Thursday, June 9, 2011

Millionaires in Singapore

Dear Mr Tan,

ref your blog post about newspaper articles highlighting the number of "millionaire households" in Singapore, this is the BCG report that claims that 15.5% of S'pore households have assets under management of over US$1mil.

The definition of AuM (see page 6) seems to include properties that are not their own residences.

Therefore I would conclude that its the appreciation of investment properties plus the strong S$ which have contributed to this large percentage. However, this is not a true reflection of wealth as I would expect that the vast majority of these investment properties are also leveraged.

May I also take the opportunity to wish you all the best for the upcoming Presidential Elections!

best regards,
sidat