my eyes pop out when I saw S'poreans become 4th richest citizens in the world

[†††††]

Oct 8, 2010
S'poreans 2nd richest in Asia
By Gabriel Chen

Singapore ranks fourth globally and second in Asia Pacific in terms of average personal wealth. -- ST PHOTO: MUGILAN RAJASEGERAN

SINGAPORE ranks fourth globally and second in Asia Pacific in terms of average personal wealth, according to the inaugural global wealth report by Credit Suisse Research.

Average wealth per adult in Singapore has grown strongly in the last decade, rising from US$105,000 (S$137,100) per adult to over US$250,000 in 2010, supported by a period of strong domestic economic growth and asset price increases.

Singapore's two-fold increase in average wealth per adult has also been accompanied by a 7 per cent slide in average debt.

From a macro perspective, the report finds that the global wealth currently held by 4.4 billion adults has increased 72 per cent since 2000 to reach US$195 trillion.

 

[†††††]

I still dont understand how rag and bones sinkies can be 4th richest people on earth ??????

 

[Glaringly]

Don't bluff Gabriel Chen.

Even with the artificially inflated HDB prices. Do we even own assets worth $400,000 as a family unit, let alone per adult?

From the number of increasing number of creative graffiti artist along our HDB corridors. Does the per average debt slide into these lenders of artists?

Average wealth per adult in Singapore has grown strongly in the last decade, rising from US$105,000 (S$137,100) per adult to over US$250,000 in 2010, supported by a period of strong domestic economic growth and asset price increases.

Singapore's two-fold increase in average wealth per adult has also been accompanied by a 7 per cent slide in average debt.

 

[NoNewsGood]

I still dont understand how rag and bones sinkies can be 4th richest people on earth ??????

If the report is true, it could only mean that the richest people in Sg are so obscenely rich that could pull the average up so much.

 

[singveld]

wow those pap dogs scholars really go overdrive to cook the books on our economic data.

It is real sad to see the reality does not fit the official figures. Sad day.


***Singapore ranks fourth globally and second in Asia Pacific in terms of average personal wealth******

 

[Equalisation]

....top 20% of population control 80% of the wealth .... PERIOD !!!:(

 

[KNNBCCB]

Sui ! sui ! tua liap tua liap !
Singaporean richest in POR LAM PAH...:oIo:

 

[sinren67]

If the report is true, it could only mean that the richest people in Sg are so obscenely rich that could pull the average up so much.

Well said. Our leaders have done their part.

 

[gbomega]

The report is true, Singapore is becoming the country with the most millionaires, not China. But this may not necessarily mean this is good for the ordinary Joe.

 

[po2wq]

is it sumting 2 b proud of wen dey try 2 suppress wages of peasants 2 ze lowest? ... so, ze rich get richer, n poor poorer ...

 

[Char_Azn]

USD$250 = about SGD$330K

Am I the only one that doesn't find this surprising. Just think about it, the average HDB flat paid by 2 person is already $300k+, at least. Throw in CPF, insurance, savings, etc it's actually not that far off

 

[Agoraphobic]

Sgns are the richest in the world. Who else in the world wud pay 80+k for a Toyota Corolla?

A Brooks running shoe in Canada is 29.99 at Wal-Mart. But Sgns gladly pay almost a hundred bucks for it.

Sgns are the richest in the world!!!!

Cheers!

 

[hokkienpeng]

USD$250 = about SGD$330K

Am I the only one that doesn't find this surprising. Just think about it, the average HDB flat paid by 2 person is already $300k+, at least. Throw in CPF, insurance, savings, etc it's actually not that far off

Singaporeans are so innocent and naive I find them endearing. They actually believe that they are rich.

The Credit Suisse report measures disposable income — your HDB flat, car, CPF, etc, don't count. If you don't believe me, just request for a copy from Credit Suisse's website. The report is free of charge and they will send it to any address you provide (free shipping too).

I wonder why it takes so little effort to hoodwink poor folks into believing that they are rich? That's probably why PAP can hold on to power for so long despite impoverishing most commoners (and of course also immensely enriching a small elite class). It seems that Singaporeans prefer to believe in a comforting lie (they are wealthy) rather than a painful truth (they are barely making ends meet and are likely to remain so forever and that things look even more dismal for their children).

It's also sad that Singaporeans continue to take comfort in the fact that they own a flat they paid $400,000 for.

Let's put it this way. If I force or trick you into paying me $100 for a 10-cent pencil, what you have is not a $100-pencil. What you have is a pencil that's still worth 10 cents and what I have is $99.90 in profits.

Now this is exactly what happens when the PAP makes you pay $400,000 for a flat that costs them $40,000 to build.

 

[jw5]

Singaporeans are so innocent and naive I find them endearing. They actually believe that they are rich.

The Credit Suisse report measures disposable income — your HDB flat, car, CPF, etc, don't count. If you don't believe me, just request for a copy from Credit Suisse's website. The report is free of charge and they will send it to any address you provide (free shipping too).

I wonder why it takes so little effort to hoodwink poor folks into believing that they are rich? That's probably why PAP can hold on to power for so long despite impoverishing most commoners (and of course also immensely enriching a small elite class). It seems that Singaporeans prefer to believe in a comforting lie (they are wealthy) rather than a painful truth (they are barely making ends meet and are likely to remain so forever and that things look even more dismal for their children).

It's also sad that Singaporeans continue to take comfort in the fact that they own a flat they paid $400,000 for.

Let's put it this way. If I force or trick you into paying me $100 for a 10-cent pencil, what you have is not a $100-pencil. What you have is a pencil that's still worth 10 cents and what I have is $99.90 in profits.

Now this is exactly what happens when the PAP makes you pay $400,000 for a flat that costs them $40,000 to build.

Not all Singaporeans are naive, innocent or endearing.

The report doesn't measure disposable income, it measures net wealth. Or net investible assets. And you are right, hdb, car, cpf don't count. Unless of course you are staying in a bungalow and renting a hdb. In that case, bungalow doesn't count.

The majority of Singaporeans are not rich. The statistics are skewed by the upper echelon of net high worth individuals. It looks at average or mean, not median which will measure the net worth of the typical Singaporean.

You are correct about the huge profits that hdb make on selling a flat to a Singaporean. But you are not correct about the value of the flat or the pencil. If the market value of the pencil is $100, i.e. people are willing to pay $100 for the pencil, it's worth $100 to you.

 

[hokkienpeng]

You are correct about the huge profits that hdb make on selling a flat to a Singaporean. But you are not correct about the value of the flat or the pencil. If the market value of the pencil is $100, i.e. people are willing to pay $100 for the pencil, it's worth $100 to you.

Except that in this case, everybody needs a pencil (unless you're prepared to camp out at ECP for the rest of your life) but the Singapore market for pencil has nothing other than $100-pencils. Even if you sell your pencil for $100, you would need to buy another pencil at more or less the same price. Renting a pencil doesn't help — in the long run, you end up paying more or less the same. The price-to-rent ratio in Singapore is 26 (i.e. price of 1 pencil = 26 years of pencil rent).

 

[laksaboy]

I think they count CPF, Medisave and your 99-year lease 'affordable' HDB pigeon hole assets, COE price-inflated vehicles etc.

Remove these computation of faux money and calculate the amount of liquid CASH each person has, then I'll be impressed when the same rankings are attained.

 

[laksaboy]

BTW, good news galore always means the elections are around the corner. I've lived long enough to notice this clear and consistent pattern which occurs every five years.

Good news, coupled with a little utilization of KGC's death to score political points. Absolutely impeccable timing.

 

[myo539]

If your eyes pop out, then better visit the Spore National Eye Centre for first class eye treatment. The department also happens to come at one time under Minister Vivian Balakrishnan, a PAP Minister.

 

[myo539]

Except that in this case, everybody needs a pencil (unless you're prepared to camp out at ECP for the rest of your life) but the Singapore market for pencil has nothing other than $100-pencils. Even if you sell your pencil for $100, you would need to buy another pencil at more or less the same price. Renting a pencil doesn't help — in the long run, you end up paying more or less the same. The price-to-rent ratio in Singapore is 26 (i.e. price of 1 pencil = 26 years of pencil rent).

The idea is that when you sell your pencil, you can buy two Sheaffer pens in Australia and New Zealand, and countless bottles of ink thrown in if you are in Malaysia. Same principle of calculating wealth applies to other countries.

 

[hokkienpeng]

I think they count CPF, Medisave and your 99-year lease 'affordable' HDB pigeon hole assets, COE price-inflated vehicles etc.

The whole point is that they don't.

Many S'poreans are unable to believe that there are people here in our country who are far, far wealthier than they could ever imagine. S'pore is ranked highly because of these people.

They are the HNWI and UHNWI, some foreign, some local. The PAP government serves these people, not the commoners. Most of PAP's policies are to preserve and enhance the wealth of these super rich, to cater to their lifestyle needs, and to shield them from the man in the street.