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Is your Net Wealth 300k?

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  #1 (permalink)  
Old 23-11-2008, 02:25 PM
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Default 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"
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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Old 23-11-2008, 11:58 PM
5m10y--
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Default 3420

This --> "Shares & Securities $120,360" will go way down next time you're posting this again

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Old 24-11-2008, 09:57 AM
low-paid--
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Default 3422

How many peopl actually have a net wealth of 300k?

Way over skwewed

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Old 24-11-2008, 10:12 AM
adiemuso--
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Default 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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Old 24-11-2008, 12:26 PM
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Default 3424

Does it include Permanent Residents? Anyway Shares and Securities are not accurate. It could be more as singaporeans buy US shares and these US shares are not custodised with CDP(SGX) but in US custodians.

Singaporeans are either filthy rich or super savers...!
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Old 24-11-2008, 01:54 PM
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Default 3426

The *average* has no meaning whatsoever.
What matters is *median*.
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Old 24-11-2008, 09:10 PM
5m10y--
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Default 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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Old 29-11-2008, 12:40 AM
broadmind--
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Default 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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Old 29-11-2008, 07:56 AM
5m10y--
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Default 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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Old 30-11-2008, 03:48 PM
broadmind--
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Default 3488

Most of my peers are good savers. I save around 50% of my income
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