Conflicting millionaires news in Simgapore.

[SimonTan]

This news report today says millionaire decreased in 2011.

 

 

Number of wealthy people in Singapore down 7.8% in 2011

 

[SimonTan]

Few day back, this news say Simgapore millionaires household increased in 2011.

 

 

AsiaOne

Friday, Jun 01, 2012

Singaporeans are getting wealthier, posting the biggest increase in millionaires last year, alongside China and India, according to Boston Consulting Group.

 

There are 17 millionaire households in every 100 in Singapore, reported Bloomberg on Friday.

 

This is an increase of 14 per cent to 188,000 households, the highest proportion of millionaire households in the firm's 12th annual wealth management report, which surveys 63 markets around the world.

 

Coming in second and third place are the Gulf states of Qatar and Kuwait, which were less affected by the Arab Spring than other Middle East oil-producing nations.

 

"It's the first significant interruption of growth since the financial crisis," said Mr Peter Damisch, a partner with Boston Consulting in Zurich.

 

"Emerging markets will play a bigger role in private wealth going forward," he added.

 

China's millionaire households also climbed 16 per cent to 1.43 million and India saw a 21 per cent increase to 162,000.

 

These Asian millionaires counter lost wealth in western Europe and the United States, said Bloomberg. Millionaire households in the US fell by 129,000 to 5.13 million.

 

While Singapore had the highest proportion of millionaire households, Hong Kong leads the rankings for the percentage of billionaires.

 

As for the proportion of households with more than US$100 million (S$128.6 million), Singapore has 10 households per 100,000, following Switzerland, which topped the ranking with 11 households.

 

The data also shows that global wealth surged at a compound annual rate of almost 11 per cent from 2002 to 2007 before the financial crisis and the indebtedness of developed-market economies slowed growth.

 

The firm predicts that wealth creation will be driven by emerging markets and will have a growth rate of 4 to 5 per cent over the next five years.

 

There has been an 11 per cent increase to US$23.7 trillion in Asia-Pacific, excluding Japan. This growth rate will maintain to surpass private wealth in Europe over the next five years, predicts Boston Consulting. By 2016, the region may reach US$40 trillion.

 

Private wealth in China and India are expected to increase by 15 per cent and 19 per cent a year, respectively, by 2016. Affluent Chinese might be about US$10 trillion better off by the end of 2016.

 

Mr Damisch said that this shift in wealth growth to emerging economies in Asia poses a challenge for wealth-management firms based in the US and Europe.

 

The report also said that finding and keeping talent in these developing markets is a "key success factor" and businesses may need several years of investment before making a profit.

[SimonTan]

This reports says Singapore millionaires grew alot in 2010.

 

 

PERSONAL FINANCE June 2, 2011, 7:30PM EST text size: TT

As World Millionaires Multiply, Singapore Holds Its Lead

Overall, global wealth grew fastest in the Asia Pacific region last year. North America came in second

 

By Venessa Wong

 

FINANCE

 

 

Singapore seems modest by some measures: Median income among working households was only about S$5,700 (about US$4,500) in 2010, according to the Singapore Department of Statistics. Yet in this small island nation of only 5 million, known for extravagant shopping, high-end restaurants, and draconian chewing-gum laws, nearly one in every six households has more than $1 million in assets, making it the densest population of wealthy households in the world, according to a new report by Boston Consulting Group.

 

As the financial markets improved last year, global wealth grew in nearly every region in the world. The fastest, at 17.1 percent, came in the Asia Pacific region (excluding Japan), followed by North America at 10.2 percent. "Global wealth is at an all-time high," says BCG Senior Partner Monish Kumar.

 

According to BCG's study, global assets under management grew 8 percent, to $121.8 trillion, about $20 trillion above the level during the depths of the global financial crisis. The number of millionaire households grew 12.2 percent, to 12.5 million, and although they represented only 0.9 percent of all households, they held 39 percent of global wealth.

 

ONLY LIQUID ASSETS

BCG looked at 62 markets covering more than 98 percent of global GDP and measured assets that included cash deposits, money market funds, listed securities held directly or indirectly through managed investments, and onshore and offshore assets

[SimonTan]

Another report says Singapore millionaires grew by 33% in 2010.

Do every year it has being increasing.

 

 

Jun 1, 2011

 

WASHINGTON - AROUND one per cent of households have 39 per cent of the globe's wealth according to a study published on Tuesday, with Singapore's millionaires rising by almost 33 per cent in 2010.

 

Over 15 per cent of households in Singapore have over a million dollars in assets under management, well ahead of the Switzerland and the oil-rich Arabian Gulf states.

 

The number of millionaire households across the globe increased 12 per cent in 2010, according to The Boston Consulting Group report, increasing millionaires' share of wealth from 37 per cent in 2009, pointing to increased inequalities in the wake of the global downturn.

 

Despite being at the epicentre of the global financial meltdown, the United States had by far the most millionaires last year, with 5.2 million millionaire households, and increase of 1.3 per cent from the previous year.

 

Japan was second with 1.53 million and China third with 1.11 million.

 

But it is emerging markets in Asia that can expect to see the biggest growth, increasing their share of wealth by 2.9 percentage points in 2010.

[Ladykillerz]

the news should be correct, the local rich become poorer.

you forgotten that the authority bring in more rich foreigners to fill in the gap.

[SimonTan]

This new predict double the millionaires in 2016

 

 

 

 

[SimonTan]

This news article reported more people found their wealth surging comparing from 2008 to 2011.

 

 

 

 

Thursday, May 10, 2012

The Business Times

 

 

S'pore millionaires' wealth surged despite economic uncertainties

 

By Glenn Choo

 

Singapore millionaires and high net worth individuals (HNIs) found their wealth surging in the past three years despite the global economic uncertainties, a survey by Royal Skandia found.

 

More than two-thirds of the respondents revealed that their wealth had risen between 2008 and 2011, with some 10 per cent reporting that their wealth had increased by 50 per cent or more.

 

The survey - conducted in the first quarter of this year - polled over 1,500 individuals globally. There were 150 respondents from Singapore.

 

A millionaire or HNI is defined as an individual with more than US$1 million in liquid assets, not including the value of a primary home.

 

Nine out of 10 of those surveyed reported accumulating their wealth through work as opposed to inheritance or personal stock trading.

 

Successful investment strategies and owning a business were cited as the other significant opportunities that could enable wealth generation, while a fifth of the respondents gained a wealthy status through inheritance or marriage.

 

This survey also showed that one's career choice matters when it comes to wealth accumulation. Some 27 per cent of the respondents made their money from a career in finance.

 

Other key sectors which were likely to enable wealth accumulation include the service industry, manufacturing and the public service.

 

When it comes to taking risk, the survey found that Singaporeans are generally not risk-averse. Almost half described their risk-taking habits as "high" or "very high", and just 16 per cent felt they had a "low" or "very low" tolerance for risk.

 

Going forward, some 62 per cent of the respondents said they plan to make a dash for cash, while 14 per cent were reviewing their investments in commercial property with a view of decreasing holdings.

 

That said, property still forms a major component in Singaporeans' investment portfolios, with cash and shares being the other two major components.

 

"The findings of this study are particularly interesting in Singapore where the proportion of wealth derived from employment is amongst the highest compared to other regions we have surveyed," said Michelle Andrews, commercial director of Royal Skandia.

 

"This may be indicative of the strength of the Singapore economy, where despite the turbulent economic landscape elsewhere around the world, employment levels rose for the second year running."

 

 

This article was first published in The Business Times.

 

[Count-Bracula]

Hey Macarena!

[SimonTan]

Those who are not millionaires come 2016 can be considered as Losers?

Seems like wealth is increasing very quickly in the Asian region.

[Tigerwoods]

More Mirrionaires doesn't mean anything.

Why are or MSM so obsessed with it?

it seems this is their only method to measure happiness because (read below).

[Celicar]

Make no mistakes about it. This is 100% bad news for those who are not millionaires. They drive prices up for EVERYONE.

[Kb27]

Well, one Ferrari owner died. That should lower the cost of living a tad.

Edited June 20, 2012 by Kb27

[Felipe]

Theres two sides to every story. We have the 2nd highest income gap in the world. More importantly, the number of millionaires would hardly be enuf to help miw stay in power. The middle class determines elections, not millionaires.

[Evillusion]

miw knows that the gdp game is over...so use another tactic to fool the locals. Does the news means more sgians getting

rich or more rich folks parking their money here to escape tax in their original country.

[KARTer]

Will they increase the pays for junior ministers to create more millionaires? looks like the number of existing millionaire ministers are not enough to help maintain the size of millionaires group

[Thaiyotakamli]

Singapore - Singapore overtook Hong Kong as home to Asia's wealthy last year as declining stock markets hit the former British territory a lot harder than its Southeast Asian rival, according to Capgemini and RBC Wealth Management.

 

Hong Kong, whose stock market capitalisation slumped 16.7 per cent last year, saw a sharper drop in the ranks of people with more than US$1 million (S$1.27 million) to invest as a larger proportion of that wealth was locked in equity.

 

Southeast Asia also shows stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports.

 

The number of high-net-worth individuals in Hong Kong fell 17.4 per cent to 83,600 last year, compared with a decline of 7.8 per cent to 91,200 people in Singapore, RBC Wealth's head of emerging markets Barend Janssens told reporters in Singapore on Wednesday.

 

Hong Kong had leapfrogged Singapore in 2010 after falling behind in 2008.

 

Faster-growing Asia had for the first time more millionaires than North America last year, according to Capgemini and RBC Wealth's latest world wealth report released on Tuesday.

 

The report did not provide estimates on the number of wealthy people in Singapore and Hong Kong.

Singapore, home to more Indonesian millionaires than Jakarta, has in recent years also attracted many rich people from around the world, including Facebook co-founder Eduardo Saverin who earlier this year gave up his US citizenship.

 

this taken from asiaone and the last paragraph make up the whole report, there are more millionaire indonesian in sg than in jakarta