If your liquid networth is 6million SGD, are you considered as well to do in Singapore?
I recently created an account on hardwarezone to participate in forum discussions, mainly in 2 threads. The networth tracking thread and the FIRE thread. It's good to know that there are like minded people around and are also willing to share their thoughts and advice. There is this discussion that caught my attention. A gentleman shared that between him and his wife, their networth is around 6m SGD. There's no elaboration of if it is liquid networth or includes properties and CPF. I assumed it is liquid 6m SGD since the discussion is mainly about liquid networth. He was replying to my comment with regards to "well-to-do" people to which he mentioned that he didnt think that he is well to do even though with a 6m sgd networth.
To him, above average is considered as well to do. My understanding is he views himself as average, that's extremely modest of him. Thus, i made a joke to say that if he is average, majority of us here in Singapore will be considered below average or living under the line of poverty.
As i was very curious on the average networth of Singaporean, i googled and found this site. All images and statistics that are used here are credited to the site.
https://smartwealth.sg/average-net-worth-singapore-statistics/
According to the site, there are around 270k millionaires/billionaires in Singapore. Do note that this is based on USD and it includes financial assets and non financial assets like properties or land. I am actually surprised about the number . I would have thought it will be higher considering that most condo units and landed are at least 1 million SGD, but i guessed it takes into consideration liabilities as well.
I assume the forum gentlemen belongs to the 2nd tier of US 5m to 10m after taking into consideration his property. He is 1 out of 18639 people in Singapore who has that networth. He is at the top 0.6% in terms of networth amongst the adult population of 4887000 in Singapore. Thus, in my opinion, if he is average, the rest of the 99% are below average or under poverty. He is just too modest. He mentioned that he does not hate his job, which is really good! I am actually envious of that.
For people chasing after FIRE, dont get demoralize, different people have different requirement in terms of living their life. I wished i have 6mil like the forummer but i am happy with where i am. At the end of the day, it depends on your own expenses and what you want to spend on after FIRE which will dictate how much passive income you need to sustain your lifestyle. This is what i mentioned in the previous here.
So people, is 6m dollars networth average or well to do for you? Happy to hear your thoughts!
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