28,400 in New York.
London came in third place with prime real estate averaging US$26,500 per sq m, followed by Hong Kong in fourth place at US$25,800 per sq m.
Singapore was ranked 11th, with its average prime real estate prices significantly lower at US$16,300 per sq m.
Singapore Prime Minister Earns Over $1.6 Million Annually
What We’re Showing
This graphic ranks the top 10 highest-paid government leaders in 2024, according to various sources. Hong Kong data as of 2022. Figures are in USD.Key Takeaways
- Singapore Prime Minister Lawrence Wong is the highest-paid government leader, earning over $1.6 million per year
- U.S. President Joe Biden makes $400,000 per year
Dataset
| Government | Name | Leader Annual Salary | Title |
|---|---|---|---|
| Singapore | Lawrence Wong | $1.61M | Prime Minister |
| Hong Kong* | John Lee Ka-chiu | $695K | Chief Executive |
| Switzerland | Viola Amherd | $530K | President |
| United States | Joe Biden | $400K | President |
| Australia | Anthony Albanese | $390K | Prime Minister |
| Germany | Olaf Scholz | $367K | Chancellor |
| European Union | Ursula von der Leyen | $364K | President of the European Commission |
| Austria | Karl Nehammer | $307K | Chancellor |
| Canada | Justin Trudeau | $292K | Prime Minister |
| New Zealand | Christopher Luxon | $288K | Prime Minister |
| Japan | Fumio Kishida | $256K | Prime Minister |
Ranked: Countries With the Most Millionaires and Billionaires
July 3, 2024
By Marcus Lu
Ranked: Countries With the Most Millionaires and Billionaires
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.This graphic lists the top 12 countries by number of high net worth individuals (HNWIs). An HNWI is someone with liquid investable wealth of $1 million USD or more.
Importantly this excludes assets such as primary residences from counting towards wealth.
Data for this graphic is sourced from the Henley Private Wealth Migration Report 2024.
Where Do the Wealthy Live?
The U.S. leads the world with a massive millionaire (>$1 million USD) population of 5,492,400. To put this into perspective, the U.S. has more millionaires than Ireland has people.Unsurprisingly, America also has the most centi-millionaires (9,850) and billionaires (788) as well.
| Country | Millionaires (USD 1M+) | Centi-millionaires (USD 100M+) | Billionaires (USD 1B+) |
|---|---|---|---|
| 5,492,400 | 9,850 | 788 |
| 862,400 | 2,352 | 305 |
| 806,100 | 1,075 | 82 |
| 754,800 | 748 | 39 |
| 602,500 | 830 | 75 |
| 506,000 | 605 | 55 |
| 427,700 | 730 | 40 |
| 383,300 | 463 | 48 |
| 371,200 | 495 | 52 |
| 326,400 | 1,044 | 120 |
| 289,300 | 418 | 38 |
| 244,800 | 336 | 30 |
Far behind the U.S. in all three metrics, China is the next country with the most millionaires (862,400) and billionaires (305).
However, despite ranking 11th in terms of millionaires, India has the world’s third-largest billionaire population (120).
Economic size is a clear indication of a country’s propensity to having more numbers of high net worth individuals. Nine of the top 12 countries with the biggest wealthy populations are also the top 10 countries by gross domestic product.
However, Switzerland and Singapore are two countries that punch above their weight, helped by their status as offshore financial centers. With their tax benefits, asset protection, and privacy, they tend to attract wealthy individuals at a higher rate. For smaller countries, attracting this outside wealth can dramatically increase economic activity.
Forum: Look into fairness of selection process for student athletes
Jul 03, 2024
The allure of securing a spot in a prestigious secondary school via the Direct School Admission (DSA) scheme drives many parents to seek specialised coaching for their children.
While supporting one’s children is understandable, the influx of money into talent development programmes has given rise to conflicts of interest and moral hazards.
Many school team coaches are gatekeepers, deciding who gets into the school team and who goes for competitions. They often run external classes for the same activity, which are offered to aspiring school representatives for a fee.
This creates a financial incentive to favour students from their own courses, giving them an unfair advantage and undermining the integrity of the selection process.
The situation is exacerbated in certain DSA subjects by the dominance of a few coaches.
To ensure sufficient rotation and to prevent the entrenchment of interests, schools should set tenure limits for external coaches. The school team should be selected by an independent panel of teachers who have no pecuniary interest in the relevant activity.
These measures can ensure a more equitable and sustainable system for direct school admissions. Our young talent deserve nothing less.
Peter Heng Teck Wee
Lawrence Wong is the seat warmer till the next Lee or Li comes of age.
Number of millionaires in S’pore rose to more than 333,000 in 2023; global tally shrank: UBS report
Singapore’s millionaires had a combined net worth of US$1.2 trillion in 2023. ST PHOTO: SHINTARO TAY
Chor Khieng Yuit
Senior Business Correspondent
Jul 11, 2024
SINGAPORE – The number of millionaires in Singapore rose to 333,204 in 2023. This was about 0.4 per cent more than the figure of 332,000 in 2022.
Conversely, the worldwide tally shrank to 58 million in 2023, from 59.4 million in 2022.
Millionaires – referring to those with a net worth of US$1 million and above – made up 1.5 per cent of the world’s population in 2023.
Despite forming such a small percentage, the world’s millionaires owned nearly half of global household wealth. Their total wealth came in at just under US$214 trillion (S$288.8 trillion), said UBS in the 15th edition of its Global Wealth Report, released on July 10.
The Swiss bank studied 56 markets in the Asia-Pacific, including Singapore; the Americas; and the Europe, Middle East and Africa regions for this year’s report.
These markets collectively represented over 92 per cent of the world’s wealth in 2022.
The US dollar was used in this study to make it easy to compare different economies.
The study found that the United States had the largest number of millionaires at nearly 22 million, making up 38 per cent of the world’s millionaires.
Mainland China was in second place with just over six million (10 per cent), and Britain was third with slightly over three million millionaires (5 per cent).
Singapore placed 22nd in 2023, with its 333,204 millionaires forming 0.6 per cent of the world’s millionaires.
The Republic was behind India (in 14th spot), which had nearly 870,000 millionaires and Hong Kong (16th), with around 630,000 millionaires.
Singapore’s millionaires had a combined net worth – the difference between their total assets and their total liabilities – of US$1.2 trillion in 2023.
Assets include financial ones, such as cash and equities, and non-financial assets, such as residential property, while liabilities include mortgage loans, car loans and credit card debts.
The millionaire population made up 6.6 per cent of the total number of adults here.
In 2023, total household wealth in Singapore rose 5.6 per cent from 2022 to just over US$2 trillion.
In comparison, global household wealth grew 4.2 per cent in 2023, following a 3 per cent contraction in the previous year.
The average wealth per Singapore adult came in at US$397,708, putting the Republic in eighth spot, behind Hong Kong in third, and the US in fourth place. Switzerland maintained the first position.
The median wealth per Singapore adult – this looks at the middle number in the whole database – was lower, at US$104,959.
When average wealth is higher than median wealth per adult, like in Singapore, it indicates that most of the rise in wealth has benefited the upper income brackets, UBS said in its report.
It added that since the global financial crisis in 2008, average wealth has risen by over 116 per cent in Singapore dollar terms, while median wealth has fallen 1.8 per cent.
This divergence, UBS said, indicates that the higher wealth brackets have done well since 2008, while those in lower wealth brackets have “essentially stagnated” over the same period.
The wealth pyramid in Singapore showed that there were 765,000 people (15 per cent of the adult population) at the bottom of the hierarchy with negative net worth of US$415 million. This means they had more debt, such as a mortgage for a home, than assets.
At the same time, the share of debt in Singapore was below 14 per cent in 2023, slightly above the average for the Asia-Pacific region at 12.9 per cent, and above Hong Kong’s 9.6 per cent, UBS said in response to a query from The Straits Times.
Mr Samuel Adams, an economist at UBS Global Wealth Management, said it is not necessarily a concern if debt levels rise.
He added that as economies become wealthier, people may be willing to take on more debt. “At the end of the day, it depends on what this debt is used for. Are they using it for productive purposes?”
Looking five years ahead, the Swiss bank expects the number of millionaires in Singapore to grow by 13 per cent to 375,725 in 2028.
This puts Singapore ahead of mainland China, where the number is expected to grow by 8 per cent. However, the Republic’s millionaire growth rate is behind India’s (22 per cent growth), Hong Kong’s (17 per cent) and Japan’s (28 per cent).
A S'porean may be rich, but wealth does not buy class. This member of Raffles Town Club has his feet (with shoes) up on the sofa in full view of other club members at the lounge.
Not every S'porean is living in poverty like you. LOL!
Singapore, US Swap Gap Set to Narrow as MAS Policy Shift Nears
- Central bank move as early as October may slow SGD advance
- Swap spread tightened the last time Fed started cutting rates
The Monetary Authority of Singapore.
Photographer: Edwin Koo/Bloomberg
By Marcus Wong
September 19, 2024 at 1:40 PM GMT+8
Save
Singapore’s unusual approach to monetary policy will give traders a chance to profit from a narrowing gap between the local currency and US dollar interest-rate swaps.
The difference between two-year overnight indexed swap rates in the two currencies is near the tightest level in more than a year, allowing traders to profit from receiving fixed rate payments in the greenback and paying in Singapore dollars. That trade looks set to become even more profitable as the Monetary Authority of Singapore gets closer to its own version of policy easing, following the Federal Reserve’s pivot to rate cuts.
Hong Kong Makes First Rate Cut Since 2020, Boosting Economy
- Monetary Authority reduces rate by 50 basis points to 5.25%
- Lower loan costs may stop home price decline in 2025: analysts
The cut in Hong Kong will be welcome relief for businesses and consumers, who have faced years of steep borrowing costs.
Photographer: Paul Yeung/Bloomberg
By Katia Dmitrieva
September 19, 2024 at 7:01 AM GMT+8
Updated on
September 19, 2024 at 1:00 PM GMT+8
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Hong Kong’s beleaguered real estate market is set for some relief after the city cut its base interest rate for the first time in four years, mirroring the Federal Reserve’s policy easing.
The Hong Kong Monetary Authority lowered the rate by a half percentage point to 5.25% Thursday from the highest level since 2007. That move was widely anticipated as the city has a currency peg to the greenback and follows the Fed in lockstep.
Singapore Stocks Head for 17-Year High on Rate Hopes, Dividends
- Rate-sensitive real estate investment trusts lift index higher
- Singapore market’s dividend appeal continues to draw interest
By John Cheng
September 19, 2024 at 11:41 AM GMT+8
Updated on
September 19, 2024 at 12:25 PM GMT+8
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Singapore stocks are on track for their highest close since 2007 as the prospect of lower interest rates lifts the city-state’s real estate investment trusts, and adds to the appeal of the high-yielding market.
The benchmark Straits Times Index rose as much as 0.8% on Thursday, taking its year-to-date gains to nearly 12%. Much of the advance was driven by REITs, which are getting a boost from potentially lower rates. Meanwhile, banking shares have performed well thanks to strong dividend expectations and solid loan growth
Micron’s stock drops as first ‘death cross’ in 2 years appears
Published: Sept. 16, 2024 at 1:55 p.m. ETBy
Tomi Kilgore
Last death cross appeared in April 2022 — and the stock fell another 30% before bottoming 5 months later
Shares of Micron Technology Inc. slumped Monday, just as a longer-term bearish chart pattern appeared for the first time in more than two years — a warning that losses could start accelerating.
Monday’s weakness comes as Morgan Stanley analysts gave a downbeat assessment of the outlook for Micron and the memory-chip market, as they believe earnings-growth expectations will peak and reverse in the coming quarters, which could lead to a near-30% contraction in valuation for the sector.
The Morgan Stanley analysts kept the rating on Micron’s stock MU at equal weight, but slashed the price target to $100 from $140
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