just want to know how we define as millionaire. Do we include cpf and insurance? property for own stay counted? need to identify the goal clearly so that can work towards it
sorry if this has been answered somewhere..
Our Goal is to help 1 million people reach S$1 million
Moderators: alvin, learner, Dennis Ng
Hi stanlee,stanlee wrote:Hi Dennis and fellow graduates,
just want to know how we define as millionaire. Do we include cpf and insurance? property for own stay counted? need to identify the goal clearly so that can work towards it
sorry if this has been answered somewhere..
when a person talks about Wealth, it excludes the Home (own stay).
So it does include all your assets, including CPF Ord and Special account balances, (Exclude Medisave) and include Cash Value of your insurance policies.
So it is the Current Market Value of ALL your assets minus liabilities (all loan outsanding) and the figure is more than S$1 million.
In Singapore, there is also a definition for High Net Worth Individuals.
Basically, to qualify, just need to qualify under 1 of the following 3 criteria:
1. Networth over S$2 million (include home residence)
2. Investible Funds (exclude Home) more than S$1 million
3. Annual Household income more than S$300,000.
High Networth Individuals can invest in all kinds of investments, including those not approved for retail investors. Disadvantage is that protection accorded to retail investors might not be accorded to them, becos they are deemed to be "sophisticated" investors.
Thus, if they buy lehman brothers mini-bonds, they typically cannot complain they don't know the risks involved in the investment or they were misinformed, since they are deemed "sophisticated investors".
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Hi Dennis,Dennis Ng wrote:Hi stanlee,stanlee wrote:Hi Dennis and fellow graduates,
just want to know how we define as millionaire. Do we include cpf and insurance? property for own stay counted? need to identify the goal clearly so that can work towards it
sorry if this has been answered somewhere..
when a person talks about Wealth, it excludes the Home (own stay).
So it does include all your assets, including CPF Ord and Special account balances, (Exclude Medisave) and include Cash Value of your insurance policies.
So it is the Current Market Value of ALL your assets minus liabilities (all loan outsanding) and the figure is more than S$1 million.
In Singapore, there is also a definition for High Net Worth Individuals.
Basically, to qualify, just need to qualify under 1 of the following 3 criteria:
1. Networth over S$2 million (include home residence)
2. Investible Funds (exclude Home) more than S$1 million
3. Annual Household income more than S$300,000.
High Networth Individuals can invest in all kinds of investments, including those not approved for retail investors. Disadvantage is that protection accorded to retail investors might not be accorded to them, becos they are deemed to be "sophisticated" investors.
Thus, if they buy lehman brothers mini-bonds, they typically cannot complain they don't know the risks involved in the investment or they were misinformed, since they are deemed "sophisticated investors".
thanks for your quick response and extra info on High Net Worth.
Hi Dennis,Dennis Ng wrote:Hi stanlee,stanlee wrote:Hi Dennis and fellow graduates,
just want to know how we define as millionaire. Do we include cpf and insurance? property for own stay counted? need to identify the goal clearly so that can work towards it
sorry if this has been answered somewhere..
when a person talks about Wealth, it excludes the Home (own stay).
So it does include all your assets, including CPF Ord and Special account balances, (Exclude Medisave) and include Cash Value of your insurance policies.
So it is the Current Market Value of ALL your assets minus liabilities (all loan outsanding) and the figure is more than S$1 million.
In Singapore, there is also a definition for High Net Worth Individuals.
Basically, to qualify, just need to qualify under 1 of the following 3 criteria:
1. Networth over S$2 million (include home residence)
2. Investible Funds (exclude Home) more than S$1 million
3. Annual Household income more than S$300,000.
High Networth Individuals can invest in all kinds of investments, including those not approved for retail investors. Disadvantage is that protection accorded to retail investors might not be accorded to them, becos they are deemed to be "sophisticated" investors.
Thus, if they buy lehman brothers mini-bonds, they typically cannot complain they don't know the risks involved in the investment or they were misinformed, since they are deemed "sophisticated investors".
Thought that the HNW is express in US$?
Price is what you pay; Value is what you get
RayNg
RayNg
S$, for the definition of High Networth Individuals in Singapore.ngtfook wrote:Hi Dennis,Dennis Ng wrote:Hi stanlee,stanlee wrote:Hi Dennis and fellow graduates,
just want to know how we define as millionaire. Do we include cpf and insurance? property for own stay counted? need to identify the goal clearly so that can work towards it
sorry if this has been answered somewhere..
when a person talks about Wealth, it excludes the Home (own stay).
So it does include all your assets, including CPF Ord and Special account balances, (Exclude Medisave) and include Cash Value of your insurance policies.
So it is the Current Market Value of ALL your assets minus liabilities (all loan outsanding) and the figure is more than S$1 million.
In Singapore, there is also a definition for High Net Worth Individuals.
Basically, to qualify, just need to qualify under 1 of the following 3 criteria:
1. Networth over S$2 million (include home residence)
2. Investible Funds (exclude Home) more than S$1 million
3. Annual Household income more than S$300,000.
High Networth Individuals can invest in all kinds of investments, including those not approved for retail investors. Disadvantage is that protection accorded to retail investors might not be accorded to them, becos they are deemed to be "sophisticated" investors.
Thus, if they buy lehman brothers mini-bonds, they typically cannot complain they don't know the risks involved in the investment or they were misinformed, since they are deemed "sophisticated investors".
Thought that the HNW is express in US$?
Here's another source of info for you (www.BigFatPurse.com is set up by Investing Mentor Alvin Chow):
http://www.bigfatpurse.com/2009/04/defi ... singapore/
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
-
danielcheng
- Investing Mentor
- Posts: 137
- Joined: Fri Jul 23, 2010 11:48 pm
May not be latest news, just sharing since i come across.
(CNN) – Pop quiz: Which country hosts the world's highest concentration of millionaires?
A) The United States
B) Switzerland
C) Singapore
D) Qatar
The answer is C) Singapore. A whopping 15.5% of Singapore households had more than $1 million in assets in 2010, according to a study out by the Boston Consulting Group. You are more likely to bump into a millionaire in Singapore than anywhere else in the world. Runner-up Switzerland doesn’t even come close, with less than 10% millionaire households.
Singapore’s millionaire population is also growing – and fast. The city-state had nearly a third more millionaires in 2010 than a year earlier, the swiftest increase of any country.
Singapore’s rapid GDP growth – 14.7% last year – and the solid appreciation of its currency have driven the millionaire boom. Analysis shows Singapore has had strong growth in financial services, tourism and exports in 2010.
Singaporeans have ridden the wave of increasing wealth throughout Asia. “Singapore is more plugged into wealth creation than any other nation,” says Mykolas Rambus, CEO of intelligence provider Wealth-X . He adds that Singaporeans are not just benefiting from China’s phenomenal growth, but also that of India and Southeast Asia. Boston Consulting Group’s study found wealth in Asia ex-Japan grew the fastest of any region in 2010, increasing more than 17%.
Policy also plays a role in Singapore’s wealth, with the city-state boasting low taxes, efficient regulation and high rating for quality of life. The Heritage Foundation, a Conservative think tank, ranked Singapore the second freest economy in the world in 2010, citing its pro-business credentials. One example from Heritage: “Starting a business takes only three days, compared to the world average of 34 days.”
Like many other nations, Singapore is facing a growing wealth gap(second highest income gap between the rich and the poor, as indicated by the Gini coefficient, among the 38 countries with very high human development, only behind HK). The Gini coefficient, a commonly used measure of income inequality, has risen steadily over the last decade and the issue struck a chord with the public during recent elections.
Tan Ern Sur, Associate professor of sociology at the National University of Singapore, believes neither the rich nor the poor are very visible in Singapore. “We also do not have a strong politics of envy, perhaps because Singapore is largely a middle-class society,” he says by e-mail. People are more concerned with their own financial pressures than with overall wealth concentration.
It may also help ease concerns that Singapore only ranked tenth in the concentration “ultra-high-net-worth,” households, those with more than $100 million in assets. According to BCG, the highest proportion of the super rich is in Saudi Arabia, with 18 per 100,000 households.
Proportion of millionaire household by market
1. Singapore 15.5%
2. Switzerland 9.9%
3. Qatar 8.9%
4. Hong Kong 8.7%
5. Kuwait 8.5%
6. UAE 5%
7. United States 4.5%
8. Taiwan 3.5%
9. Israel 3.4%
10. Belgium 3.1%
11. Japan 3%
12. Bahrain 2.6%
13. Ireland 2.3%
14. Netherlands 2.3%
15. UK 2.2%
Source: BCG Global Wealth 2011 Report
http://business.blogs.cnn.com/2011/06/0 ... next-door/
(CNN) – Pop quiz: Which country hosts the world's highest concentration of millionaires?
A) The United States
B) Switzerland
C) Singapore
D) Qatar
The answer is C) Singapore. A whopping 15.5% of Singapore households had more than $1 million in assets in 2010, according to a study out by the Boston Consulting Group. You are more likely to bump into a millionaire in Singapore than anywhere else in the world. Runner-up Switzerland doesn’t even come close, with less than 10% millionaire households.
Singapore’s millionaire population is also growing – and fast. The city-state had nearly a third more millionaires in 2010 than a year earlier, the swiftest increase of any country.
Singapore’s rapid GDP growth – 14.7% last year – and the solid appreciation of its currency have driven the millionaire boom. Analysis shows Singapore has had strong growth in financial services, tourism and exports in 2010.
Singaporeans have ridden the wave of increasing wealth throughout Asia. “Singapore is more plugged into wealth creation than any other nation,” says Mykolas Rambus, CEO of intelligence provider Wealth-X . He adds that Singaporeans are not just benefiting from China’s phenomenal growth, but also that of India and Southeast Asia. Boston Consulting Group’s study found wealth in Asia ex-Japan grew the fastest of any region in 2010, increasing more than 17%.
Policy also plays a role in Singapore’s wealth, with the city-state boasting low taxes, efficient regulation and high rating for quality of life. The Heritage Foundation, a Conservative think tank, ranked Singapore the second freest economy in the world in 2010, citing its pro-business credentials. One example from Heritage: “Starting a business takes only three days, compared to the world average of 34 days.”
Like many other nations, Singapore is facing a growing wealth gap(second highest income gap between the rich and the poor, as indicated by the Gini coefficient, among the 38 countries with very high human development, only behind HK). The Gini coefficient, a commonly used measure of income inequality, has risen steadily over the last decade and the issue struck a chord with the public during recent elections.
Tan Ern Sur, Associate professor of sociology at the National University of Singapore, believes neither the rich nor the poor are very visible in Singapore. “We also do not have a strong politics of envy, perhaps because Singapore is largely a middle-class society,” he says by e-mail. People are more concerned with their own financial pressures than with overall wealth concentration.
It may also help ease concerns that Singapore only ranked tenth in the concentration “ultra-high-net-worth,” households, those with more than $100 million in assets. According to BCG, the highest proportion of the super rich is in Saudi Arabia, with 18 per 100,000 households.
Proportion of millionaire household by market
1. Singapore 15.5%
2. Switzerland 9.9%
3. Qatar 8.9%
4. Hong Kong 8.7%
5. Kuwait 8.5%
6. UAE 5%
7. United States 4.5%
8. Taiwan 3.5%
9. Israel 3.4%
10. Belgium 3.1%
11. Japan 3%
12. Bahrain 2.6%
13. Ireland 2.3%
14. Netherlands 2.3%
15. UK 2.2%
Source: BCG Global Wealth 2011 Report
http://business.blogs.cnn.com/2011/06/0 ... next-door/
I read this posting by seminar graduate Alvin Chow at his website (blog) www.BigFatPurse.com
http://www.bigfatpurse.com/2011/10/what ... the-world/
Hi Alvin,
yes, I think I shared with you about the importance of having a Passion and Mission in life when we met for the first time in Dec 2008.
For me, I only found my purpose in life in 1998, at age 29. ie.to learn how to master my own finances and reach Financial Freedom and then to teach and help others to reach Financial Freedom as well.
Now i realise my Mission goes beyond just helping others reach Financial Freedom, I want to help to inspire and motivate others to pursue their dreams and passion. I want to help to bridge the Rich-Poor Divide that exist in the world today.
yes, we would definitely Make money and get Richer by increasing our Financial Knowledge.
I hope seminar graduates NOT only Make Money, but more importantly, become a Better Person, strive for Continuous and Never-Ending Improvement, so that we can Serve More People, Increase our Value Add to Society and Make a Difference to the Society.
We can also help the society to change from being Selfish and focus on Self Love to being Selfless and focus on Selfless Love, by first changing ourselves.
I want to initiate to set up a S$100 million Charitable Foundation in Singapore in 5 years' time and set up S$100 million Charitable Foundation in 100 countries in 10 years' time.
This is not my Charitable Foundation, but each foundation is set up by 10,000 founding members.
The Charitable Foundation is aimed to elevate the Poor from Poverty. Poverty is a problem that even governments throughout the world cannot solve. We will elevate the Poor by empowering them with knowledge, how to plan and manage their finances, and to start small business eg. selling things on internet, or become self-employed. Then lend them S$5,000 to S$10,000 (micro-financing) to help them get started...the foundation is supported by 10,000 founding members as volunteers.
I believe it can be done, in 5 years, 10,000 of us each donate S$10,000 to set up the S$100 million Charitable Foundation. We will fine tune the system, then we will send 100 of our founding members to 100 countries to help these countries start a similar foundation in their own country.
Steps to Success is as simple as Conceive, Believe, Achieve...
I firmly believe that this Goal can be achieved if I gather enough people to work towards this goal. And I have counted you as one of the 10,000 Founding Members of this Charitable Foundation. Do you want to be one of the 10,000 people who Make a Difference to Singapore and the World?
I believe that we can do something we Enjoy, Make Money and Make a Difference, ALL at the same time. We can have it all, we can really have it all. What a feeling, what a feeling!
http://www.youtube.com/watch?v=ItPbGvPKHFI
In time to come, let's help to set up 100 S$100 million Charitable Foundation in 100 countries to help educate and empower the Poor to elevate themselves from Poverty.
Don't just Make Money, Make a Difference!
Over the years, I realised my greatest Wish is not just to help 1 million people achieve one million dollars...but really to:
1. inspire and encourage more people to find your Mission and Passion in life and to Pursue Your Passion.
2. Be the best you can be in your area of Chosen Field, so that you can Contribute the most to Society
3. Wealth and Riches and Financial Freedom will definitely come if you are really good at what you do and if you learn how to Grow your Money (savings).
4. When you become Wealthy, then it is time for you to think about what you can do for the less fortunate and the poorest in the Society...I believe the best thing we can do for them is giving time and money and also to Inspire them, Empower them, so that they can lift themselves out of Poverty, with our guidance.
5. If in 5 years, 10,000 of us (seminar graduates) can reach out to help/inspire/encourage 100 people each, then together, we can help 1 million people.
Can you see this?
Do you believe this can happen?
Do you want to help to make this happen?
It just take 10,000 of us to do this, starting with the current 1,700 semnar graduates, and that includes you.
http://www.youtube.com/watch?v=ItPbGvPKHFI
First, when there's nothing but a slow glowing dream
That your fear seems to hide deep inside your mind
All alone I have cried silent tears full of pride
In a world made of steel, made of stone
Well I hear the music, close my eyes, feel the rhythm
Wrap around, take a hold of my heart
[Chorus:]
What a feeling, bein's believin'
I can't have it all, now I'm dancin' for my life
Take your passion, and make it happen
Pictures come alive, you can dance right through your life
[Solo]
Now I hear the music, close my eyes, I am rhythm
In a flash it takes hold of my heart
[chorus (with ... "now I'm dancing through my life")]
What a feeling
What a feeling (I am music now), bein's believin' (I am rhythm now)
Pictures come alive, you can dance right through your life
What a feeling (I can really have it all)
What a feeling (Pictures come alive when I call)
I can have it all (I can really have it all)
Have it all (Pictures come alive when I call)
(call, call, call, call, what a feeling) I can have it all
(Bein's believin') bein's believin'
(Take your passion, make it happen) make it happen
(What a feeling) what a feeling...
http://www.bigfatpurse.com/2011/10/what ... the-world/
Hi Alvin,
yes, I think I shared with you about the importance of having a Passion and Mission in life when we met for the first time in Dec 2008.
For me, I only found my purpose in life in 1998, at age 29. ie.to learn how to master my own finances and reach Financial Freedom and then to teach and help others to reach Financial Freedom as well.
Now i realise my Mission goes beyond just helping others reach Financial Freedom, I want to help to inspire and motivate others to pursue their dreams and passion. I want to help to bridge the Rich-Poor Divide that exist in the world today.
yes, we would definitely Make money and get Richer by increasing our Financial Knowledge.
I hope seminar graduates NOT only Make Money, but more importantly, become a Better Person, strive for Continuous and Never-Ending Improvement, so that we can Serve More People, Increase our Value Add to Society and Make a Difference to the Society.
We can also help the society to change from being Selfish and focus on Self Love to being Selfless and focus on Selfless Love, by first changing ourselves.
I want to initiate to set up a S$100 million Charitable Foundation in Singapore in 5 years' time and set up S$100 million Charitable Foundation in 100 countries in 10 years' time.
This is not my Charitable Foundation, but each foundation is set up by 10,000 founding members.
The Charitable Foundation is aimed to elevate the Poor from Poverty. Poverty is a problem that even governments throughout the world cannot solve. We will elevate the Poor by empowering them with knowledge, how to plan and manage their finances, and to start small business eg. selling things on internet, or become self-employed. Then lend them S$5,000 to S$10,000 (micro-financing) to help them get started...the foundation is supported by 10,000 founding members as volunteers.
I believe it can be done, in 5 years, 10,000 of us each donate S$10,000 to set up the S$100 million Charitable Foundation. We will fine tune the system, then we will send 100 of our founding members to 100 countries to help these countries start a similar foundation in their own country.
Steps to Success is as simple as Conceive, Believe, Achieve...
I firmly believe that this Goal can be achieved if I gather enough people to work towards this goal. And I have counted you as one of the 10,000 Founding Members of this Charitable Foundation. Do you want to be one of the 10,000 people who Make a Difference to Singapore and the World?
I believe that we can do something we Enjoy, Make Money and Make a Difference, ALL at the same time. We can have it all, we can really have it all. What a feeling, what a feeling!
http://www.youtube.com/watch?v=ItPbGvPKHFI
In time to come, let's help to set up 100 S$100 million Charitable Foundation in 100 countries to help educate and empower the Poor to elevate themselves from Poverty.
Don't just Make Money, Make a Difference!
Over the years, I realised my greatest Wish is not just to help 1 million people achieve one million dollars...but really to:
1. inspire and encourage more people to find your Mission and Passion in life and to Pursue Your Passion.
2. Be the best you can be in your area of Chosen Field, so that you can Contribute the most to Society
3. Wealth and Riches and Financial Freedom will definitely come if you are really good at what you do and if you learn how to Grow your Money (savings).
4. When you become Wealthy, then it is time for you to think about what you can do for the less fortunate and the poorest in the Society...I believe the best thing we can do for them is giving time and money and also to Inspire them, Empower them, so that they can lift themselves out of Poverty, with our guidance.
5. If in 5 years, 10,000 of us (seminar graduates) can reach out to help/inspire/encourage 100 people each, then together, we can help 1 million people.
Can you see this?
Do you believe this can happen?
Do you want to help to make this happen?
It just take 10,000 of us to do this, starting with the current 1,700 semnar graduates, and that includes you.
http://www.youtube.com/watch?v=ItPbGvPKHFI
First, when there's nothing but a slow glowing dream
That your fear seems to hide deep inside your mind
All alone I have cried silent tears full of pride
In a world made of steel, made of stone
Well I hear the music, close my eyes, feel the rhythm
Wrap around, take a hold of my heart
[Chorus:]
What a feeling, bein's believin'
I can't have it all, now I'm dancin' for my life
Take your passion, and make it happen
Pictures come alive, you can dance right through your life
[Solo]
Now I hear the music, close my eyes, I am rhythm
In a flash it takes hold of my heart
[chorus (with ... "now I'm dancing through my life")]
What a feeling
What a feeling (I am music now), bein's believin' (I am rhythm now)
Pictures come alive, you can dance right through your life
What a feeling (I can really have it all)
What a feeling (Pictures come alive when I call)
I can have it all (I can really have it all)
Have it all (Pictures come alive when I call)
(call, call, call, call, what a feeling) I can have it all
(Bein's believin') bein's believin'
(Take your passion, make it happen) make it happen
(What a feeling) what a feeling...
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Thank you Dennis for your teaching.
Definitely the foundation will realise because you believe so much in it, and you give so much to us.
Definitely the foundation will realise because you believe so much in it, and you give so much to us.
www.bigfatpurse.com - Living a Life of Abundance
Hi Alvin,alvin wrote:Thank you Dennis for your teaching.
Definitely the foundation will realise because you believe so much in it, and you give so much to us.
all seminar graduates, including you would help to decide whether the Charitable Foundation will remain just a dream or become reality.
I've even written this in my "epilogue" for my 3rd book, hope that my 3rd book can help us to get more "supporters" for the Charitable Foundation(s).
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
The latest information has reaffirmed that the Rich Poor Divide in Singapore is getting wider.
This makes it even more meaningful that we need to help do something about it. We cannot wait or depend on government to do it.
Cheers!
Dennis Ng
Are the income level keeping up with the increase in property prices?
Cheers!
Dennis Ng
Focus on low-income workers
From 2001 to last year, real wage increase for this group was 'flat': Report
by Ong Dai Lin
Updated 11:18 AM Oct 12, 2011
SINGAPORE - The Republic boasts one of the highest citizen employment rates around the world but when it comes to older workers, Singapore is behind the pacesetters.
According to a paper by the Ministry of Manpower (MOM) and the Singapore Department of Statistics - the findings of which were released yesterday - almost eight in 10 Singaporeans aged 25 to 64 were employed last year.
However, the employment rate of those aged between 55 and 64 was 58.7 per cent - lower than Japan (65.3 per cent), South Korea (60.9 per cent) and the United States (60.3 per cent). Nevertheless, Singapore fared better on this count compared to Hong Kong (45.5 per cent) and Taiwan (42.4 per cent).
The report also found that real income growth for low-wage Singaporeans - those in the 20th percentile - was "flat" from 2001 to last year. For this group, nominal income rose by 17 per cent from S$1,200 in 2001 to S$1,400 last year.
In a posting on the MOM blog, Minister of State Tan Chuan-Jin expressed concern about the "worrying" situation.
He said: "Even if one considers the fact that this problem is not atypical when comparing with other countries, we should aim to do more. Encouragingly, their incomes are boosted when Government transfers and schemes like Workfare kicks in. We need to continue to do this and to go further."
Still, the report noted that despite experiencing three recessions over the decade, the overall median monthly income of citizens in full-time employment grew by 29 per cent from S$2,000 in 2001 to S$2,588 last year. After taking inflation into account, the median income rose in real terms by 11 per cent over the period.
The findings also show that older Singaporeans are more likely to stay unemployed longer once they are out of work.
For instance, the median duration of unemployment among citizens aged 50 and above was 12 weeks, higher than the eight weeks for all unemployed citizens in June last year. As of June last year, there were 1,712,600 citizens who were working, making up 58.3 per cent of the labour force (excluding foreign domestic workers). In comparison, permanent residents and non-residents comprised 11.4 per cent and 30.3 per cent respectively.
'Special focus on lower-income workers'
In MOM's addendum yesterday to President Tony Tan Keng Yam's address at the opening of Parliament on Monday, the ministry said that there will be special focus on lower-income workers.
Manpower Minister Tharman Shanmugaratnam said: "Helping our more vulnerable workers contribute to and share in Singapore's progress will remain a key priority. We will take further measures to help them upgrade, secure good jobs and achieve higher incomes."
Mr Tharman, who is also Deputy Prime Minister, noted that efforts to raise productivity were "essential if we are to increase real incomes for Singaporeans broadly, including those with low incomes".
Mr Tharman also said that MOM is "shifting to quality, rather than increases in the workforce, as the basis of growth". He noted Singapore's resident workforce will grow more slowly and the proportion of younger workers will decline too.
He added: "We must tread a balanced path in our manpower policies. Our economy must remain welcoming to both businesses and talent from abroad, so as to create and sustain good jobs … We will at the same time seek to keep the overall share of foreigners in the workforce at no higher than one-third over the long term."
On older workers, Mr Tharman noted that the Retirement and Re-employment Act will come into effect in January next year.
"We will also assist companies to recruit, retain and re-employ older workers, with outreach and incentives to redesign jobs and work arrangements to suit the needs and preferences of an older workforce."
Mr Tharman also reiterated that MOM will review the Workfare Income Supplement scheme as well as the Central Provident Fund (CPF) contribution rates of older workers.
MOM will also encourage companies to adopt responsible outsourcing practices - instead of cheap-sourcing - as well as promote life-long learning, Mr Tharman said.
Some key findings
- Unemployment rate among citizens is at 3.1 per cent in June, down from 4.5 per cent in 2009 during the recession.
- Median monthly income of citizens in full time employment increased by 11 per cent in real terms from 2001 to last year.
- Real income growth for low-income Singaporeans was "flat" from 2001 to last year. For this group, nominal income rose by 17 per cent from S$1,200 in 2001 to S$1,400 last year.
- 23 per cent of citizens employed last year were degree holders, up from 14 per cent in 2001
- 49 per cent of citizens employed last year were in PMET jobs, up from 42 per cent in 2001
This makes it even more meaningful that we need to help do something about it. We cannot wait or depend on government to do it.
Cheers!
Dennis Ng
11 percent increase in income in 10 years (or 1.1% per year) can be considered good news? It shows clearly that Information is Neutral but Interpretation of Information can be very subjective.Dennis Ng wrote:
Now i realise my Mission goes beyond just helping others reach Financial Freedom, I want to help to inspire and motivate others to pursue their dreams and passion. I want to help to bridge the Rich-Poor Divide that exist in the world today.
I hope seminar graduates NOT only Make Money, but more importantly, become a Better Person, strive for Continuous and Never-Ending Improvement, so that we can Serve More People, Increase our Value Add to Society and Make a Difference to the Society.
I want to initiate to set up a S$100 million Charitable Foundation in Singapore in 5 years' time and set up S$100 million Charitable Foundation in 100 countries in 10 years' time.
This is not my Charitable Foundation, but each foundation is set up by 10,000 founding members.
The Charitable Foundation is aimed to elevate the Poor from Poverty. Poverty is a problem that even governments throughout the world cannot solve. We will elevate the Poor by empowering them with knowledge, how to plan and manage their finances, and to start small business eg. selling things on internet, or become self-employed. Then lend them S$5,000 to S$10,000 (micro-financing) to help them get started...the foundation is supported by 10,000 founding members as volunteers.
I believe it can be done, in 5 years, 10,000 of us each donate S$10,000 to set up the S$100 million Charitable Foundation. We will fine tune the system, then we will send 100 of our founding members to 100 countries to help these countries start a similar foundation in their own country.
Are the income level keeping up with the increase in property prices?
Cheers!
Dennis Ng
Focus on low-income workers
From 2001 to last year, real wage increase for this group was 'flat': Report
by Ong Dai Lin
Updated 11:18 AM Oct 12, 2011
SINGAPORE - The Republic boasts one of the highest citizen employment rates around the world but when it comes to older workers, Singapore is behind the pacesetters.
According to a paper by the Ministry of Manpower (MOM) and the Singapore Department of Statistics - the findings of which were released yesterday - almost eight in 10 Singaporeans aged 25 to 64 were employed last year.
However, the employment rate of those aged between 55 and 64 was 58.7 per cent - lower than Japan (65.3 per cent), South Korea (60.9 per cent) and the United States (60.3 per cent). Nevertheless, Singapore fared better on this count compared to Hong Kong (45.5 per cent) and Taiwan (42.4 per cent).
The report also found that real income growth for low-wage Singaporeans - those in the 20th percentile - was "flat" from 2001 to last year. For this group, nominal income rose by 17 per cent from S$1,200 in 2001 to S$1,400 last year.
In a posting on the MOM blog, Minister of State Tan Chuan-Jin expressed concern about the "worrying" situation.
He said: "Even if one considers the fact that this problem is not atypical when comparing with other countries, we should aim to do more. Encouragingly, their incomes are boosted when Government transfers and schemes like Workfare kicks in. We need to continue to do this and to go further."
Still, the report noted that despite experiencing three recessions over the decade, the overall median monthly income of citizens in full-time employment grew by 29 per cent from S$2,000 in 2001 to S$2,588 last year. After taking inflation into account, the median income rose in real terms by 11 per cent over the period.
The findings also show that older Singaporeans are more likely to stay unemployed longer once they are out of work.
For instance, the median duration of unemployment among citizens aged 50 and above was 12 weeks, higher than the eight weeks for all unemployed citizens in June last year. As of June last year, there were 1,712,600 citizens who were working, making up 58.3 per cent of the labour force (excluding foreign domestic workers). In comparison, permanent residents and non-residents comprised 11.4 per cent and 30.3 per cent respectively.
'Special focus on lower-income workers'
In MOM's addendum yesterday to President Tony Tan Keng Yam's address at the opening of Parliament on Monday, the ministry said that there will be special focus on lower-income workers.
Manpower Minister Tharman Shanmugaratnam said: "Helping our more vulnerable workers contribute to and share in Singapore's progress will remain a key priority. We will take further measures to help them upgrade, secure good jobs and achieve higher incomes."
Mr Tharman, who is also Deputy Prime Minister, noted that efforts to raise productivity were "essential if we are to increase real incomes for Singaporeans broadly, including those with low incomes".
Mr Tharman also said that MOM is "shifting to quality, rather than increases in the workforce, as the basis of growth". He noted Singapore's resident workforce will grow more slowly and the proportion of younger workers will decline too.
He added: "We must tread a balanced path in our manpower policies. Our economy must remain welcoming to both businesses and talent from abroad, so as to create and sustain good jobs … We will at the same time seek to keep the overall share of foreigners in the workforce at no higher than one-third over the long term."
On older workers, Mr Tharman noted that the Retirement and Re-employment Act will come into effect in January next year.
"We will also assist companies to recruit, retain and re-employ older workers, with outreach and incentives to redesign jobs and work arrangements to suit the needs and preferences of an older workforce."
Mr Tharman also reiterated that MOM will review the Workfare Income Supplement scheme as well as the Central Provident Fund (CPF) contribution rates of older workers.
MOM will also encourage companies to adopt responsible outsourcing practices - instead of cheap-sourcing - as well as promote life-long learning, Mr Tharman said.
Some key findings
- Unemployment rate among citizens is at 3.1 per cent in June, down from 4.5 per cent in 2009 during the recession.
- Median monthly income of citizens in full time employment increased by 11 per cent in real terms from 2001 to last year.
- Real income growth for low-income Singaporeans was "flat" from 2001 to last year. For this group, nominal income rose by 17 per cent from S$1,200 in 2001 to S$1,400 last year.
- 23 per cent of citizens employed last year were degree holders, up from 14 per cent in 2001
- 49 per cent of citizens employed last year were in PMET jobs, up from 42 per cent in 2001
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Why are some people richer than others? What makes you deserve a greater wealth?
http://www.masteryourfinance.com/forum/ ... php?t=2347
Extracting from part of the full message here:
cannizzaro wrote:A dialogue with Robert Kuok in China TV program, he is a humble & successful businessman,
http://www.youtube.com/watch?v=yXpF71Ra ... ture=share
For a clearer explanation of 德者, 本也. 财者, 末也, please read what Alvin Chow (seminar graduate) after hearing me share about the concept of "Wealth Container" last Thursday after end of Path to Financial Freedom Workshop.nglc wrote:I had watched twice the interview to appreciate in depth. His humbleness and humility is a true define for a quote what Dennis had shared in a seminar on Saturday.
德者, 本也. 财者, 末也. 一个人的度量有多大，他的容量就有多大，容量有多大，他的能量就有多大。
Virtuous and humility are the fundamentals that one should hold, material should come the least thing to consider. The extent of one's capacity shall determine how much of one's energy.
Thanks cannizzaro for the sharing.
http://www.masteryourfinance.com/forum/ ... php?t=2347
Extracting from part of the full message here:
alvin wrote:Why are some people richer than others? What makes you deserve a greater wealth?
Dennis was sharing with us that the wealth of a person depends on how big his container is. Everyone has a container and it relates to the ability of the person to attract wealth. Essentially, his message is that we need to know the principle of Be-Do-Have. We need to be the kind of person to command $1 million first, before we can have $1 million. On the contrary, most people will only dream about having $1 million, and it often remain as a dream.
We need to ask how would a millionaire think and behave? Compare to our thinking patterns and behaviour, how far are we from a millionaire? What are the wrong perceptions we need to remove? What are the new beliefs that we need to adopt? What are the skills require to get to that level? What are the bad habits that we need to unlearn? You should know by now that the focus is about becoming a better person. The wealth container will grow as you turn better and the more money you can command.
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
I learned so much from Jack Ma just listening to him in these few interviews I'm now sharing with you.
Hope you learn something as well. Remember to focus on CANI Continuous and Never-Ending Improvement.
Cheers!
Dennis Ng
Jack Ma of Alibaba is an entrepreneur I respect and admire for his vision, courage and principles in doing business. He rather helps small business in internet than make money from internet gaming..
If you want to be a successful company in the 21st Century, you have to learn how to solve problems of society instead of catching one or two opportunities,
Making money is very simple. Making sustainable money, responsible to the society, improve the world, meanwhile making alot of money is very difficult and what's worth aiming for.
Alibaba's Ma Reflects On 12-Year Journey at China 2.0 Conference
http://www.youtube.com/watch?feature=pl ... GC4#t=221s
Always think about the Mission, it's the Mission that gets you there:
http://www.youtube.com/watch?v=CK4qLgQN ... re=related
Charlie Rose interview with Jack Ma:
Jack Ma says focus on helping to serve other people, in his case, his focus is on helping Small Businesses in China, and that's how it led to the success of Alibaba, Taobao and Alipay...
Jack Ma believes in Customer No. 1, employee No. 2 and shareholders No. 3...without customers, there'll be no employees.
Alibaba's Core Competence is its Organisation Culture, everyone tries to help one another, it's the belief and support in the company's Mission and Living the Company's Values....
http://www.charlierose.com/view/interview/11215
Jack Ma says the company that will become Great in 21st Century is company that think about how to solve a social problem the world faces.
I think the Rich-Poor Divide, the lack of Financial Education and as a result, many people cannot retire and cannot reach Financial Freedom is one of the TOP problems faced by the entire world....
If we can help to solve this problem (just a role to play, not solving the entire problem), that in 5 years' time we will be many times Greater than what we are currently.
And when we do that, we are making a Very, Very, Very BIG Difference to the society and to the world...and of course, along the way our income will increase....just a side effect...
So are you excited to be a part of this? (Read posting below for what we want to do for the society)
Hope you learn something as well. Remember to focus on CANI Continuous and Never-Ending Improvement.
Cheers!
Dennis Ng
Jack Ma of Alibaba is an entrepreneur I respect and admire for his vision, courage and principles in doing business. He rather helps small business in internet than make money from internet gaming..
If you want to be a successful company in the 21st Century, you have to learn how to solve problems of society instead of catching one or two opportunities,
Making money is very simple. Making sustainable money, responsible to the society, improve the world, meanwhile making alot of money is very difficult and what's worth aiming for.
Alibaba's Ma Reflects On 12-Year Journey at China 2.0 Conference
http://www.youtube.com/watch?feature=pl ... GC4#t=221s
Always think about the Mission, it's the Mission that gets you there:
http://www.youtube.com/watch?v=CK4qLgQN ... re=related
Charlie Rose interview with Jack Ma:
Jack Ma says focus on helping to serve other people, in his case, his focus is on helping Small Businesses in China, and that's how it led to the success of Alibaba, Taobao and Alipay...
Jack Ma believes in Customer No. 1, employee No. 2 and shareholders No. 3...without customers, there'll be no employees.
Alibaba's Core Competence is its Organisation Culture, everyone tries to help one another, it's the belief and support in the company's Mission and Living the Company's Values....
http://www.charlierose.com/view/interview/11215
Jack Ma says the company that will become Great in 21st Century is company that think about how to solve a social problem the world faces.
I think the Rich-Poor Divide, the lack of Financial Education and as a result, many people cannot retire and cannot reach Financial Freedom is one of the TOP problems faced by the entire world....
If we can help to solve this problem (just a role to play, not solving the entire problem), that in 5 years' time we will be many times Greater than what we are currently.
And when we do that, we are making a Very, Very, Very BIG Difference to the society and to the world...and of course, along the way our income will increase....just a side effect...
So are you excited to be a part of this? (Read posting below for what we want to do for the society)
Dennis Ng wrote: I hope seminar graduates NOT only Make Money, but more importantly, become a Better Person, strive for Continuous and Never-Ending Improvement, so that we can Serve More People, Increase our Value Add to Society and Make a Difference to the Society.
We can also help the society to change from being Selfish and focus on Self Love to being Selfless and focus on Selfless Love, by first changing ourselves.
I want to initiate to set up a S$100 million Charitable Foundation in Singapore in 5 years' time and set up S$100 million Charitable Foundation in 100 countries in 10 years' time.
This is not my Charitable Foundation, but each foundation is set up by 10,000 founding members.
The Charitable Foundation is aimed to elevate the Poor from Poverty. Poverty is a problem that even governments throughout the world cannot solve. We will elevate the Poor by empowering them with knowledge, how to plan and manage their finances, and to start small business eg. selling things on internet, or become self-employed. Then lend them S$5,000 to S$10,000 (micro-financing) to help them get started...the foundation is supported by 10,000 founding members as volunteers.
I believe it can be done, in 5 years, 10,000 of us each donate S$10,000 to set up the S$100 million Charitable Foundation. We will fine tune the system, then we will send 100 of our founding members to 100 countries to help these countries start a similar foundation in their own country.
Steps to Success is as simple as Conceive, Believe, Achieve...
I firmly believe that this Goal can be achieved if I gather enough people to work towards this goal. And I have counted you as one of the 10,000 Founding Members of this Charitable Foundation. Do you want to be one of the 10,000 people who Make a Difference to Singapore and the World?
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Counting down, 1 month to the launch of my 3rd Book (100% in English) "What Your School Never Taught You About Money" at Popular Bookfest at Suntec City Convention Centre on 19 Nov 2011...excited...
I'll be sharing all the things that Your School Never Taught You About Money, eg. What's the difference between Investing and Gambling?
Other topics shared in the book include:
What are the Laws of Money?
How to decide when to sell stocks?
What are the Common Mistakes in filing Income Tax return?
How to decode Housing Loan packages?
What can we learn from the Richest Investor about Investing?
Why Robert Kiyosaki's definition of Assets and Liabilities are wrong? Understanding what is a ETF?
Understanding what is a REIT?
Outlook for Stock and Property Market in year 2012/13?
What is currency war? Currency Way de-mystified
How to prepare for the next Global Financial Crisis?
and many, many other topics...
Other topics include:
What is Money?
What your school taught about Investments might be all wrong?
Why study hard and work hard no longer guarantee Success?
Making sense of SIBOR vs SOR for Home Loans;
Painful Lessons I learned from Asian Financial Crisis;
7 Strategies to fatten your Wallet;
Common Misconceptions taught in Financial Planning;
How to go from Money Not Enough to Financial Freedom?
And many, many more...
All in all, a total of 42 Topics will be covered in this book...
I'll be sharing all the things that Your School Never Taught You About Money, eg. What's the difference between Investing and Gambling?
Other topics shared in the book include:
What are the Laws of Money?
How to decide when to sell stocks?
What are the Common Mistakes in filing Income Tax return?
How to decode Housing Loan packages?
What can we learn from the Richest Investor about Investing?
Why Robert Kiyosaki's definition of Assets and Liabilities are wrong? Understanding what is a ETF?
Understanding what is a REIT?
Outlook for Stock and Property Market in year 2012/13?
What is currency war? Currency Way de-mystified
How to prepare for the next Global Financial Crisis?
and many, many other topics...
Other topics include:
What is Money?
What your school taught about Investments might be all wrong?
Why study hard and work hard no longer guarantee Success?
Making sense of SIBOR vs SOR for Home Loans;
Painful Lessons I learned from Asian Financial Crisis;
7 Strategies to fatten your Wallet;
Common Misconceptions taught in Financial Planning;
How to go from Money Not Enough to Financial Freedom?
And many, many more...
All in all, a total of 42 Topics will be covered in this book...
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
The number of Millionaires in Singapore to double to 408,000
My comments:
I think it is meaningless to include home value in counting as a Millionaire. This is not the usual way how Millionaires are "qualified", which is basically excluding value of Home. Becos even a HDB flat can be $500,000, so if include home, means the person only has $500,000 and far off from $1 million.
Let's help 1,000,000 people to reach $1 million at least (excluding value of home). And together, 10,000 of us will help set up a $100 million Charitable Foundation to help elevate the Poor from Poverty.
The Rich Poor Divide and Poverty problem are 2 problems governments cannot solve, let's do our part to help solve these 2 problems.
Cheers!
Dennis Ng
Millionaires in Singapore to grow from 183,000 to 408,000 by 2016
Published on Oct 20, 2011
The number of millionaires in Singapore are expected to more than double by 2016, from the current 183,000 to 408,000.
By Magdalen Ng
Singapore millionaires to double to 400,000 in 5 years: Report
Magdalen Ng
The Straits Times
Publication Date : 20-10-2011
Just five years from now, the number of US dollar millionaires in Singapore will more than double from 183,000 today to 408,000, according to a new report.
The Credit Suisse Global Wealth Report released yesterday says this is part of a fundamental global shift, as wealth pours into emerging economies.
The report defines a millionaire as having US$1 million in assets, less household debt. Unlike some other surveys, the value of the home is included. Home values in Singapore have surged in recent years.
The number of millionaires worldwide is growing, too, though not as fast.
The millionaire's club will boast 47 million members by 2016, a rise of 17 million, and emerging economies are expected to catch up with developed nations.
Leading the charge in Asia are India, with an expected surge of 150 per cent in millionaires by 2016, and China, with an anticipated jump of 134 per cent.
The study also found Singaporeans to be the second richest, on average, in the Asia-Pacific region, after the Australians, and are ranked fifth globally. Household wealth has risen by about 32 per cent to US$285,000 this year, up from US$215,000 in January last year.
The report also said Singapore had fairly low debt for a wealthy nation, at an average of US$44,000.
Wealth distribution here shows "only moderate inequality", with relatively few people with wealth below US$1,000, and about six times the global average of those with wealth above US$100,000.
Associate Professor Fong Wai Mun of the National University of Singapore Business School said there is a difference between liquid and illiquid wealth. "For the average Singaporean, a lot of the growth in wealth will come from the increase in value of their residence, and they may not feel much richer. You can't spend your house until you liquidate it, but it is definitely still wealth, and an asset."
Mr P. K. Basu, managing director and chief economist for Asia at Daiwa Capital Markets, said: "Singapore's savings rate is among the highest in the world."
That meant people had significant wealth in the Central Provident Fund, stocks, investment funds and property.
The report showed the Asia-Pacific emerging as the dominant contributor to global wealth growth, accounting for 54 per cent of all new global wealth since January. Total global wealth stands at US$231 trillion.
Household wealth in the Asia-Pacific is also expected to equal that in Europe by 2013. It is expected to be US$118 trillion in 2016, compared with Europe's US$113 trillion by then. The position today is US$78 trillion for Europe, and US$75 trillion for Asia-Pacific. North America stands at US$65 trillion.
Credit Suisse Asia-Pacific chief executive Osama Abbasi said: "These are times of unprecedented economic change, and a radical reconfiguration of the world's economic order is taking shape. Emerging markets are important drivers of the global recovery and remain the key growth engines of global wealth."
The findings will affect future investment trends, said Credit Suisse's head of global research Giles Keating. "Some of our investment conclusions are that there should be an emphasis on consumer trends and infrastructure investments in the emerging markets, as well as a range of environmentally linked type companies such as alternative energy or resource efficiency."
He added: "A slight warning though: All of these investment themes, of course, go through cycles and even if the theme itself is one that goes 10 years or more, there will be moments you want to step back, or move in.
"On a strategic basis, I'm not trying to make a market call over the next three weeks or three months, but it does look as though many of the stocks related to these trends have come down in price over the recent difficult period in the market. Many of them do seem to offer a good number term value at the moment."
Mr Joseph Tan, director and Asian chief economist of the private banking division at Credit Suisse, said the bank was very optimistic about emerging markets, especially in Asia, but added that while growth is attractive "you also have to contend with issues such as governance and transparency"
I think it is meaningless to include home value in counting as a Millionaire. This is not the usual way how Millionaires are "qualified", which is basically excluding value of Home. Becos even a HDB flat can be $500,000, so if include home, means the person only has $500,000 and far off from $1 million.
Let's help 1,000,000 people to reach $1 million at least (excluding value of home). And together, 10,000 of us will help set up a $100 million Charitable Foundation to help elevate the Poor from Poverty.
The Rich Poor Divide and Poverty problem are 2 problems governments cannot solve, let's do our part to help solve these 2 problems.
Cheers!
Dennis Ng
Millionaires in Singapore to grow from 183,000 to 408,000 by 2016
Published on Oct 20, 2011
The number of millionaires in Singapore are expected to more than double by 2016, from the current 183,000 to 408,000.
By Magdalen Ng
Singapore millionaires to double to 400,000 in 5 years: Report
Magdalen Ng
The Straits Times
Publication Date : 20-10-2011
Just five years from now, the number of US dollar millionaires in Singapore will more than double from 183,000 today to 408,000, according to a new report.
The Credit Suisse Global Wealth Report released yesterday says this is part of a fundamental global shift, as wealth pours into emerging economies.
The report defines a millionaire as having US$1 million in assets, less household debt. Unlike some other surveys, the value of the home is included. Home values in Singapore have surged in recent years.
The number of millionaires worldwide is growing, too, though not as fast.
The millionaire's club will boast 47 million members by 2016, a rise of 17 million, and emerging economies are expected to catch up with developed nations.
Leading the charge in Asia are India, with an expected surge of 150 per cent in millionaires by 2016, and China, with an anticipated jump of 134 per cent.
The study also found Singaporeans to be the second richest, on average, in the Asia-Pacific region, after the Australians, and are ranked fifth globally. Household wealth has risen by about 32 per cent to US$285,000 this year, up from US$215,000 in January last year.
The report also said Singapore had fairly low debt for a wealthy nation, at an average of US$44,000.
Wealth distribution here shows "only moderate inequality", with relatively few people with wealth below US$1,000, and about six times the global average of those with wealth above US$100,000.
Associate Professor Fong Wai Mun of the National University of Singapore Business School said there is a difference between liquid and illiquid wealth. "For the average Singaporean, a lot of the growth in wealth will come from the increase in value of their residence, and they may not feel much richer. You can't spend your house until you liquidate it, but it is definitely still wealth, and an asset."
Mr P. K. Basu, managing director and chief economist for Asia at Daiwa Capital Markets, said: "Singapore's savings rate is among the highest in the world."
That meant people had significant wealth in the Central Provident Fund, stocks, investment funds and property.
The report showed the Asia-Pacific emerging as the dominant contributor to global wealth growth, accounting for 54 per cent of all new global wealth since January. Total global wealth stands at US$231 trillion.
Household wealth in the Asia-Pacific is also expected to equal that in Europe by 2013. It is expected to be US$118 trillion in 2016, compared with Europe's US$113 trillion by then. The position today is US$78 trillion for Europe, and US$75 trillion for Asia-Pacific. North America stands at US$65 trillion.
Credit Suisse Asia-Pacific chief executive Osama Abbasi said: "These are times of unprecedented economic change, and a radical reconfiguration of the world's economic order is taking shape. Emerging markets are important drivers of the global recovery and remain the key growth engines of global wealth."
The findings will affect future investment trends, said Credit Suisse's head of global research Giles Keating. "Some of our investment conclusions are that there should be an emphasis on consumer trends and infrastructure investments in the emerging markets, as well as a range of environmentally linked type companies such as alternative energy or resource efficiency."
He added: "A slight warning though: All of these investment themes, of course, go through cycles and even if the theme itself is one that goes 10 years or more, there will be moments you want to step back, or move in.
"On a strategic basis, I'm not trying to make a market call over the next three weeks or three months, but it does look as though many of the stocks related to these trends have come down in price over the recent difficult period in the market. Many of them do seem to offer a good number term value at the moment."
Mr Joseph Tan, director and Asian chief economist of the private banking division at Credit Suisse, said the bank was very optimistic about emerging markets, especially in Asia, but added that while growth is attractive "you also have to contend with issues such as governance and transparency"
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.