Singapore is often touted as some of the world's richest people. Is this really true? Narrated by Tom McKay Video Edited by Iyanbriandi Inquiries: behindasian@gmail.com Brought to you by the Behind Asian Team.
There's a bunch of newly minted Singaporeans who are filthy rich. The nation itself is filthy rich but 80% of Singaporeans are just normal people living in small apartments eating at cheap hawker centers. If you randomly choose a mansion in Sentosa Cove, chances are the owner is likely a newly minted Singaporean who did not serve National Service/a permanent resident/ foreign businessman with companies or factories in Singapore. Globally many Singaporeans cannot be considered poor due to our small country size, housing policy and compulsory savings. Affluent is probably the word for many Singaporeans. Many Singaporeans are insecure as we are indoctrinated to scoff at social welfare & we will work ourselves to death rather than rely on social help.
@@jjsamuelgunn1136 Singapore is already ranked very high in terms of millionaires by population. It's just near impossible to make 80% of a population multi millionaires who can afford a 20 million mansion. If you have a sound plan, we are happy to learn from you.
@@doodlemecrzy8075 it doesn't really matter if the 80% that you say consist of millionaires or not. in fact, didn't you actually say the 80% are 'normal people' eating in 'cheap hawker centers'. i am asking you about the 'newly minted Singaporeans' that you keep referring to. my first question is where and how did they make their money? did they make their money in Singapore, from Singapore? how? are they not originally foreigners? that's what you mean by 'newly minted' isn't it. you say they have companies and factories in Singapore. how are these foreigners able to set up companies and factories in Singapore when locals aren't able to do so?
@@jjsamuelgunn1136 4/10 of the Top billionaires in Singapore are foreign born who made their fortunes overseas. Some are in tech some deal in food etc. There are also quite a few new ones from China. Eg Jack Ma's wife bought a few shophouses recently to a tune of ~50 million. They are likely to have 1st gotten Permanent residency and subsequently citizenship through the Global Investor program where you can invest $10 million in a local business or setup a $200 million family office. Plenty of countries have these rich men visas but just in 2022 there's an estimated >1000 family offices setup in Singapore. Many rich folks moving $ away from HK & China.
Not every country on earth have US dollar billionaires. For a country as small as Hong Kong and Singapore, both countries are doing fine for having some of the countries with most millionaires and billionaires per capita.@@georgeho8997
Not accurate, u can have a few thousand poor one and just need a billionaire to boost up the average income, then u said on average people are rich but in axctual fact only one rich man.
The average Singaporeans are not poor but definitely not well off as it once was. Take for example a graduate couple earning $5,000 each. With $10,000, CPF take $2,000 Left $8,000. A HDB flat cost $500k. A meal from delivery cost $20 for the couple. Water and electricity if air conditioner cost at least $300 per month. Transport with occasional PHD cost at least $1k. Arrival of a child with a maid cost at least another thousand. Clothing and other expenses such as taxes, entertainment maybe another.$1k per month. Note this is for graduates only, the majority earned less than $5k per month.
😂😂😂😂😂😂. Tell you BTO. You refuse to wait. Tell you go cooking. You refuse to cook. Tell you 300 aircon per month too high. You say ok. Still want entertain. 😂😂😂😂😂😂😂😂😂😂😂😂. Not rich ?
Sorry 8k not enough? You buy delivery food? Why not cook or go hawker daobao? Why use Aircon? Use fan? And what kind of transport costs 1k use the public transport system? And why use maid you have parents who retired I'm sure they will be happy to help. Singaporeans cry poor but in truth they are living way above their paycheck. 5k salary trying to live like a 10k lifestyle
expectation matters. if you are looking at buying expensive cars, house etc, you will definitely feel that money is always not enough. not to mention sending kids to expensive tuitions and enrichment classes as well. True that HDB and housing loans will make us work until we die... but there also people here who bought cheaper house years ago and did not upgrade and still living a comfortable live earning around the median wage.
Like every other country all over the World.... There will always be someone that is crazy rich... There will always be someone that is rich, some middle income, some poor. But overall... Most Singaporean don't have to work 2 job to survive. There is even Singaporean family with only a single income with 2 kids and yet is living normally.
@hloc That's where you are wrong. Majority have both working parents. A few of my friends (age 64) are still working and have little or no savings. They stay in HDB flat and don't drive.
@@steventay5834 which part am I wrong ?? Working 2 job mean a single person working 2 job... Not a couple working 2 job each... And you can point out people you know working at 64... I can also point out family members who has already retired before 55... Simply... We have to agree that NOT every Singaporean can retire (including me) but many can and does...
@@steventay5834 again... What I said is there will be some who are crazy rich... Some rich... Some middle income, some poor... I didn't say most or all are rich... Only that most don't have to work 2 job... One in the morning and one in the evening... To survive... And yes, it also depends on your lifestyle...
Spending power relative to most nations, yes we're pretty well to do. Just not in our home country. Wanna be a millionaire? Your 9 - 6 job can get you there right at about retirement provided you have proper financial planning, or strike the lottery lol.
Singaporeans are really stable economically, just like many other in Asia, financial knowledge by the common person makes them very stable and without contracting too much debt. Singapore is the same like Japan, South Korea and Taiwan, developed and well-educated people!!!
When they go for holiday ??? They go overseas, these you have missed out. 😄 Just to buy a licence to drive a vehicle for 10 years only. Be it personal or commercial at S$60 grand 🤣""Food for Thought""
Not really check out China is the richest nation by overall wealth in Asia also Japan they come second after China but yeah if you compare wealth per capita / per person than Singapore is the richest nation in entire Asia!
Wealth doesn’t equate to Median income or salary things like this bullshit don’t tell how rich people are in a particular country because high taxes and expenses can get rid of most of what people earn in a country!
@@Isaacaijazebf2j You're right.. China is still the richest nation by overall wealth in Asia, but compared per capita/person, then Singapore comes out as the richest nation.
Rich is subjective. The people that profited the most from this phenom are the hardworking, white collar johorians and johor malaysian contractors. Life is stressful but they earn top dollars in the sg and spend in MY and in RMB without the pain of "working abroad" or missing their families. They are the ones who can truly feel rich compared to their neighbours. Local singaporeans paid high expenditure high, they wont feel rich.
Many of the squeezed middle & low class earned just enough of pay for the high cost of living, highest paid million $$ salary to maintain the govt ministers & cabinet in the world, cope with hidden inflation, CPF being locked till 65 yrs old to get retirement $$ of less than $1K. Urban poverty is vacuum to show the world that Singapore is rich. Many like me had to do 2 jobs to curb with rising cost. No choice I am loyal to feed the million $$ cabinet. One of the highest paid in the world with ZERO natural resources. The squeezed middle & lower class had to suck thumb because leaders shut their ears to keep increasing GST to feed a bunch of million $$ cabinet that sleep during parliament, speak vulgarity, insulting the alternative party, corruption inspite of having million $$ still unhappy. The million $$ appetite is so great that want more from the people. With this, you can draw at conclusion it is the elite & govt that are indecent rich. They stay in big houses. Some even got special rental price to rent bungalows & big houses.
There are many poor people in Singapore but government do their best to help and support the poor unlike in US don't give a shit so many in proverty and become homeless learn from Singapore.build government housing.
Not pro-PAP. But at least here you don't see mass broad daylight shoplifting till the stores close because police failed to do their jobs to catch thieves and burglars. Even if they get caught eventually get released w/o jail term. I am referring to New York, USA. Also in SG you can send your kid to school and not worry about police knocking on your door later saying your kid got killed in a school shooting.
Only a few billionaires only. Majority of Singaporeans do not have a lot of money in their bank account. Some are borrowing from other people also from Malaysian rich people and relatives and friends
Many malaysians are rich because of ill*gal means thats why they cant declare their wealth publicly. Also, many malaysian chinese billionaires in malaysia get their riches because they bribe the government and politicians. So the real hardworking billionaires are actually from Singapore, they cannot bribe the government to get contract or get exemptions BUT in Malaysia, you can do it and it is normal for them.
Malaysian Chinese are richer than Singaporean as Malaysian super rich people have a lot assets like plantations, lands, factories , big bangalows and bigger houses and own luxury cars . Most of malsians own a few cars in one family and can afford to hire maids . They own many factories and cottage Industries.
Full of B'S nowadays everyone can just get information online, go online to check how many unicorn companies do Malaysia have and how many unicorn companies do Singapore have.
Many malaysians are rich because of ill*gal means thats why they cant declare their wealth publicly. Also, many malaysian chinese billionaires in malaysia get their riches because they bribe the government and politicians. So the real hardworking billionaires are actually from Singapore, they cannot bribe the government to get contract or get exemptions BUT in Malaysia, you can do it and it is normal for them.
Singapore has very limited land . Few gardens and hills and rivers . Their currency maybe 3 times Malaysia but their population don’t have space and nature in abundance .
Many malaysians are rich because of ill*gal means thats why they cant declare their wealth publicly. Also, many malaysian chinese billionaires in malaysia get their riches because they bribe the government and politicians. So the real hardworking billionaires are actually from Singapore, they cannot bribe the government to get contract or get exemptions BUT in Malaysia, you can do it and it is normal for them.
Wealth doesn’t equate to Median income or salary things like this bullshit don’t tell how rich people are in a particular country because high taxes and expenses can get rid of most of what people earn in a country!
The vast majority of Singaporeans are NOT rich , they don't even get good salaries , it is the foreigners allowed into Singapore who are rich . And the number of foreigners being arrested and prosecuted for money laundering and other offences is on the increase . Salaries are low in Singapore , compared to the cost of housing and food , and many young people will never be able to own their own homes today . Also Singapore will have to get used to a smaller population as Singaporeans cannot afford the have children or even want to get married , which will reduce consumption and the need for foreign workers
Many malaysians are rich because of illegal means thats why they cant declare their wealth publicly. Also i heard many chinese billionaires in malaysia get their riches because they bribe the government and politicians. So the real hardworking billionaires are actually from Singapore, they cannot bribe the government to get contract or get exemptions but in Malaysia, you can do it.
Many malaysians are rich because of ill*gal means thats why they cant declare their wealth publicly. Also, many malaysian chinese billionaires in malaysia get their riches because they bribe the government and politicians. So the real hardworking billionaires are actually from Singapore, they cannot bribe the government to get contract or get exemptions BUT in Malaysia, you can do it and it is normal for them.
As a Singaporean, I can confirm that everyone is filthy rich... Singaporeans can walk into McDonald's and order anything without first checking the price !
Full of B'S nowadays everyone can just get information online, go online to check how many unicorn companies do Malaysia have and how many unicorn companies do Singapore have.
Many malaysians are rich because of ill*gal means thats why they cant declare their wealth publicly. Also, many malaysian chinese billionaires in malaysia get their riches because they bribe the government and politicians. So the real hardworking billionaires are actually from Singapore, they cannot bribe the government to get contract or get exemptions BUT in Malaysia, you can do it and it is normal for them.
@@shadowj3311 It is the CPF, they don't own any of the flats. It is also a 99 year lease. On top of that they take loan from the government HLE, so it is essentially a 30 year loan. That does not make me feel rich in anyway.
@@Aurica34 CPF not belong to Singaporean and why we can withdraw for retirement and investment? 99 years leasehold so what? Many private apartments are 99 years leasehold too. Btw are you sure you are Singaporean or just another sour grapes from some 3rd world country?
@@Aurica34 CPF is our money, we can withdraw it for retirement and investment, 99 years lease so what, aren't many private apartments also 99 years lease? Btw are you sure your are Singaporean, you sound more like another sour grapes from some 3rd world country.
@@Aurica34 CPF is our money, we can withdraw it for retirement and investment, 99 years lease so what, aren't many private apartments also 99 years lease? Btw are you sure your are Singaporean, you sound more like another sour grapes from some 3rd world country.
It is a smoke screen only. If you calculate, Singaporeans are full of debts, cars, housing loan, study loans, insurance premium, condos, holidays and high spending power.
Your country people don’t have debt on car and housing loans? Question is can you pay up the debt,Singaporeans has no problem finding a good job so there’s are no issues with paying up the debt.
