Quote:
Originally Posted by Unregistered
i just read the pdf. from my understanding, if you include children and old people, the per capita net wealth is ~$170k, as you said. HOWEVER, the average net wealth figure is ~$610k PER HOUSEHOLD (see table 4).
and note that these numbers are more than a decade old. with inflation and high income through the years, a $1m net wealth for an average household here isn't all that surprising.
moreover, the people who brag here are most definitely not your average person, due to survivorship bias (or the hao lian factor). let's say these people are in the top quartile. then all the more, the figures of $2-4m of combined net worth is definitely plausible (i.e. no bull).
2c
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Infact for those who quoted million dollar net worth here are an asset, not net wealth. And for the net wealth you can multiplied by 10-20%, because this is the only money (net wealth) needed to pay the downpayment of the house/condo, plus 30% of their annual income time how many years they are working, because 30% is general cap for paying the mortgage.
For me, my self I don't need to mention my net worth, you can calculate yourself. I have 2 fully paid landed property (2 storey and 3 storey terrace house), 2 SUV car, 1 fully paid apartment and 1 condo (60% paid). I'm 34 yo and wife 33 yo, no kids. This is honest truth.