S

[Tungchung]

What has GDP got to do with richness of SG & its people???

 

And really stupid Siporean everytime they saw some ranking SG topping the list, then quickly conclude SG is the best everything . Keep dreaming. Wait long long in real world performance.

 

I dont believe as well small company like Knight Frank LLP has access to other countries's data/stats. So this type of ranking cannot be reliable and accurate

[Wt_know]

top 1000 earners median salary is $1,1000,000 .... huat ah!

Edited August 15, 2012 by Wt_know

[Toothiewabbit]

Thou shall not live by GDP alone...

[Evillusion]

What has GDP got to do with richness of SG & its people???

 

And really stupid Siporean everytime they saw some ranking SG topping the list, then quickly conclude SG is the best everything . Keep dreaming. Wait long long in real world performance.

 

I dont believe as well small company like Knight Frank LLP has access to other countries's data/stats. So this type of ranking cannot be reliable and accurate

read the postings slowly then u will understand the word sarcasm.

[CKP]

There are several reasons that the report is more headline grabbing than being informative and useful:

 

 

1. The standard sources of such GDP per capita data should be from established international instituations

like the World bank, IMF, UN and CIA, as opposed small private and relatively unknown financial institutions

such as "Knight Frank and Citi Private Bank".

 

 

 

2. The above ranking from the World bank, IMF and CIA factbook puts Singapore as "among" the richets;

this is not the same as "the" richest. In addition, Qatar and Luxembourg are consistently ranked above Singapore.

 

 

3. GDP per capita can be skew in several ways. For example, Singapore has one of the longest average annual

working hours (2400 hours) among the high income developed economies (1600 hours). This increases the GDP component

signficantly, since working longer per year increases your annual income. However, this has a implications for quality of life.

 

 

4. GDP per capita can be skew in several ways. For example, Singapore has a large employed working population

at 60%+ out of the total population (capita). This is a much larger than the average for high income OECD countries at 45%+.

A larger working population out of the total population boosts the GDP component after normalizing for population.

 

 

5. GDP per capita can be skew in several ways. For example, Singapore is a completely urbanized and metropolitan city area.

Cities tend to have higher GDP per capita as compared to large countries because higher value added services

and economic activities tend to be concentrated in such highly urbanised and densed environments.

A GDP per capita comparision of Singapore against London, New York, Tokyo, Los Angeles, Zurich, Houston etc would give a fuller picture.

 

6. In quantitative terms, our economy has performed well. Our per capita GDP was slightly above US$50,000 in 2011, which (according to the IMF) placed us 11th worldwide, ahead of the USA [slide of international rankings by per capita GDP]. Adjusted for Purchasing Power Parity, our per capita GDP (almost US$60,000) ranked even higher: Third overall, behind only Qatar (US$102,900) and Luxembourg (US$80,100) [slide of international rankings by per capita GDP in PPP terms].

 

7. But despite the impressive numbers, we have far from arrived. First, comparisons with other countries flatter us. Singapore is completely urbanised, whereas bigger countries have rural areas, even advanced countries like the US. Their leading cities are usually much wealthier than their national averages. Compared to global cities, Singapore is still some way behind. According to the Brookings Institution1 , our per capita GDP lags cities like Oslo, Paris and New York. In fact, we are not even among the top 20 cities worldwide [slide comparing Singapore to global cities by per capita GDP].

 

SPEECH BY PRIME MINISTER LEE HSIEN LOONG AT ECONOMIC SOCIETY OF SINGAPORE ANNUAL DINNER

 

 

Edited August 15, 2012 by CKP

[Thaiyotakamli]

i think that time ah .. COE already usd137710 ..

where got so cheap? 1 million USD more likely

[Thaiyotakamli]

top 1000 earners median salary is $1,1000,000 .... huat ah!

and more than half is mini star

[Thaiyotakamli]

that's when a plate of chicken rice costs $5000 due to inflation too

and per trip mrt will cost hundred dollar

[Timbuktu]

This i truly believe in

For folks who stretch to take:

- Housing loans >$500K, with tenors ending beyond 50 yrs age

- Car loans of up to $150K or more, over full 10 years

 

You should STOP! and think.

Nearly 3/4 to a full million dollars (including bank's interest).

This money should be reserved for your children's tertiary education ... especially if sought overseas, without a scholarship.

 

Do you have a personal, or company medical insurance, covering major diseases ... what if you are struck with cancer at 50, or earlier?

Surgery and chemotherapy can run up to $250K or more a year in a private hospital.

Treatment over 4 years (i.e. if you do not die yet) could amount to $1M or more.

 

What will happen to your family and children's tertiary education plans?

By then, sell car, downgrade house may be too late!

Edited August 15, 2012 by Timbuktu

[Tayspiderx]

You sounded like my insurance agent, scare tactics... thats y I kena swayed into buying saving plan and upgrade health coverage before investment planning [laugh]

[Timbuktu]

You sounded like my insurance agent, scare tactics... thats y I kena swayed into buying saving plan and upgrade health coverage before investment planning [laugh]

Sorry I no insurance agent.

Just highlighting the brutal facts of life.

 

Of course, there are MY hospitals, for those who did not plan well whenthey were younger ... chasing the Singaporean dream of condos, cars and clubs.

 

If you can have access to these assets 'naturally' and not have to resort to stretching high-quantum, long-term loans, then fine. You're destined for the finer (and expensive) things in life.

 

But if you are already straddled with loans to prove you "wealth", or to keep up with the Joneses, at the expense of your children's tertiary education and family's medical coverage plans, then I think they are journeying on a sinking ship.

 

Your whole family could go down with you, a decade or two later, because you had zero contingencies, little savings nor any medical insurance!

(and I am NOT talking about life insurance! This no use one. What for money AFTER you die penniless?)

Edited August 15, 2012 by Timbuktu

[W210k]

Yes agree that once after 40, one's health and (children's) education plans ought to be top of one's life priority list - more important than chasing the dream for a bigger house and a posher car.

 

Dreams can still be realized without resorting to huge loans, if you have already made it in life by 40.

Anything less and with the rapidly rising cost of living, you'd probably be stretching it too far, even at your family's and children's expense.

 

It would be very sad when it comes to that.

Like a house without a soul.

 

[Fuelsaver]

COE will be S$250,000K...............HDB will be close to S$2 million.............also hosay............ [laugh]

Not sure if this is wat GDP is about. But if u can earn 130k pm, Coe n hdb at these prices r reasonably ok rite?

[Fuelsaver]

Yes agree that once after 40, one's health and (children's) education plans ought to be top of one's life priority list - more important than chasing the dream for a bigger house and a posher car.

 

Dreams can still be realized without resorting to huge loans, if you have already made it in life by 40.

Anything less and with the rapidly rising cost of living, you'd probably be stretching it too far, even at your family's and children's expense.

 

It would be very sad when it comes to that.

Like a house without a soul.

This one can't agree more. Feel body start changing around this age, like cannot take so much whacking.

[Mosicafe]

that's really great to be in the richest country , but do really everyone is earning that amount? am sure its not, so any suggestions to make incomes fairly divided??

[Happily1986]

Excellent critique!

[Tianmo]

Not sure if this is wat GDP is about. But if u can earn 130k pm, Coe n hdb at these prices r reasonably ok rite?

 

 

i think few ppl earn $35k-$40k pm now bah........... [:/]

[Yewheng]

not accurate la. how can USA be second when they owe so much money.....

 

How GDP is determined

 

http://en.wikipedia.org/wiki/GDP

 

GDP = private consumption + gross investment + government spending + (exports − imports)

 

So ya, USA can managed not bad GDP because of government spending that make good figure, but that comes at a cost.

 

So what if GDP is good where inside lies only government spending and not enough investment and trade profit?

 

So must look what is inside GDP that makes up the number than just look at GDP numbers and purely determine hey, the country is doing well.

 

Think hard about it...

Edited August 18, 2012 by Yewheng