Discovered a surprising fact from a Forbes blog post, titled Singaporeans Are The Fastest In The World To Become Millionaires:
While the popular belief is that the wealth of millionaires in Singapore has come from the dramatic rise in property prices over the years, that is only partly true. According to the survey, 72% of the wealth was made from personal investments, followed by 58% from property and 55% from savings through earning and bonuses (Respondents could choose multiple answers).
The conventional wisdom is that property is the investment to be invested in for Singaporeans (Random fact: We were once dubbed the “Silicon Valley of Property”. Cringe). However, the stats show that you just might have way better odds when it comes to personal investments.
What other Invisible Assumptions are you holding?
Hi Lionel,
Haha, maybe your assumption of property and personal investments are not what it seems 🙂 Perhaps “property” in the survey refers to rental, whereas “personal investments” refer to the realized capital of buying/selling property 🙂 SInce the report didn’t really define what is meant by the terms, it’s up to anyone’s guess as to what it means.
Hi Lionel,
Interesting blog you have here! Thanks for writing for us, fellow young professional to educate us on financial know-hows.
As for the surprising truth on singaporean wealth, I do read another report by WSJ talking about infact all our true millionaires gained their wealth through working at banks etc, as a high ranking executive officer. Average age 66 years old!
I do blog about it in my blog. you can have a read if interested. 🙂
In the meanwhile, enjoy blogging!
Yes I read that article as well – I don’t doubt that many of them are senior executives, though it’s quite probable that they also got rich through investing in stocks and/or real estate 🙂 Great blog you have btw!