From Wikipedia, the free encyclopedia
Singapore has the world's highest percentage of millionaires, with one out of every six households having at least one million US dollars in disposable wealth. This excludes property, businesses, and luxury goods, which if included would further increase the number of millionaires, especially as property in Singapore is among the world's most expensive.
Despite its relative economic success, Singapore does not have a minimum wage, believing that it would lower its competitiveness. It also has one of the highest income inequality levels among developed countries, coming in just behind Hong Kong and in front of the United States.
Population: 5.46 million
Percentage of millionaire households: 8.2%
The small city-state of Singapore counted 98,000 millionaire households in 2012, a significant number for a country with a population of just over 5 million.
Read? Can Anyone Become a Millionaire? Yes, yes and yes.
We are not high income earners. But, can we be part of the statistics to become one of millionaire households in Singapore???
- Living below your means. Save more for your war chest for the Bear markets.
- Invest for compounded growth (CAGR). Go for Growth-Dividend investing strategies.
- Avoid losing your investing capital. Once you have locked in negative returns; it is much harder to recover from your losses than to grow your investment portfolio
- Never ever stop in your engagement for more investing knowledge. Soak yourself daily in the world of economic, financial, companies and stocks news.
- Your investing effort is inversely proportional to your investing skills
- Set your yearly investing goals.
- Track and measure your investment portfolio diligently.
Then, you may be part of the statistics after XX years in the market!
Yes. You can!