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Originally Posted by Unregistered
Thanks for the great link to forbes millionaire report.
Yes, the millionaire and multimillionaires I know are like what the report says. Professionals.
Recently, there was a class reunion for my secondary school (the best school in the history of singapore aka "the Ivy League machine". Started thinking about all the high flyers. 1 or 2 entrepreneurs but loads of lawyers, accounting firm partners, CEO of 2 major pte hospitals, a rear admiral of navy, several people in the civil service AO scheme etc...
These are the typical millionaires in singapore. And these people don't drive fancy cars (by that I mean Porsche or Ferrari).
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The rear admiral, AO, lawyers. CEOs are the boring millionaires or what people call the millionaires next door. Usually professionals and when aged late 30s to 40s, earn about 500k. Net worth is from 2-5m. Not quite rich enough to drive 500k to 1+m cars.
For that we need the ultra rich and glittering rich (usually Ibankers, hedge fund owners, entrepreneurs, specialists, inherited) are the ones who drive 500k to 1+m cars with networth >>10m. Not that many from raffles aged 30-50. I think more from hwa chong and neighborhood schools since mostly entrepreneurs.