Whats your net worth

The average Singaporean is a millionaire.
Foreigners, please take note.

Singaporean landlords, please ensure you increase your rents to ensure only the high quality, highly paid foreigners work here. They must earn at least $15k a month to enable them to pay rentals of $5k a month or higher.

Well done, Singapore. You have succeeded to be the most dynamic and successful economy in the world.

Originally Posted by Unregistered

We earn 500k but still staying in HDB. admittedly, we just hit this high income only very recently. Gotta save up.

Been viewing a lot of condos and doing our sums. Even a 1.5m condo in OCR seems expensive and yet too small for a family of 5+1. By KBW's formula, we can afford a 2m condo. Not sure how we can afford it given that we are nearing 40 and would want to keep the HDB. Gotta save up for a couple of years.

Don't be too happy with your $500k pa income. You and your wife may get retrenched tomorrow. Stick to your HDB flat and pay off the loan soonest possible. Or you could sell your HDB flat and buy a small condo in Woodlands, costing only $700k. Don't drive, just take a taxi and don't go for expensive holidays to Europe or US.

Originally Posted by Unregistered

Don't be too happy with your $500k pa income. You and your wife may get retrenched tomorrow. Stick to your HDB flat and pay off the loan soonest possible. Or you could sell your HDB flat and buy a small condo in Woodlands, costing only $700k. Don't drive, just take a taxi and don't go for expensive holidays to Europe or US.

Agree with you, bro.

Though I don't earn as much as $500k p.a, i understand that employment is not permanent. One is taking a huge risk by investing huge quantum for a property, and calculating your expenditures to military precision such that utilize every cent for the best you can get.

Honestly, HDB is good. The older ones are spacious. Public Transport is efficient, perhaps less efficient than HK and Japan but still is efficient most of the time. Clear your debts. Recession is hitting in a few years time.

Originally Posted by Unregistered

Agree with you, bro.

Though I don't earn as much as $500k p.a, i understand that employment is not permanent. One is taking a huge risk by investing huge quantum for a property, and calculating your expenditures to military precision such that utilize every cent for the best you can get.

Honestly, HDB is good. The older ones are spacious. Public Transport is efficient, perhaps less efficient than HK and Japan but still is efficient most of the time. Clear your debts. Recession is hitting in a few years time.

Dun be silly lah, anyone who can make 500k a year will likely have multiple vacation homes all over the world. Why would they care about some HDB pigeon hole and public transport?

My family of 4 lives in a condo in Bukit Timah. We also own two investment condos. My wife is working but I have retired. Focussing my life towards spirituality and taking care of my deteriorating health. Our total net worth is about $3.3 million only. Our combined annual income (including the income from rentals) is about $220k per year. We live a humble life, eat hawker food, drives an old Jap car and shop at wet markets. Not your typical millionaire family, I suppose. If you see me on the streets, you would have thought I'm just an old uncle. You would never have thought I'm actually a millionaire.

Originally Posted by Unregistered

Dun be silly lah, anyone who can make 500k a year will likely have multiple vacation homes all over the world. Why would they care about some HDB pigeon hole and public transport?

You don't know the reality. We need more people like you so we can stand out more.

My wife and I are now in our late 40's. We are earning only about $130k per year combined. Luckily we bought our HDB flat in 1990 and now its value has gone up by 7 folds from $100k to $700k. Our investment in our HDB flat has paid off very well. We also managed to buy one condo during the SARs crisis and another one during the 2008 global crisis. Both were bought in a crisis. Luckily we have cash which we saved up over the years. We don't own a car so we managed to save lots of cash. Now the condos are worth $3m in total and now fully paid up. We are renting them out for $5k each per month. Our net worth combined is about $4m today. We are lucky to have the opportunity to buy during crises. Cash is indeed king during crises.

We plan to retire in 10 years time, we estimate our net worth will be about $5m by then as the value of our properties will continue to rise slowly over the 10 years. $5m should be just enough to retire. We plan to stay in one of our condos and rent out the HDB flat and continue renting out the other condo. The monthly rental income should be about $12k per by then. We are currently still staying in the HDB today with our kids. In 10 years time, our kids would have their own BTOs.

Property in Singapore has enabled us middle income earners to be rich beyond our wildest dream. The property asset ownership programme has been a real success for many Singaporean families. Singapore is the best place to own properties as we have thousands of foreigners that will become our tenants. We must have the mindset of being landlords in our own country. Welcome the 6.9m population as that means your rents will go higher.

Does anyone know what is the median net worth of a Singaporean family?

Is it common for a Singaporean family has a net worth of $4m?

My family's net worth is only $2m and we are in our early fifties. Are we below average?

Originally Posted by Unregistered

Does anyone know what is the median net worth of a Singaporean family?

Is it common for a Singaporean family has a net worth of $4m?

My family's net worth is only $2m and we are in our early fifties. Are we below average?

Late thirties couple. $1.7m only, all assets minus liabilities.

Originally Posted by Unregistered

Does anyone know what is the median net worth of a Singaporean family?

Is it common for a Singaporean family has a net worth of $4m?

My family's net worth is only $2m and we are in our early fifties. Are we below average?

If your net worth included the property that you stay in, then having $2M is pretty common as you are aware even HDB flats can fetch $1M.

I suspect many mature households (meaning couples in their mid forties) would have net worth of at least $1M without including the property they stay in.

So if the main property is included, $2M among mature HDB households should be common. For those living in condos and landed properties, the net worth will be higher simply because of their property prices. A typical intermediate terrace house is already $2M!, while condos start at $1000 psf.

With this mind, Singaporeans are rich only to outsiders, but within Singapore, you don't feel it.