What net worth is rich in SG?

[sundaymorningstaple]

Okay this is going to be controversial topic but here goes...one of the things I love about SG is that for the most part if you meet another foreigner there is a high probability that they are a successful professional and probably well-off.

First of all, you start off with the wrong data. Successful professional does not necessarily equate to well-off. There are highly educated professionals here that don't make more than 150K/pa here. Depends where they are coming from. Singapore is NOT an equal opportunity employer. Full Stop. If you are an ABC you will probably not be hampered by your ethnicity. But if you are from the PRC, well, let's just say, you will be paid maybe the same numerical salary but in the home country's currency, e.g., 500K yuan/pa.

Additionally, "well off" is totally subjective isn't it. There is no guage or set of standards. Huge numbers of Singaporean are millionaires here. their property values make them asset rich but liquidity? Another story.

Is well off the ability to own a Merc? BMW? or must it be a Roller or Bentley? Landed property or a condo penthouse or just a condo?

Having said that, if you are not blowing smoke, then you have the income in the US to be considered as well off, but considering your salary quoted, it would seem you are really light on assets but that is for others to judge, not me. IF you can command the same salary here, you should be in the top 5% I would think. Again, I'm not well off so wouldn't know. Actually, I'm very well off. I have perfect health at 65. That is worth a fortune.

It reminds me of Monaco and how it is there. So knowing that for the most part expats in SG tend to be successful what would someone need to earn and have as a net worth to be consider well off? Since I started this thread I can give you my stats:

1. 34M
2. Married + 1 young child
2. Salary last year: SG$525K inclusive base/bonus/stock
3. Net worth:
- Stock/Investment assets: SG$1.46MM
- Apartment equity: SG$150K


Note a couple things:
1. I am an American born Asian if that makes any difference.
2. I will respond so this is not a drive-by post
3. I am sure there will be trolls but hopefully we can keep the discourse clean
4. Yes this is only talking about white-collar workers.

There are people here who are white collar professionals who make 5K/month and other who make 25K/month. How do you plan to make a consensus or do you plan or further "tailoring" it to only include 1st world expats? They are all "well off" in their own setting. I'm afraid there are too many variables to be able to draw any valid conclusions. But it does sound like you would be a good candidate to work at SingStat who are famous for massaging their data to say anything the Gahmen want when they are trying to pull the wool over the public's eyes.

[mark1231414]

I guess even assuming your good intentions the main problem you are going to face is that nobody gives a damn *beep* about what you have asked here. It is nothing personal (towards you), simply the subject is of the category like asking what tampons your wife uses these difficult days. It is nobody's business and completely uninteresting. Anonymity does not help. People are not starving from lack of such information and not the etiquette stops them from asking around.

Looks like you basically did not factor in the cultural differences.

Fair points and the cultural point is probably spot on. I was using my experience in US which there seems to be intense interest in assessing where you are in relation to your peers. Seems not only is there no interest but folks get offended anymoous or not.

[mark1231414]

Okay this is going to be controversial topic but here goes...one of the things I love about SG is that for the most part if you meet another foreigner there is a high probability that they are a successful professional and probably well-off.

First of all, you start off with the wrong data. Successful professional does not necessarily equate to well-off. There are highly educated professionals here that don't make more than 150K/pa here. Depends where they are coming from. Singapore is NOT an equal opportunity employer. Full Stop. If you are an ABC you will probably not be hampered by your ethnicity. But if you are from the PRC, well, let's just say, you will be paid maybe the same numerical salary but in the home country's currency, e.g., 500K yuan/pa.

Additionally, "well off" is totally subjective isn't it. There is no guage or set of standards. Huge numbers of Singaporean are millionaires here. their property values make them asset rich but liquidity? Another story.

Is well off the ability to own a Merc? BMW? or must it be a Roller or Bentley? Landed property or a condo penthouse or just a condo?

Having said that, if you are not blowing smoke, then you have the income in the US to be considered as well off, but considering your salary quoted, it would seem you are really light on assets but that is for others to judge, not me. IF you can command the same salary here, you should be in the top 5% I would think. Again, I'm not well off so wouldn't know. Actually, I'm very well off. I have perfect health at 65. That is worth a fortune.

It reminds me of Monaco and how it is there. So knowing that for the most part expats in SG tend to be successful what would someone need to earn and have as a net worth to be consider well off? Since I started this thread I can give you my stats:

1. 34M
2. Married + 1 young child
2. Salary last year: SG$525K inclusive base/bonus/stock
3. Net worth:
- Stock/Investment assets: SG$1.46MM
- Apartment equity: SG$150K


Note a couple things:
1. I am an American born Asian if that makes any difference.
2. I will respond so this is not a drive-by post
3. I am sure there will be trolls but hopefully we can keep the discourse clean
4. Yes this is only talking about white-collar workers.

There are people here who are white collar professionals who make 5K/month and other who make 25K/month. How do you plan to make a consensus or do you plan or further "tailoring" it to only include 1st world expats? They are all "well off" in their own setting. I'm afraid there are too many variables to be able to draw any valid conclusions. But it does sound like you would be a good candidate to work at SingStat who are famous for massaging their data to say anything the Gahmen want when they are trying to pull the wool over the public's eyes.

Thank for the response and this was what I was looking to affirm or disaffirm my hypothesis. In hindsight after reading my original post again I do agree that at first glance seems like I am a pompous a*s when that was not my intention. Should of just sticken to a more generic question.

Thanks everyone and needless to say I think at this point I did start a circle-jerk post.

Perhaps I can get some advice on where there is good chicken rice?

[Zeenit]

Perhaps I can get some advice on where there is good chicken rice?[/quote]

Raffles Hotel does a nice chicken rice

[sundaymorningstaple]

"sundaymorningstaple" With over 21K post I would hope that you provide some valuable insight moving forward rather then a snide remark.

Hahahaha

[Zeenit]

"sundaymorningstaple" With over 21K post I would hope that you provide some valuable insight moving forward rather then a snide remark.

Hahahaha

I thought you did.

[sundaymorningstaple]

mark1231414,

Again, there are 5 million people here and probably 1500 chicken rice stalls, each with their loyal followings. In the local vernacular..... So How?

Do you want "successful & well off" or best tasting (usually in an outdoor hot sweaty hawker centre) It's all subjective.

[nakatago]

As promise not a drive by post. Let me respond to all the criticism:

"nakatago" if this was a non-anonymous forum then yes I would concur that my post would seem to be a blatant form of boasting but since it is not I can assure you that I am not trying to brag. What is the point of bragging when no one knows you are? I would never divulge these points if my identity was tied to it. You may ask then why do I feel I can do it in a forum? The answer is that one of the great things about anonymity on the Internet is the ability to ask questions which is perhaps not socially acceptable to discuss.

"Jr8" No I am not trying to circle-jerk. There is a valid enquiry which is to try and find out the equivalent of the below link. As mention my belief is that due to smaller population and selective acceptance of expat the median is significantly higher then the US. I think this is a perfectly reasonable exercise no? We all like to understand where we stand as it pertains to our peers. Clearly this is discussion where progress can be made instead of your description as a circle-jerk.

http://cgi.money.cnn.com/tools/networth_ageincome/

"sundaymorningstaple" With over 21K post I would hope that you provide some valuable insight moving forward rather then a snide remark.

Cool story, bro.

[JR8]

mark1231414,

Again, there are 5 million people here and probably 1500 chicken rice stalls, each with their loyal followings. In the local vernacular..... So How?

Do you want "successful & well off" or best tasting (usually in an outdoor hot sweaty hawker centre) It's all subjective.

Cafe at the back of the Raffles, $18. McKenzie Chicken Rice reckoned to be probably the best in SG, $5.

Up to you how to determine relative quality

[zzm9980]

Serendipitous timing on this post:

http://blogs.wsj.com/searealtime/2012/0 ... -heats-up/

Critics have blamed Singapore’s emphasis on growth over equitability, and an influx of foreigners—both high-earning expatriates and low-salaried laborers—for pushing its Gini coefficient, an income-inequality measure, up to 0.473 in 2011 from 0.454 in 2001. A reading of zero means income equality, while a reading of one means complete inequality.

My guess is OP is someone (reporter or local blogger) trying to collect 'sound'bytes from expats on what they make. His numbers sound made up anyway. Who the hell in Singapore has such low equity on a flat with that kind of income? Even if that $150k represents 20% down, would someone with that income live in a $750k condo? That barely buys a shoebox in Geylang.

[JR8]

Gini coeff. where the ideal is supposedly everyone on equal wages. Do we all have to wear little Mao suits too while we grub about in the earth for grass roots and bugs?

Trouble is, the tone comes from the top. Minsters pay themselves what say 5 times what the POTUS earns... do you think inequality figures large for them? I'll wait for them to lead by example...


p.s. Z, flipping early for you you man. Or are you on if some nether region...

[bluenose]

mark1231414 - In my opinion being 'well off' has nothing to do with money or assets and as far as I am concerned...you are a long way from being 'well off' in the spiritual sense of the word.....
You do sound as if you would fit into Singapore's narrow minded, materialistic part of society though....
'Real' wealthy people never talk about money and usually dress down a bit...

Enjoy the trip on your collection of wealth

[mark1231414]

mark1231414,

Again, there are 5 million people here and probably 1500 chicken rice stalls, each with their loyal followings. In the local vernacular..... So How?

Do you want "successful & well off" or best tasting (usually in an outdoor hot sweaty hawker centre) It's all subjective.

LOL that's brillant. I deserved that.

[mark1231414]

mark1231414 - In my opinion being 'well off' has nothing to do with money or assets and as far as I am concerned...you are a long way from being 'well off' in the spiritual sense of the word.....
You do sound as if you would fit into Singapore's narrow minded, materialistic part of society though....
'Real' wealthy people never talk about money and usually dress down a bit...

Enjoy the trip on your collection of wealth

True but my post was pertaining to being well-off in terms of assets. If you could not derive that from the content then perhaps I should of been more particular with my semantics. I can modify my post to clarify that "What would it mean to be well-off in Singapore as it pertains to financial assets, stocks, your house, change in your pants and money that grandma passed down in your trust fund?" Would that help my post be more clear?

[mark1231414]

Serendipitous timing on this post:

http://blogs.wsj.com/searealtime/2012/0 ... -heats-up/

Critics have blamed Singapore’s emphasis on growth over equitability, and an influx of foreigners—both high-earning expatriates and low-salaried laborers—for pushing its Gini coefficient, an income-inequality measure, up to 0.473 in 2011 from 0.454 in 2001. A reading of zero means income equality, while a reading of one means complete inequality.

My guess is OP is someone (reporter or local blogger) trying to collect 'sound'bytes from expats on what they make. His numbers sound made up anyway. Who the hell in Singapore has such low equity on a flat with that kind of income? Even if that $150k represents 20% down, would someone with that income live in a $750k condo? That barely buys a shoebox in Geylang.

Rather then guess let me tell you I am neither. As for my numbers let me clarify that $150K would be the gain in terms of when I purchase my property vs. if I sell it at the market rate right now. It is not inclusive of the down payment as all of that as from CPF and if I sell it would either roll into a new property or need to be deposited back. Right or wrong I do not factor CPF into my calculation as seeing I will be here for ages perhaps as long as "sundaymorningstaple" this is not a valid number to factor into liquid net worth.

Take it as you will.