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  #10931 (permalink)  
Old 22-03-2017, 02:56 PM
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Average wealth of S’poreans, including assets, the highest in Asia: Credit Suisse

By Alison Jenner - 22 Nov 2016
todayonline.com

SINGAPORE — Despite a slowing economy and uncertain labour market, Singapore’s adult population has an average wealth of about US$276,885 (S$395,000) per person — up 1.4 per cent compared with the middle of last year, an annual wealth report by the Credit Suisse Research Institute found.

The Global Wealth Report ranked the Republic top in Asia and seventh globally among major economies.

Personal wealth per adult in Singapore is forecast to rise 2.2 per cent per annum to reach US$309,000 in 2021, the study added. It also noted that Singapore’s personal wealth per adult was “well ahead” of Hong Kong, which had US$185,281 average wealth per adult and was ranked above Singapore in 2000.

Financial assets — which include items such as currency, deposits and equities — accounted for more than half of the average wealth per adult in Singapore at US$180,414. Non-financial wealth, including assets such as housing, accounted for US$151,239. The average debt was US$54,768, or 17 per cent of total assets, moderate for a high-wealth country, the report said.

In terms of median wealth per adult, Singapore was placed ninth globally with US$101,000 — behind countries such as Switzerland (US$244,000), Australia (US$163,000), New Zealand (US$136,000) and Japan (US$120,000). The report noted that ranking by median wealth per adult “favours countries with lower levels of wealth inequality”.

The report found that wealth distribution in Singapore is “moderately unequal”: 18 per cent of its adult population has wealth below US$10,000, compared with 73 per cent globally. Half of its adults has wealth above US$100,000, compared with 21 per cent in 2000. Correspondingly, those with wealth below US$100,000 have declined from 79 per cent to 50 per cent over the same period.

On Monday, Prime Minister Lee Hsien Loong spoke about the distribution of wealth during an interview with the Singapore media to wrap up the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting held in Peru. Mr Lee said Singapore’s emphasis is on giving people the skills to help them in the new economy, and giving those who are not doing well an extra leg-up. “If you’re in Singapore, not everybody is equally well off, but even if you’re not well off, you’re not badly off,” Mr Lee had said.

CIMB Private Banking economist Song Seng Wun said that Singapore’s government is very particular about making sure that, while the country is not the cheapest place to live in and while there are many wealthy individuals here, the middle- to lower-income groups are not left behind.

“The thing about the policies here are that they are very targeted. Not many countries can do that,” he added. “Recent years have seen policies targeting those at the higher end to give back more, whereas for the lower income, policies are deliberately targeted at household type.”

In its seventh year, the Global Wealth Report was compiled from data on the wealth holdings of 4.8 billion adults across more than 200 countries. It used data from household balance sheet, publicly available data on distribution of wealth as well as information from Forbes magazine’s rich lists.

In the latest report, Switzerland retained first place, with an average wealth per adult of US$562,000, down 4.5 per cent compared with the same period last year.

Australia (US$376,000) and the United States (US$345,000) came in second and third, respectively. Norway (US$312,000) and New Zealand (US$299,000) rounded up the top five.

Average wealth per adult in the United Kingdom tumbled more than 10 per cent to US$289,000. The UK was ranked sixth, one place ahead of Singapore. The report found that the UK is US$1.5 trillion poorer in dollar terms due to the fall in the pound since the vote to leave the European Union.

It also highlighted the growth of wealth in emerging economies since 2000. Back then, these economies accounted for a mere 12 per cent of global wealth. However, they have contributed nearly 25 per cent towards global growth since.

“Today, emerging nations are home to 18 per cent of the world’s ultra-high net-worth population. China alone accounts for 9 per cent of the top decile of global wealth holders, which is well above France, Germany, Italy, and the United Kingdom.”

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  #10932 (permalink)  
Old 23-03-2017, 08:28 PM
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Quote:
Originally Posted by Unregistered View Post
middle income couple, 50 & 51.
total income in 2016, $187k combined.
condo is worth $950k, paid up.
we save $35k pa.
total net worth $1.7m (condo, cash, cpf and stocks).
retiring in 5 years time at 56.
Thanks for sharing. $1.7 mil net worth is a big achievement.
You are a millionaire couple. You must be in the top 5%.

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  #10933 (permalink)  
Old 24-03-2017, 06:00 AM
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Me and Wife both 45. Just received our variable bonus statement

I have $15k
Wife has $60k

Good to have $75k VB in Such economic climate last year

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  #10934 (permalink)  
Old 24-03-2017, 07:54 AM
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Quote:
Originally Posted by Unregistered View Post
Me and Wife both 45. Just received our variable bonus statement

I have $15k
Wife has $60k

Good to have $75k VB in Such economic climate last year
Are you an engineer and is your wife a banker?

Are you living in a condo or flat?
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  #10935 (permalink)  
Old 25-03-2017, 09:50 AM
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Singapore’s high quality public housing is the best in the developed world. Because of the BTO HDB flat system, a young married couple can easily afford a BTO HDB flat.

A new 4 room BTO HDB flat in Punggol costs only about $200k (after grants). This is very cheap relative to income.

Let’s say a young married couple earns a household income of $4,000 per month (each of them earns $2,000 per month). Their annual income is $48k. So, the ratio of price to household income is only 4.16. The couple can easily pay their mortgage by using their CPF. As their salary rises over time (with work experience, higher productivity, skills upgrading and promotions), the easier it is for them to pay their mortgage.

So, if you live a simple life - living in a HDB flat, take public transport and don’t waste money on unnecessary things - you can live a comfortable life. You can then save up for your retirement and possibly an early retirement. You also need to save lots of cash in case you lose your job. In today’s uncertain economic environment, your job is never guaranteed. You can lose your job.

During your early retirement, you can take better care of your health, take up new hobbies and volunteer at charitable organisations to help the poor and needy. You can also travel the world.

Your HDB flat is your most valuable asset. You should be grateful that you can own a home. There are millions and billions of people in the world who are poor and homeless or living in slums. You are very lucky indeed. Don’t take your good fortune for granted. Be grateful. Feed the poor and needy. Volunteer at charities. Make a positive difference to the lives of the less fortunate. Don’t waste your money on gambling, smoking, drinking, partying, buying expensive cars, etc. Use your money to feed the poor and needy instead.
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  #10936 (permalink)  
Old 25-03-2017, 12:33 PM
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Quote:
Originally Posted by Unregistered View Post
Me and Wife both 45. Just received our variable bonus statement

I have $15k
Wife has $60k

Good to have $75k VB in Such economic climate last year

Congrats. geylang business never dies. it flourishes every more during economic downturn.
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  #10937 (permalink)  
Old 25-03-2017, 01:18 PM
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Age: 28(2016)
annual income: 50K( inclusive of bonus)(2016)
education related job

me peanuts as compared to most of you guys here lol! hoping to increase 10k in annual income every 3 yrs.
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  #10938 (permalink)  
Old 25-03-2017, 07:04 PM
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Quote:
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Congrats. geylang business never dies. it flourishes every more during economic downturn.
You think you've made a smart quip. Everyone else thinks you're a jealous a-hole.
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  #10939 (permalink)  
Old 26-03-2017, 01:22 PM
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By the time we retire at 55, we have cash savings of $750k. We calculated that from 55 to 65 years old, our total retirement expenses will be $500k. This takes into account inflation.

At age 65 onwards we will receive $48k pa from our CPF Life and another $12k pa from stocks dividends. In total our passive income from 65 onwards is $60k pa.

We will be retiring in place in our paid up 3 bedroom condo (worth $1 million). We do not need to downgrade to retire. We are now 46 & 48 years old.

At age 55, this is our expected expenses per month

Food, groceries, utilities & condo fees $1500
Public transport (our condo is near an MRT station) $200
Medical insurance & fees $800
Entertainment & holidays $500
Miscellaneous $500
Total $3500 pm or $42k pa
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  #10940 (permalink)  
Old 26-03-2017, 08:07 PM
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What you listed below is quite accurate for a simple lifestyle. For us, in addition to what you listed, we have the following items:

1. Maid - $1000 pm (salary, levy, insurance, medicals and air tickets)
2. Car - $1,800 pm (depreciation, road tax, insurance, petrol, maintenance, erp). We dont have to pay for car park in our condo.
3. Life concerts and shows - $100 pm (averaged out - maybe 2 such shows a year)
4. Parents allowance - $400 pm

We estimated we would need $7k pm or $84k pa. to support our retirement lifestyle. Currently our passive income is almost $150k pa, but we are not retiring yet as we are in the accelerated savings stretch of our working life. Where our liabilities and financial obligations are tapering off and our salaries have peaked. We will try and maximise this golden period for as long as we can. Imaging saving $350k to $400k a year is a lot to give up.

Quote:
Originally Posted by Unregistered View Post
By the time we retire at 55, we have cash savings of $750k. We calculated that from 55 to 65 years old, our total retirement expenses will be $500k. This takes into account inflation.

At age 65 onwards we will receive $48k pa from our CPF Life and another $12k pa from stocks dividends. In total our passive income from 65 onwards is $60k pa.

We will be retiring in place in our paid up 3 bedroom condo (worth $1 million). We do not need to downgrade to retire. We are now 46 & 48 years old.

At age 55, this is our expected expenses per month

Food, groceries, utilities & condo fees $1500
Public transport (our condo is near an MRT station) $200
Medical insurance & fees $800
Entertainment & holidays $500
Miscellaneous $500
Total $3500 pm or $42k pa
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