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Thread: S'pore ousting HK as top millionaire hub

  1. #1
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    Default S'pore ousting HK as top millionaire hub

    http://www.businesstimes.com.sg/sub/...78048,00.html?

    Published May 7, 2008

    S'pore ousting HK as top millionaire hub

    China seen to be 3rd richest country by 2017: study

    By NISHA RAMCHANDANI


    (SINGAPORE) Singapore is expected to pull ahead of Hong Kong as home to the highest concentration of millionaires over the next decade, sealing its reputation as a wealth centre not just in Asia but worldwide.

    And while the US and Japan should remain the top two largest global economies, emerging markets such as China, India, Russia and Brazil will make their presence felt more strongly.

    Now ranked seventh in terms of total net worth, China will grab third place by 2017, bypassing several G7 countries to become the third-richest country, while India is expected to make its debut in the top 10 list at No 8. Russia and Brazil will also display significant growth, moving up from 19th to 11th place and 15th to 12th place respectively.

    With the Economist Intelligence Unit, Barclays Wealth released a report yesterday that forecasts the evolution of the level and distribution of household wealth in 50 countries between 2007 and 2017. Household wealth was measured using three components - financial holdings such as cash and other liquid assets, non-financial holdings such as property, and an aggregate measure that combined the two.

    Last year, Singapore trailed Hong Kong in highest wealth density, with 23.3 per cent of residents having wealth of more than US$1 million. But by 2017, Singapore is expected to see this figure grow to 40.7 per cent - some 436,000 households - in comparison to Hong Kong's predicted 39.4 per cent.

    According to the report, countries with the highest percentage of dollar millionaires tend to be small, densely populated financial centres such as Singapore and Switzerland.

    In addition, the study revealed that the disproportionate distribution of wealth is expected to narrow as the concentration of wealthy households in Singapore, with US$3 million and US$5 million, is on an upward trend. Households with wealth of US$3 million will more than double from the current 5.1 per cent to 12.5 per cent, while those with US$5 million will almost triple from 2.1 per cent to 6 per cent.

    Barclays Wealth chief executive for Asia-Pacific, Didier von Daeniken, pointed to Singapore's recent efforts to shift its focus from manufacturing towards technology and financial services. In addition, the opening up of previously protected sectors, like financial services, and bilateral trade agreements serve as an impetus to garner foreign direct investment.

    For China, wealth creation has stemmed largely from the stock market and real estate. Citing figures from Ernst & Young, the report said 464 IPOs were launched in China over the past three years, raising US$134 billion. As the country's economy continues to expand, the average net worth per household is expected to quadruple, from US$18,000 in 2007 to US$74,000 10 years later.

    'Asia now represents 25 per cent of HNWI individual wealth globally but only about 10 per cent of the income of the major private banks,' said Mr Daeniken. 'Growth for private banks can come from two areas - more penetration of existing wealth and more wealth being created.'

    In Asia, Barclays clients are typically entrepreneurs, a trend that is expected to remain in the future.





  2. #2
    Today
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    Default 40% Of Singapore Households Will Be Millionaires By 2017, Forecasts Wealth Manager


    40% of Singapore households will be millionaires by 2017, forecasts wealth manager
    Jinny Koh
    Today
    Wednesday, 7 May 2008

    Back when Mr Chia Chor Yam was living in a five-room HDB flat 9 years ago, little did he expect that he would have a combined household income and assets worth more than $1 million today.

    Mr Chia, 55, who is currently living in a 3-room condominium with his wife and three sons, said that taking into account the inflation rate back then, his combined household income and assets were about $400,000 nine years ago.

    Like Mr Chia, many other individuals here may well see their own million-dollar dream come true nine years from now if projections made by a Barclays Wealth report prove to be accurate.

    The report — done in cooperation with the Economist Intelligence Unit — projects that come 2017, two in every five households in Singapore or 40% will be millionaires — almost double the current number.

    The report, which includes financial and non-financial wealth minus liabilities, noted that last year, there were 245,000 high net worth households in Singapore with overall wealth in excess of US$1 million ($1.3 million). It projected that the figure would rise to 463,000 resident and foreign households by 2017.

    The report based its projection on several factors, such as the changing nature of the world's economies. In Singapore's case, for example, previously protected sectors, such as financial services, had been liberalised, while various bilateral free-trade agreements (FTA) had been concluded to promote foreign direct investment. All these will help more individuals to accumulate wealth.

    "FTA is one of the measures of the openness of the economy," explained Mr Didier von Daeniken, chief executive for Barclays Wealth Asia Pacific.

    "Customer profiles are also changing — such as seeing more entrepreneurs — and I think this trend will continue for the next 10 years," Mr von Daeniken said.

    Associate Professor for Sociology from the National University of Singapore Tan Ern Ser said that the projection in the growth of millionaires here is possible with the passing of the older generations with low education.

    "We are likely to have a high proportion of Singaporeans with higher skills and qualifications and hailing from dual-income households. So these people are presumably able to survive very well and thrive in the global competition," he said.

    And if this projection is accurate, would Singapore, as a whole, benefit from having many more millionaires in its midst?

    Assoc Prof Tan believes this would be so since Singapore will have a larger tax base and the government will be able to accumulate more surpluses to help the poorer segments of society.

    "However, if a person owns a property worth a million bucks but is cash-poor, we would still be having lots of people not being able to live like millionaires, which is not helpful to the retail market," he added.

  3. #3
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    Default Re: S'pore ousting HK as top millionaire hub

    wow, what will property price be by then?
    If this is a linearly increased trend, in next 2-3 years, the increased in Millionaire in Spore will up tremendously, property price will be up accordingly.
    NIce one, Spore.

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    Default Re: 40% Of Singapore Households Will Be Millionaires By 2017, Forecasts Wealth Manager

    Quote Originally Posted by Today

    40% of Singapore households will be millionaires by 2017, forecasts wealth manager
    Jinny Koh
    Today
    Wednesday, 7 May 2008

    Back when Mr Chia Chor Yam was living in a five-room HDB flat 9 years ago, little did he expect that he would have a combined household income and assets worth more than $1 million today.

    Mr Chia, 55, who is currently living in a 3-room condominium with his wife and three sons, said that taking into account the inflation rate back then, his combined household income and assets were about $400,000 nine years ago.

    Like Mr Chia, many other individuals here may well see their own million-dollar dream come true nine years from now if projections made by a Barclays Wealth report prove to be accurate.

    The report — done in cooperation with the Economist Intelligence Unit — projects that come 2017, two in every five households in Singapore or 40% will be millionaires — almost double the current number.

    The report, which includes financial and non-financial wealth minus liabilities, noted that last year, there were 245,000 high net worth households in Singapore with overall wealth in excess of US$1 million ($1.3 million). It projected that the figure would rise to 463,000 resident and foreign households by 2017.

    The report based its projection on several factors, such as the changing nature of the world's economies. In Singapore's case, for example, previously protected sectors, such as financial services, had been liberalised, while various bilateral free-trade agreements (FTA) had been concluded to promote foreign direct investment. All these will help more individuals to accumulate wealth.

    "FTA is one of the measures of the openness of the economy," explained Mr Didier von Daeniken, chief executive for Barclays Wealth Asia Pacific.

    "Customer profiles are also changing — such as seeing more entrepreneurs — and I think this trend will continue for the next 10 years," Mr von Daeniken said.

    Associate Professor for Sociology from the National University of Singapore Tan Ern Ser said that the projection in the growth of millionaires here is possible with the passing of the older generations with low education.

    "We are likely to have a high proportion of Singaporeans with higher skills and qualifications and hailing from dual-income households. So these people are presumably able to survive very well and thrive in the global competition," he said.

    And if this projection is accurate, would Singapore, as a whole, benefit from having many more millionaires in its midst?

    Assoc Prof Tan believes this would be so since Singapore will have a larger tax base and the government will be able to accumulate more surpluses to help the poorer segments of society.

    "However, if a person owns a property worth a million bucks but is cash-poor, we would still be having lots of people not being able to live like millionaires, which is not helpful to the retail market," he added.



    Talking cock again.

  5. #5
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    Default Re: 40% Of Singapore Households Will Be Millionaires By 2017, Forecasts Wealth Manager

    Quote Originally Posted by Tony Blair
    Talking cock again.
    Who is talking cock?
    You or Associate Professor Tan Ern Ser from NUS' Sociology?

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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by basic
    wow, what will property price be by then?
    If this is a linearly increased trend, in next 2-3 years, the increased in Millionaire in Spore will up tremendously, property price will be up accordingly.
    NIce one, Spore.
    So, should invest in property now ????

  7. #7
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by hotswill88
    So, should invest in property now ????
    It depends on:
    1. Whether you want to be in that 40% or not?
    2. Which position in that 40% you want to be in?

    Only you can answer your own question.

  8. #8
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by UnregĄstered
    It depends on:
    1. Whether you want to be in that 40% or not?
    2. Which position in that 40% you want to be in?

    Only you can answer your own question.
    Bought in 2005 - 2006 and sold by end 2007, then you'd already be in the 40%.
    Bought in 2007 - 2008, you're likely to end up in the 60%.

  9. #9
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by UnregĄstered
    Bought in 2005 - 2006 and sold by end 2007, then you'd already be in the 40%.
    Bought in 2007 - 2008, you're likely to end up in the 60%.
    If you bought in 2007/8, can hold till 2010, you will make it.
    If you hold till 2017, you will probably top 20%.

  10. #10
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by Unregistered
    Bought in 2005 - 2006 and sold by end 2007, then you'd already be in the 40%.
    Bought in 2007 - 2008, you're likely to end up in the 60%.
    Please talk with facts rather than your own assumptions.

    In end 2007, only around 20% households are millionaires. This is a smaller percentage.

    But in the coming years, more households will become millionaires because of the changes we are making.

    We are growing from 20% to 40%. The word is "growing".
    If you buy now, you will make it to the 40%.


    You don't need to buy property to make it to the 40%. Nobody says you must buy. Just go increase your income/asset to US$1M and you are in too.

    Please remember this:
    "You don't need to buy to make it to the 40%."
    Quote Originally Posted by Unregistered
    If you bought in 2007/8, can hold till 2010, you will make it.
    If you hold till 2017, you will probably top 20%.

  11. #11
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by Unregistered
    Please talk with facts rather than your own assumptions.

    In end 2007, only around 20% households are millionaires. This is a smaller percentage.

    But in the coming years, more households will become millionaires because of the changes we are making.

    We are growing from 20% to 40%. The word is "growing".
    If you buy now, you will make it to the 40%.


    You don't need to buy property to make it to the 40%. Nobody says you must buy. Just go increase your income/asset to US$1M and you are in too.

    Please remember this:
    "You don't need to buy to make it to the 40%."
    how to "go increase your income/asset to US$1M" ??
    income ?? can meh ??
    asset ?? what asset ?? property ??

  12. #12
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by Unregistered
    how to "go increase your income/asset to US$1M" ??
    income ?? can meh ??
    asset ?? what asset ?? property ??
    Trouble is some may not be able to hold even beyond 2008 .. 2010? who knows what the situation is like? Maybe we have a pandemic ..

  13. #13
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by Unregistered
    Trouble is some may not be able to hold even beyond 2008 .. 2010? who knows what the situation is like? Maybe we have a pandemic ..
    cannot hold, too bad.
    Eventually still have 40% made it to the US$Million club.
    So plan your future, work hard, invest correctly, do your sum....
    Make sure you have a skill that can bring you stable income, that you should be able to make it.

  14. #14
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by Unregistered
    Please talk with facts rather than your own assumptions.

    In end 2007, only around 20% households are millionaires. This is a smaller percentage.

    But in the coming years, more households will become millionaires because of the changes we are making.

    We are growing from 20% to 40%. The word is "growing".
    If you buy now, you will make it to the 40%.


    You don't need to buy property to make it to the 40%. Nobody says you must buy. Just go increase your income/asset to US$1M and you are in too.

    Please remember this:
    "You don't need to buy to make it to the 40%."
    Quote Originally Posted by Unregistered
    how to "go increase your income/asset to US$1M" ??
    income ?? can meh ??
    asset ?? what asset ?? property ??
    Just find a way to increase your income.
    Otherwise, buy now to make it.

  15. #15
    The Straits Times
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    Default Singapore To Be 'City Of Millionaires': Barclays Survey


    Singapore to be 'City of Millionaires': Barclays survey
    Almost 41% of households will have assets of at least US$1 million by 2017, says survey.

    The Straits Times
    Thursday, 8 May 2008



    Singapore will have the highest concentration of wealthy households in the world within a decade as economic expansion and the growth of its financial services industry draw investors, said Barclays Plc.

    Almost 41%, or 436,000, of Singapore's households will have assets of at least $1 million by 2017, compared with 39% in Hong Kong and 28% in Switzerland, according to a survey by Barclays Wealth, the bank's wealth management unit.

    Singapore was 2nd in 2007 with 23%, while Hong Kong had 26%, the report said.

    Singapore's US$132 billion economy grew last quarter at the fastest pace since 2003 as tax breaks and efforts to draw banks and manufacturers to expand or set up new businesses in the city offset slowing demand for electronics. Growth is expected to moderate this year because of a US slowdown, Bloomberg news reported on Wednesday.

    'It's a little premature to assume that growth will continue in a straight line, but the underlying trend remains one where Asian countries are generating plenty of economic activity and employment opportunities,' said Song Seng-Wun, an economist at CIMB-GK Securities Pte. in Singapore.

    Economic growth elsewhere in Asia is also boosting wealth creation. China, the world's fastest-growing major economy, is estimated to become the 3rd-wealthiest nation in the world by 2017 by total net worth, lagging behind only the US and Japan, while India will be ranked 8th, according to Barclays Wealth.

    'Unprecedented Wealth Creation'

    'Not only are we seeing unprecedented wealth creation in Asia, but the structure of the region's economies have fundamentally changed,' Didier von Daeniken, chief executive officer of Barclays Wealth in Asia, said in a press release.

    'Education, technology and globalization are driving wealth creation, resulting in a shift of economic power to the East.'

    Singapore households with more than US$1 million held about $672 billion in assets last year, and will grow to US$1.6 trillion by 2017, according to Barclays Wealth.

    The survey takes into account assets such as cash, shares, bonds and property.

  16. #16
    John
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    Default Re: S'pore ousting HK as top millionaire hub

    I will wait till 2010 or 2011 to buy a private residential property when
    there is a glut of new private homes and become a millionaire by 2017.

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    Default Re: S'pore ousting HK as top millionaire hub

    City of millionaires, yet got old uncle trying to rob 7-11 store.
    http://www.straitstimes.com/Latest%2...ry_235093.html

  18. #18
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by Pink4
    City of millionaires, yet got old uncle trying to rob 7-11 store.
    http://www.straitstimes.com/Latest%2...ry_235093.html
    The streets of Manhatten shines with gold and its property prices climbed another 41% in Q1'08. Yet got robbers and beggars on the street.

  19. #19
    60%
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by John
    I will wait till 2010 or 2011 to buy a private residential property when
    there is a glut of new private homes and become a millionaire by 2017.
    Can also but you are S$ millionaires cos' there are 41% in front of you.

  20. #20
    Keynes
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    Default Re: S'pore ousting HK as top millionaire hub

    Take note ..... Sing Dollar has started to weaken. Which means buying into Singapore assets will cost cheaper in real term. Coupled with a high inflation pressure holding cash is subject to lose big. Very soon we will see influx of foreign funds to acquire SGD denominated assets. And guess what?! Ppty will be the top and easy target.

    I foresee a second wave of ppty boom in the coming quarters.

  21. #21
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    Default Re: S'pore ousting HK as top millionaire hub

    Quote Originally Posted by 60%
    Can also but you are S$ millionaires cos' there are 41% in front of you.

    Since there are so many millionaires, are there really that many millionaires in real terms as per the paradox of thrift?

    Perhaps the billionaire of tomorrow is the true millionaire of yesterday, all else are happy dreamers circa 1980s.

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