mark1231414 wrote:...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:
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.
4. Yes this is only talking about white-collar workers.
since you're in singapore, and we're talking about "net worth" then i don't think banks will discern if you're an expat or not. what banks will do is treat people of certain occupations better.
IIRC, most banks categorize people with 100,000/200,000 to 350,000 of investable dollars as the "rising rich" (depending on which bank).
private banking services become available when you have $1-2m in the bank and wealth management services for those in-between (again, bank dependent).
on the lower end, people with 10,000/20,000 to 100,000/200,000 may be considered "rising rich" too - a new segment some local banks are anxious to court.
whether you're a white collar worker or not doesn't really matter to the bank; they look at your balance/portfolio/history before conferring a status on you.
eg, good hawkers or established shop keepers rake in good coin and don't know what else to do except upgrade their cars and get regular pricey but lousy perms (hair) (rim shot).
eg, some people may more than you do but have a lot of debt or spend them off with nothing in the bank account to show for... if i were a banker, i doubt they will be considered "well off."
my opinion: i think "well off" is probably within the $350,000 to $1m mark (in investable assets).
congrats! the asian'ness in you must be very proud. allow me to pump your virtual hand. [insert gif here]