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Thread: Welcome to Millionaire Country!

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    Default Welcome to Millionaire Country!

    http://www.businesstimes.com.sg/sub/...50539,00.html?

    Published September 17, 2009

    Welcome to Millionaire Country!

    Despite a dip, S'pore still has highest concentration of wealthy households

    By ARTHUR SIM


    (SINGAPORE) Thanks to the global economic crisis, wealth destruction has slashed the net worth of the rich all over. Singapore, however, has managed to stay on top with the highest concentration of millionaires.

    According to a report by the Boston Consulting Group (BCG) 8.5 per cent of Singapore households had more than US$1 million in assets under management (AUM) in 2008.

    The global economic crisis has, however, eroded some wealth here. According to earlier reports, BCG found that Singapore had the highest concentration of millionaires in 2007 too, but the percentage then was higher: 10.6 per cent.

    Switzerland has the second highest concentration of millionaires at 6.6 per cent followed by Kuwait with 5.1 per cent.

    Globally, the picture was not as rosy.

    The number of millionaire households worldwide fell from 11 million to about 9 million, representing a drop of 17.8 per cent. The decline was steepest in North America and Europe, at 22 per cent in both regions, although the US continued to have the most millionaire households at nearly 4 million.

    Interestingly, the BCG report found that the crisis narrowed the gap between the wealthy and non-wealthy. Wealth owned by households with less than US$100,000 in AUM increased 2 per cent in 2008; it declined in all other segments. Among households with more than $5 million in AUM, wealth fell 21.5 per cent.

    This was attributed to the number of non-wealthy households rising 4 per cent and the number of wealthy households declining 12 per cent.

    Things could start looking up next year.

    'Wealth will begin a slow recovery in 2010 but may not reach its pre-crisis level until 2013,' said Ranu Dayal, a BCG senior partner and managing director based in Singapore. 'We expect wealth to grow at an average annual rate of about 4 per cent from year-end 2008 through 2013.'

    Mr Dayal also believes wealth will grow fastest in Asia-Pacific (excluding Japan) at 9.5 per cent per year over the same period.

    Still, Europe is currently the richest region in the world, after nudging out North America.

    Europe had US$32.7 trillion in AUM in 2008, down 5.8 per cent from the previous year, followed by North America, with US$29.3 trillion.

    Offshore wealth fell to US$6.7 trillion in 2008, down from US$7.3 trillion in 2007. Switzerland remained the largest offshore centre; it accounted for US$1.8 trillion, or 28 per cent of offshore wealth last year. Together, the UK, Channel Islands, Isle of Man and Dublin accounted for US$1.5 trillion while the US accounted for US$0.4 trillion.

    Singapore accounted for US$0.5 trillion of offshore wealth while Hong Kong accounted for US$0.2 trillion.

    BCG said that increased regulatory scrutiny is changing the landscape of cross-border wealth management, with pressure mounting on offshore centres that have based their edge primarily on tax avoidance. 'Once their tax and legal advantages evaporate, so too will their appeal,' Mr Dayal said. 'Being inconspicuous is a tenuous value proposition in an era of increasing oversight,' he added.

    BCG does, however, believe that Singapore and Hong Kong will continue to benefit from their proximity to other Asian countries, where wealth is expected to stage a faster recovery.

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    So many millionaires with so much cash!

    No wonder there are buyers for the lousy VIP units at The Interlace for $1,000psf.

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    China’s billionaires rise to 130 despite global crisis
    Allison Jackson
    Agence France-Presse
    Tuesday, 13 October 2009



    Car battery tycoon Wang Chuanfu topped a new list of China’s 1,000 richest people released Tuesday, which has 130 billionaires in an emphatic declaration of the Asian giant’s economic arrival.

    Most of the super-wealthy on the Hurun Rich List, unlike Wang, made their fortunes in the property and stock markets – the focus of Beijing’s massive government stimulus efforts over the past year.

    China’s wealth is growing at breakneck speed,” Rupert Hoogewerf, the founder of the Shanghai-based Hurun Report which publishes the annual list, told a press conference.

    “You can double the real number of billionaires in China to 260. There are still a large number of billionaires off the radar screens, managing to build up substantial wealth away from the public spotlight from property, the stock market and investments.”

    Wang, the founder of rechargeable battery and electric car maker BYD, leapt 102 places to top the rich list after his fortune increased more than five-fold to 5.1 billion US dollars ($7.1 billion), said Hoogewerf.

    The rich list gained 180 new members – despite the entry criteria for the latest list rising by 50% to 150 million US dollars.

    Seven people moved into the top 10, in the biggest shake-up since the report started publishing the rich list in 1999.

    Last year’s richest man, Huang Guangyu, who made his fortune building up the nation’s largest electrical appliance chain Gome, slipped to the 17th spot after he was detained late last year on suspicion of market manipulation.

    Du Shuanghua, last year’s second-richest person, plunged 39 places to 41 as he battled a state-owned company for control of Shandong-based private steel manufacturer Rizhao Steel.

    “Since our 2004 list, we have seen a ten-fold increase in the number of individuals with personal wealth of at least 150 million dollars,” said Hoogewerf.

    “In 2004, we could only find 100 individuals with 150 million, whereas this year, we managed to find 1,000 individuals with 150 million.”

    Rebounding capital markets and property prices pushed the collective net worth of the 1,000 richest people in China to 571 billion dollars by September 15 of this year, from 439 billion US dollars last year, the report found.

    Zhang Yin, the woman who founded paper-recycling company Nine Dragons Paper and China’s richest person in 2006, was in second place.

    Zhang was one of 102 women on the list – up from 88 last year and accounting for 10.2% of the total.

    “Significantly, all are self-made, a remarkably high percentage compared with their Western counterparts. Chinese women now lead the world’s richest self-made women,” the report said.

    Among the new people in the top 10 were husband and wife Huang Wei and Li Ping, who shot up 23 spots to fifth place through their 71% stake in Shanghai-listed property developer Xinhu Zhongbao.

    Shares in Xinhu Zhongbao had surged 265% to 12.5 yuan in early September from 4.7 yuan a year ago, the report said, reflecting strong gains in the Chinese stock market.

    Zhongwang Holdings chairman Liu Zhongtian moved into 10th place with 4.1 billion US dollars after the aluminium manufacturer raised 1.3 billion US dollars through an initial public offering earlier this year.

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    Quote Originally Posted by Reporter
    So many millionaires with so much cash!

    No wonder there are buyers for the lousy VIP units at The Interlace for $1,000psf.

    There is a difference... loaning a million to buy a house .... does not equate to being a HNW as it is the amount of investible asset you have.

    So, if u have $1mil and you loan $1mil, you are still a millionaire..
    but if you have $500k and you loan $1mil, you are not a millionaire.

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    Quote Originally Posted by focus
    There is a difference... loaning a million to buy a house .... does not equate to being a HNW as it is the amount of investible asset you have.

    So, if u have $1mil and you loan $1mil, you are still a millionaire..
    but if you have $500k and you loan $1mil, you are not a millionaire.
    pardon my english

    what do you mean Loaning ?

    the act of lending ?

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    Quote Originally Posted by proud owner
    pardon my english

    what do you mean Loaning ?

    the act of lending ?
    Haha.. yes... like Bio gals... Bioing gals..
    Pardon my english

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    i want to go china sell toothpaste. if my brand is a hit, i be joining them on e list soon

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    shd try armpit epilator - sure big hit - they need it badly

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    Quote Originally Posted by proud owner
    pardon my english

    what do you mean Loaning ?

    the act of lending ?
    think he meant to say borrow ~

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    “尽管受到风暴的冲击,本区经济复苏的脚步仍然将领先全球。而新加坡本身也将继续是本区域的财富管理中心。”

    — 康永发 .............. (Kong Eng Huat)
    ... 南亚太区董事经理 (South Asia Managing Director)
    ... 美林全球财富管理 (Merrill Lynch Global Wealth Management)

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    Quote Originally Posted by Property_Owner
    i want to go china sell toothpaste. if my brand is a hit, i be joining them on e list soon
    Wow ... you manufacture toothpastes to sell to China!

    Does your advertisement poster look like the one below?


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