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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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Pleasure, I just came across it on Google, I was curious of the varying differences anyway. Giving it some thought this is how I would class the varying rich in Singapore '
- Billionaires - this is easy no need to explain
- Multi-Millionaires - Individuals who can make 10 Million dollar long term single investments / purchases varying number of times.
- Millionaires - Exceeding 2 million in cash excluding residence
If you review the varying levels, for a millionaire to buy a car in Singapore even a conti would require a bit of thought but not out of range of course.
Multi-millionaires on the other hand buying a conti car is a afterthought, more thought would be needed for a super car, richer ones usually consider a Yacht too (starts at 20M Euros for a nice one.)
We know a couple of families in the multi-millionaire , least 70% of the founders didn't have much education. But they had grit and tenacity. Ultimately if you are hungry enough you will get rewarded Look at Koh Wee Meng, secondary school education and he did quite well for himself.