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GreenBug
29-06-2007, 01:57 PM
I was expecting SirGalahad2010 to post this thread but since its already past lunch, I presume he's busy. :)

Today's front page headline in Singapore's The Straits Times announced that there were 11,660 new millionaires (in US Dollars term) created in Singapore last year! This was a staggering 21.2% lgrowth last year to 66,660 millionaires in this little red dot city-state!

According to the paper, quoting a report conducted by Merril Lynch and a research firm Capgemini, this growth was due to a booming stock market, strong economy and the start of the property rebound late last year. This is the 2nd time in 3 yrs that the Republic has posted the highest growth globally in their Annual World Wealth report.

Now hear this, "Singapore was closely followed by India with 20.5% growth, Indonesia (16%) and Russia (15.5%)".

Thats interesting! :eek:


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penangkia
29-06-2007, 03:10 PM
[QUOTE=GreenBug] I was expecting SirGalahad2010 to post this thread but since its already past lunch, I presume he's busy. :)
QUOTE]


Hahaha. No unlike an unreserved reserved corner pub table for the resident drunk. :D :D .

Anyway, it's not very surprising to be a millionaire these days...even in bolehland...and one don't have to be "connected".

In fact, in this forum alone, I believe there are quite a many millionaires. If you have a bungalow, Semi D or a larger, well renovated corner lot in USJ, chances are, you are a millionaire... not even taking into account other investments, EPF etc. Than we have TTDI, Damansara this and that, this Height and that Bukit...there are hundards of thousands of aires in bolehland alone.....maybe a few less if counted in USD terms.
And like in Singapore....when property and stock market move....overnight aires plenty lar :eek:

firefox
29-06-2007, 03:28 PM
They must have made thier fortunes in Malaysia for all you know.

GreenBug
29-06-2007, 04:16 PM
They must have made thier fortunes in Malaysia for all you know.

I doubt so. As the Merrill Lynch / Capgemini report said, they are from the local boom in stock market, the robust economy and property market. All local.

I see this going on for the next few years - the F1 night racing, the transfer of the Star Cruise main hub to Sentosa Island and the two international-class casinos opening soon in 2009. The MICE tourism in Singapore is also booming and one can see it visually. I am in the little red dot city right now on a business trip and all hotels are fully-booked. Even a walk along Orchard will show you there are easily 1 tourist for every 2 locals (or are they fr ASEAN countries?).

Lots of energy and efforts are put in by the Government & civil service & their agencies to continuously boost the economy especially in the services sector especially in the tourism and MICE as well as in the biotech industry.
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sirgalahad2010
29-06-2007, 05:43 PM
[QUOTE=GreenBug] I was expecting SirGalahad2010 to post this thread but since its already past lunch, I presume he's busy. :)
QUOTE]


Hahaha. No unlike an unreserved reserved corner pub table for the resident drunk. :D :D .

Anyway, it's not very surprising to be a millionaire these days...even in bolehland...and one don't have to be "connected".

In fact, in this forum alone, I believe there are quite a many millionaires. If you have a bungalow, Semi D or a larger, well renovated corner lot in USJ, chances are, you are a millionaire... not even taking into account other investments, EPF etc. Than we have TTDI, Damansara this and that, this Height and that Bukit...there are hundards of thousands of aires in bolehland alone.....maybe a few less if counted in USD terms.
And like in Singapore....when property and stock market move....overnight aires plenty lar :eek:

No, lah - I just didn't think it worth commenting on! I have a slightly more discerning palate!
:D

Anyways, it is common knowledge that Singapore has embarked on a well-planned strategy to attract high and ultra high net worth people to live there.

Merrill Lynch is of the opinion that Singapore is transforming into a Zurich and Monaco not just for S-E Asia but for all of Asia, a place where the wealthy come to bank their money, educate their children and get culture.

Now I have to go and try and get tickets for the Christina Aguilera show in Singapore tomorrow, and then there's Gwen Stefani's show in a few months time. Ah, choices, choices..... :D

Whereas in Msia, our ever-efficient Umno MPs are getting hot under the collar about the bikinis worn by the Japanese "race queens" at Sepang. I wonder if they will ask Hamid Albar to get an apology from the Japanese govt for such unseemly behaviour by Japanese citizens that will corrupt the morals of susceptible Malaysians! ;) ;)

hhtee
29-06-2007, 09:55 PM
[FONT=Franklin Gothic Medium][SIZE=3]I was expecting SirGalahad2010 to post this thread but since its already past lunch, I presume he's busy. :)


he is one of the millionaires already and due to security reasons, he purposely does not want to mention it

kwchang
30-06-2007, 09:49 AM
I can tell you that the Malaysian tax department suspects there are more millionaires in Klang Valley alone than what the records show. Most businessmen have this fondness of not reporting all their assets and profits. With a good accountant, their annual income can be turned into losses on the accounting statement.

The bad-mouthing apek in the pagoda tshirt and dirty slippers at the wet market is probably many times richer than your regular wage earner that drives a beemer and have his regular coffee breaks at Starbucks. :D

In the case of the red dot, I believe the people are more honest (probably not likely true) or their information network is so good that almost no one can escape tight scrutiny. Hence, the "millionaires" are not able to hide their true worth.

firefox
30-06-2007, 10:32 AM
The bad-mouthing apek in the pagoda tshirt and dirty slippers at the wet market is probably many times richer than your regular wage earner that drives a beemer and have his regular coffee breaks at Starbucks. :D


Toally agree without doubt, and they are laughing themselves to the bank with your money.

layman
30-06-2007, 10:46 AM
I can tell you that the Malaysian tax department suspects there are more millionaires in Klang Valley alone than what the records show. Most businessmen have this fondness of not reporting all their assets and profits. With a good accountant, their annual income can be turned into losses on the accounting statement.

The bad-mouthing apek in the pagoda tshirt and dirty slippers at the wet market is probably many times richer than your regular wage earner that drives a beemer and have his regular coffee breaks at Starbucks. :D

In the case of the red dot, I believe the people are more honest (probably not likely true) or their information network is so good that almost no one can escape tight scrutiny. Hence, the "millionaires" are not able to hide their true worth.

mr chang,the tax rate in singapore and Hk is a flat 20 and 16,5% respectively
theres no need to be dishonest if thats what u r subtly suggesting

anyway the survey is not about the nos..of millionaires .its about the rich with a disposable income or savings of 1miilion US dollars in CASH.assets like properties and stocks are NOT INCLIUDED in this survey

GreenBug
30-06-2007, 11:19 AM
anyway the survey is not about the nos..of millionaires .its about the rich with a disposable income or savings of 1miilion US dollars in CASH.assets like properties and stocks are NOT INCLIUDED in this survey

Yup, Layman is right. I watched the CNBC interview last night with a representative from Capgemini. She predicted that the next one to top the list over the next couple of years would be India and / or Indonesia. She mentioned several factors but suffice to say that a robust economy enriches the citizen much more.

The millionaires reported are all as "income earned in 2006" and has nothing to do with their condominiums (average S$700,000), cars (average S$100,000) etc... The USD$1,000,000 or more are their annual income as declared to the Internal Revenue Services (IRS) Singapore! :eek:

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kwchang
30-06-2007, 04:43 PM
.. The USD$1,000,000 or more are their annual income as declared to the Internal Revenue Services (IRS) Singapore!.
That is exactly what I was saying.

So Layman, I was not mistaken about the reference to properties. All I was saying was that Malaysians are more likely to hide the fact that they earn millions. That is why I used the Chinese Apek analogy.

scorgio
30-06-2007, 11:19 PM
anyway the survey is not about the nos..of millionaires .its about the rich with a disposable income or savings of 1miilion US dollars in CASH.assets like properties and stocks are NOT INCLIUDED in this survey

The last time I read. The definition of millionaire used in the survey = net asset over USD 1 million excluding the person's primary residence.

So which is correct?

Anyhow, if really over 60000 people in SG earning annual income over USD 1 mil, that's almost 2% of SG's total population.

patwon
02-07-2007, 07:55 PM
Yup, Layman is right. I watched the CNBC interview last night with a representative from Capgemini. She predicted that the next one to top the list over the next couple of years would be India and / or Indonesia. She mentioned several factors but suffice to say that a robust economy enriches the citizen much more.

The millionaires reported are all as "income earned in 2006" and has nothing to do with their condominiums (average S$700,000), cars (average S$100,000) etc... The USD$1,000,000 or more are their annual income as declared to the Internal Revenue Services (IRS) Singapore! :eek:

.
it does not make sense if i used up all the money than tomorrow am i still a millionaires,i believe a definition of millionaire is accumulation of wealths movable or immovable total 1 million us dollars,excluding the house u stay.

patwon
02-07-2007, 08:02 PM
Malaysians need to have wealth total 3.5 million ringgit,excluding your residence.not easy for first generation.I believe malaysians are poorer and middle income group also degrade to middle-lower income levels.Worse if u have many kids want to study abroad.Banyak banyak susah. :D

gtl
02-07-2007, 09:04 PM
agree with greenbug, the economy in sin is booming, everything is moving in the right direction.

while our home country are not doing so well, the gauge is easy, go and look at our shopping complexes, who is buying??

our properties, who is buying??

any new exciting projects? who is investing??

look at our share markets? is it bullish??

don't get me wrong, i am not bias towards singapore, i am only cari makan here, i am telling as i see it.......

orchipalar
02-07-2007, 09:29 PM
i believe a definition of millionaire is accumulation of wealths movable or immovable total 1 million us dollars,excluding the house u stay.Err buddies...there goes Orchi's hope to be in 2007's list. Aiyooo...:o