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23-11-2008, 02:25 PM
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Is your Net Wealth 300k?
The average household has a net wealth of $710,400, says an interesting article in New Paper on Sunday.
Quote:
"Total Assets: $859,970
Currency & Deposits $157,930
Shares & Securities $120,360
Life Insurance Equity $76,820
CPF/Pension Funds $119,930
Residential Property $384,920
Total Liabilities: $149,570
Mortgage Loans $110,390
Personal Loans $39,180
Net Wealth: $710,400"
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But that figure applies to the average household. What about the average person?
To keep things simple, let's assume that each household has 2 breadwinners. So, roughly, each income-earning individual has an average net wealth of about $300k.
$300k wealth, on average.
Is your net wealth above average?
See this Salary.sg post on how to calculate your net wealth, or net worth, and compare it against a benchmarking formula based on your age.
Note: The TNP writer derived the $710,400 figure based on end-2006 data in the Yearbook of Statistics Singapore, 2008.
http://www.salary.sg/2008/is-your-net-wealth-300k/
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23-11-2008, 11:58 PM
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3420
This --> "Shares & Securities $120,360" will go way down next time you're posting this again
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24-11-2008, 09:57 AM
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3422
How many peopl actually have a net wealth of 300k?
Way over skwewed
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24-11-2008, 10:12 AM
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3423
over 50% of Singaporeans earn less than $3000 per month..minus the daily and monthly neccessities and expenses..at best u are left with $500.
anyway the figures are wrongly skewed...but it does highlight one important fact..the income disparity or wealth distribution is badly skewed here in SG....
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24-11-2008, 01:54 PM
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3426
The *average* has no meaning whatsoever.
What matters is *median*.
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24-11-2008, 09:10 PM
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3429
100% agree with Charles. With "average", 1 person with a net worth of 100 million can bring the average up even though the overwhelming majority earn way less than the resulting average.
What we're looking for is median, correct.
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29-11-2008, 12:40 AM
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3462
700K per household looks pretty high, probably skewed by the ultra wealthy. nonetheless, it does go to show how wealthy singaporeans are as a whole, due to super saving habits and rapid economic progress
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29-11-2008, 07:56 AM
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3469
Do you think most Singaporeans have super saving habits? Quite a number of my friends actually live paycheck to paycheck leh. How about yours?
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30-11-2008, 03:48 PM
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3488
Most of my peers are good savers. I save around 50% of my income
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