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Old 02-09-2010, 10:12 AM
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Originally Posted by Unregistered View Post
How many people earn $500K a month!? That's $6M a year!

According to Iras annual report, only 3799 + 39 people had an income of more than $1M/yr. At $6M, maybe only 100 people?

That said, I think many ultra-rich got a lot of money from investments. For example $100M invested in Starhub gives you about $8M a year in dividends (non-taxable).
Those 3799 people earned S$8.1bn so the average is $2.1m. I doubt its 100 people, but more like 500-1000. Most Sentosa bungalows are owned by foreigners, but some of those 500-1000 are truly rich.

You may think the $8M in Starhub dividends is non-taxable, but in reality, the changes to the dividend franking rules mean that everyone is paying the corporate tax rate on dividends instead of their marginal tax rate. For high earners, their marginal tax rate is probably similar to the corporate tax rate though (could even be slightly higher)
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