Though fewer in numbers than millionaires household in United States, Japan and China, Singapore had the highest concentration (11.4% of households) of millionaires in 2008 in a study by Boston Consulting Group. So you are more likely to bump into a millionaire in Singapore while strolling down the streets. The qualification criteria? Households with investable assets of over US$1million exclusive of property and items like art.
Figures from Singapore's taxman showed that there were 3,838 taxpayers who earned more than $1million in 2007! A Merrill Lynch Cap Geminin report last year gave the number of millionaires in Singapore as 61,000 in 2008.
Some of the lessons learnt?
One of the reason cited was the profits earned by property owners from en bloc sales.
Right place at the right time
Singaporeans likely would have invested in regional shares due to the familiarity with the region. This familiarity helped them as Asia-Pacific stocks traded outside Japan rose nearly 70% last year, far outpacing expected gains of just over 20% in US and European Stocks.
Higher Savings Rates
The high savings rate means that the average households in Singapore (about 60%) have bankable assets worth between US$250,000 and US$1 million.
So I suppose US$250,000 in bankable assets is a benchmark we should at least aim for since 60% of Singapore households have that amount?
Keep it growing, all of us have to start somewhere.