June 1st, 2011
08:32 AM GMT
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(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. 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

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Filed under: Business

soundoff (83 Responses)
  1. Davis Bradley

    Surprising but the article reads like an info-mercial. Which millionaire lobbyist in Singapore paid you to write this?

    Yes, Singapore is super rich but also it's a tiny island with a very small population (less than NYC). So, a bit misleading to compare it to much larger countries in terms of wealth. In addition Singapore is not a real democracy (the current president was elected in an uncontested election – all competing candidates were dismissed by the election "council"). Essentially Singapore, behind the scenes, is another brutal dictatorship that accepts little criticism. In fact, I imagine that this comment will be deleted almost immediately (if it makes it at all).

    June 1, 2011 at 9:49 am |
  2. Sam

    What about Monaco? With a population of 35,000 only and some of the world's wealthiest people residing there, it must certainly have a higher % of millionaires than the UK, or even Singapore!

    June 1, 2011 at 10:10 am |
  3. Pianki

    The United States , UK, France, Israel all practice now or has to a great extent, forms of racism towards their black and brown populations. Now the world is changing as some of those populations that has been systematelly denied are moving in another direction of being independent. The US has been cheating for decades as it prints money out of plain aira while telling other emeging countries they can't do that. France conmtinues to have a strangle hold on the black countries that were once colonies of it. Just look at the word "colony". How unmoral is that?

    June 1, 2011 at 10:13 am |
  4. Ronnie Tan

    Davis Bradley, you sound like a typical ignorant red neck. First of all, the study was published by Boston Consulting Group, not CNN. Second, the president of Singapore is elected by parliament and assumes only ceremonial roles. The head of government is a Prime Minister. Get your facts right!

    June 1, 2011 at 10:29 am |
  5. John Sun

    The article is misleading. It talks about Singapore millionaires in terms of assets. What you don't see are the prices of properties and cars, and how most property owners will be paying off the loans the rest of their working lives. Not only that, more than 75% of the "asset rish" population live in their expensive government housing ("pigeon holes in the sky"), which have a limited lease life and can be repossessed anytime should the government choose to use the land for other (more profitable) purposes.

    Just to put things in perspective, for the price of a fully loaded BMW 7 series, (USD300,000 and up), you can get a mid-range pigeon-hole.

    June 1, 2011 at 10:31 am |
  6. Victor

    It is a shocking that India does not figure out in this list. If Indian politicians and bureaucrats's wealth is assessed then it will put many countries to shame.

    June 1, 2011 at 10:31 am |
  7. Sharad

    This data is quite ridiculous--by sheer number US has the most millionaires..percentage numbers are silly,,,,,especially when talking about a tiny country like Singapore

    June 1, 2011 at 10:48 am |
  8. moses

    Do a head count of the millionaires in Singerpore and of 2 states in USA then we will know which country have more millionaires. You cant compare such a tiny population to US. Its misleading.

    June 1, 2011 at 10:54 am |
  9. Fritz

    Lots of rich ethnic Chinese from Indonesia, Malaysia and China wanting to avoid corruption, persecution and sometimes police investigations end up in Singapore.

    June 1, 2011 at 11:13 am |
  10. Tim Bir

    Well Davis, Just because the president won by default doesnt mean there is a brutal dictator ship. Are you perhaps jealous your nation didnt get a big number? It doesnt matter about population, its looking at the number of millions. There are more millions there than anywhere else. Whats the problem? Deal with it.

    If you want to bring up the number of millionaires in your nation then go do the lottery and hand some out.
    Otherwise shut up.

    June 1, 2011 at 11:14 am |
  11. fuckoff

    @Davis Bradley who cares about your wise-ass comments anyway?

    June 1, 2011 at 11:19 am |
  12. Wolfgang

    So explain to me, what does the fact that they may be an 'unreal' democracy have anything to do with the fact
    that they may actually be doing a whole lot better than so many of us here?

    June 1, 2011 at 11:26 am |
  13. Arie

    Whatever you call it, as long as the majority of the people are happy. In Asian countries, you can't expect a democracy a la America because it won't make progress economically or politically.

    June 1, 2011 at 11:41 am |
  14. Kumar

    @Davis I agree with you that Singapore might not be a 'true' democracy by Western standards.

    But Singaporeans enjoy an extremely high standard of living, so honestly we have nothing to complain about.

    June 1, 2011 at 12:28 pm |
  15. Ryan

    I'm not surprised that Singapore has the most millionaire. A 3 room public housing flat in Singapore cost at least $250,000 in the suburbs and a small 3 room private apartment in the city will cost above $1.5 million. A toyota sedan cost at least $60,000 in Singapore. It is not surprising that many Singaporeans have at least 1/2 a million.

    @Davis, the President of Singapore has NO power, the man with the true power is the Prime Minister. The president is an elected monarch, all he does is to wave at the crowd at National Day. Someone need high credentials to be President but not Prime Minister. No Singaporean really care who the President is.

    June 1, 2011 at 1:15 pm |
  16. Mohammed - Kuwait

    Providing that Singapore grants the businessmen/merchants all facilities to manage and develope their acitivities/trades in order to achive their deals and get the fruit of their efforts, deffinitely this country it will be the right place a allure more investores and create more chances for Development Project hopefully.

    Thanks & Regars,

    June 1, 2011 at 1:28 pm |
  17. nice

    davis you are almost right. Also this refers to Asset millionaires, so if the property is rising, you become an asset millionaire because your house might increase in value, even though u might not have more then 100,000 dollars in cash.

    I am sure the highest number of millionaires when it comes to cash are in usa

    June 1, 2011 at 1:38 pm |
  18. WJ Tan

    I wouldn't call it a brutal dictatorship. And that insinuation at Boykoff is uncalled for.

    Having lived in the US for 16 years and in SG for 17 years, while it may not be as democratic as western style democracies, it really isn't bad by any standards. There are many (including white foreigners) who would gladly accept a tradeoff between the problems of too liberal a democracy and economic stability. Please bear in mind that a small nation like SG has to make certain tradeoffs to allow for efficient growth and best use of land, assets and human talent.

    In addition, it is a relatively new country since independence and is finding its footing on many matters. I think what irks many westerners is that the nation almost defies its size. World ranked universities that approximate Berkeley in quality, banks that rank #1, 5 and 7, military fighting force (although unproven in battle) that is widely regarded as unparalleled in the Southeast Asian region, oil refining capacity that is three times Malaysia's, regular Math and Science Olympiad competition winners, and so forth. In fact, at Stanford, there was even the reputation of curve killers if there are too many Raffles Junior College students in a particular class. Many valedictorians and distinction winners from America's best such as University of VIrginia, and UK's Sandhurst have come from SG.SG's own education system has been ranked best in the world for ten consecutive years. I would not call these feats the output of a brutal democracy.

    The nation produces something. A breed of winners. A "brutal dictatorship" cannot produce sustained winners for sure. Once again, Bradley, I would submit that SG may never come close to true Western style democracy. But then again, perhaps it should find its own brand, and tred carefully while doing so to minimize detriment to its development. Remember, it is a nation that is still finding its footing. This fact is often masked by its outwards appearance of being a developed state. As the recent elections show, the incumbent party is aware of the sentiments on the ground.

    June 1, 2011 at 1:40 pm |
  19. seppe

    Yes,Sir Davis,as a form of information your comment is fine,but the part were you say that ,misleading / real democracy/uncontested/brutal dictatorship/ all that should be good enough to call you naive and idiot instigator,ho give you the credential to qualify or quantify any body,specially coming from U.S.A. were you are surrounded by scavengers under the democracy label and freedom of conniving your own mother,HOW THERE YOU!

    June 1, 2011 at 1:58 pm |
  20. AlexanderBouwens

    Singapore is a city wich happends to be a country.
    Much of the milion dollars the millionairs own is in real estate and when a city booms, so do real estate prices.
    As soon as a recession hits and the housingprice bubble ends, many of the millionairs will see most of their assets reduced in value so a distinct drop in % of millionairs in the total population will occur.
    Switserland and the USA are actual countries with all the added problems and costs, their high ranking is more sustainable and indicates a stronger economy than those of city states and oil countries.

    June 1, 2011 at 2:34 pm |
  21. seppe

    I,don't get it,why people are so obtuse?we have a financial disaster here in America, because of to many millinery,but at the same time,we want more of them ,that give the few milliners huge purchase power,but at the same time,we cannot sale anything because the hi cost of our product,compared to china India and that many other emerging market, note (if china and India reach the standard of living of U.S.A.then we will have neutral business exchange)

    June 1, 2011 at 2:35 pm |
  22. seppe

    @nice,you maybe wright,except that all thus millions are in the hand of , bank,the insurance,and corporate scavengers,you and I are distracted with all this info. which is useless.

    June 1, 2011 at 2:44 pm |
  23. tomyummer

    They should also add in factors such as local infrastructure, educational performance and healthcare. Singapore would still rank up there at the top. It's so clean there that it's a bit sterile. But it's darn safe at nights and drug runners beware. It's true that it's easier to manage with a smaller population, but at least the country did it right from the beginning some 50 years ago. There's a reason why so many conglomerates set up shop there and why expats relocate there.

    June 1, 2011 at 3:07 pm |
  24. James

    Which is more important , the welfare of the society , or blindly following the terms of extreme democracy?

    June 1, 2011 at 3:19 pm |
  25. singaporean

    well, you mind your business and I mind my business, that's all. As for this news, my comment is "Noted with thanks".

    June 1, 2011 at 3:19 pm |
  26. James

    what is democracy and fairness when the needs and well-being of the society is not met? democracy is overrated

    June 1, 2011 at 3:22 pm |
  27. James

    @ Davis Bradley "Essentially Singapore, behind the scenes, is another brutal dictatorship that accepts little criticism"

    June 1, 2011 at 3:25 pm |
  28. dickie

    Why is China not on your list? To my understanding, as of October 2011, it had about 10% of population considered millonaires.

    June 1, 2011 at 3:27 pm |
  29. John

    Simply a silly article. You can borrow in Singapore against property at less than 2%. Many people making this list simply own the equity in a very highly leveraged apartment – and according to the fine financial folk at BCG this is likely included as their 'asset'. I live in Singapore and I can assure you once you move 1km from the city centre its not an overly wealthy or rich place. Its on the right track. But do a google on average annual income in Singapore, you'll get the picture.

    June 1, 2011 at 3:44 pm |
  30. dilip

    switzerland dont mentions its name please it is eating indias black money and making india poor

    June 1, 2011 at 3:46 pm |
  31. Sree

    Where is India and China? May be it is the the density and NOT the count, that counts.

    June 1, 2011 at 3:48 pm |
  32. Jim

    Millionairs schmillionaires – I'd rather live in Bhutan where people are not millionaires, but are the happiest in the world.

    June 1, 2011 at 3:51 pm |
  33. Citra

    Thanks to millionares from neighboring countries who flock into Singapore to make them the richest country in the world, especially Indonesia. You can easily count how many percentage of condominium, houses are owned by Indonesian and Chinese there. If Singapore make the regulations bit harder for foreigners, I don;t think they will rank not even top 100.

    June 1, 2011 at 4:09 pm |
  34. Eric Tham

    We are in it together.. all Singaporeans.. Whether someone misconceives it to be a brutal dictatorship i dont know.. but he will be welcome to visit this accessible place and be awed by how beautiful this 'dictatorial' place is..
    Singapore is rich because of its property prices, strong economy and the large number of multinational companies setting up base here...

    June 1, 2011 at 4:14 pm |
  35. tennvol30736

    The western style democracy in the U.S. resembles more of a carnival on sale than a true democracy.

    June 1, 2011 at 4:31 pm |
  36. David K.

    @Pianki I love how you include Israel in your list. I take offense to that. Israelis come in all different races, many different shades of colors, from all over the world. We are Jews, united, again. Yes, colonialism has happened, but you forget, African tribes were enslaving eachother. Colonialism was widespread among many cultures. The United States was guilty of it too, but so was Saudia Arabia, and tribes in Africa. Look at it today, and appreciate that people are living better lives, getting education and making more money. Not that money is all it is about, but the standard of living, and other things. It's a good thing! Take your insinuating remarks, and shove it up your a$$.

    June 1, 2011 at 4:34 pm |
  37. BB

    A country with fewer people in it than many large cities? Excuse me while I don't care.

    June 1, 2011 at 4:55 pm |
  38. caelus

    Singapore? Tiny little country, heavy reliance on foreign investment, zero political influence on world stage........who cares?

    June 1, 2011 at 5:19 pm |
  39. charlieboy

    at the rate corruptions are going on and still increasing within the regime and their tightly controlled local media ever painting singapore as the least corrupted country to the rest of the world, what do you expect when civil servants are paid multi-million bonuses while the local citizens are suffering from job loss from the ever increasing intakes of cheap foreign workers. 15.5% reported is just a tip of the iceberg, imaging billions of black monies continues to flow into this tiny island like nobody business and even relatives of the burmese juntas are now owners of huge hotel chains and businesses now.

    June 1, 2011 at 5:45 pm |
  40. Alice

    For your information, Singapore is not ruled by the president and the people's votes still count. We made our voices heard in the current election. The only thing is, I suspect that the many of millionaires are the so called "New Citizens" lured in by low taxation.

    June 1, 2011 at 6:03 pm |
  41. Peter

    Bradley, you are the most ignorant red-neck on the planet. Have you bring to Singapore? or for that matter to any Asian countries. I am a bi-cultural and living in Asia and the US – I have seen the changes in both the economic and political developments. Singapore is what many countries wanting to be and it is a model for modern development. It is about time that you make a visit to Singapore.

    June 1, 2011 at 6:15 pm |
  42. nonnoboy

    This debate is dumb. Singapore is what America wishes it could be. It's clean, transportation works to perfection, they have a growing economy, low business taxes, high consumption taxes, a gaming sector, stable government, virtually no crime, no rapes, and lots of oil fields. That's why they have the most concentration of wealth. Qatar has some elements but not all. They don't have the educated population. America has way too many ghetto areas. And Switzerland just doesn't do enough trade. Singapore does all the elements well. And oh by the way, their currency is valued higher than the U.S. dollar, so bye bye America's wealth based on value?

    June 1, 2011 at 6:33 pm |
  43. ThatsNotTrue:[

    I have a question for CNN, why does this matter to normal people? So what there are more rich people in the small, small, small country, city? Isn't what the white house's move to remove the debt ceiling more....relevant.....since it affects North America and all, not sure about Europe, but you can pull us, Canada down with you. So when you have no money to spend, you look at how much money other poeple/city/country, I'm not even sure have which'll lead to envy an possibily another civil/international war or something between Singapore and the US? You know that the they're in the middle east for the oil.... or are you trying to make more Americans more depressed about their life and immgrate to Singapore???
    Happiness/ Contentment/ Health/ Family / Education/ Safety >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Wealth
    Just saying...............................................

    June 1, 2011 at 11:37 pm |
  44. Millionaire

    Just for your info, this report excludes wealth attributed to investors’ own business, residences or luxury goods. This means that your home does not count. It is US$1m in cold, hard cash (or investments for that matter).

    June 2, 2011 at 2:14 am |
  45. Spore

    This comment column is like a fruit salad gone bad... I look up and down and all I see is sour grapes. The article talks about "concentration" of millionaires, why the large number of people who have got their panties in a twist, going on an on about how other countries have a larger absolute number of millionaires? They're right off course, but that's not what this article is about. I am proud of where my country is economically and financially. We are no New York or Hong Kong, but we get by pretty well, and our population has benefitted because of it. The income disparity between the higher earners and the lower earners here is quite large, but the 15.5% figure surely shows that wealth among higher earners in the country is fairly evenly spread out. I challenge any of you to find a "dictatorship" that can boast the same. On democracy, we don't want tobacco and gun companies financing our parliamentarians/senators, and later calling in favours in parliament/senate. Our system is not perfect, but if that is your democracy, we don't want it. Thanks.

    June 2, 2011 at 3:41 am |
  46. TheGadfly

    I live in Singapore now, and the only noticeable effect of having a high millionaire ratio here is blind buying of Apple products and constant pandering to owning the newest, best thing.

    I used to live in the rural American South for college and I much preferred that town to Singapore and it's 15.5%.

    June 2, 2011 at 3:44 am |
  47. Jim

    Yes percentages is great statistic twister.
    If hopthetically you started a new Country "X" in the Middle of the Pacific, say an Island. And invited, Richard Branson, Warren Buffet, Rupert Murdoch to live on the Island in villas granting them free citizenship and tax breaks. And then controlled the population to 3 because of limited space.The percentage of millionares definition Country "x" would allways be at the top pf your list.
    Considering the astronomical values of Houses in Singapore and the likes are out of control. When they slump, the demgraphics of your survey will slump also.

    June 2, 2011 at 3:48 am |
  48. Sheung

    i have to agree that is because loads of corrupts and fugitives live in Singapore and they protect them. So the result doesn't really surprise me

    June 2, 2011 at 4:34 am |
  49. cron.tab

    Lets just be happy about positive things...a country or its people achieved something? lets thank them for their efforts..and will to do things..

    why can we just stop whining ... :-)

    June 2, 2011 at 4:57 am |
  50. Frederick

    I am a Singaporean....we are have asset (Housing) but not as per stated we have $1Mil in asset. Many Singaporean spend at least 30 years to repay the housing loan we got either from the government or bank, and end of the day we left no money for retirement. We are not able to sell our house because we need a roof over our head. The GDP may have increase tremendously but we the citizen do not benefit much out of it. If anyone were to follow our recent General Election (GE), you can see the greviances pour out by the citizen. That is why the ruling party won the election by only 60.14%. FYI. in 2001 GE, they won by 75%, 2006 won by 66%. We are "rich" on the surface but deep in everyone of us here, we are struggling to make ends meet.

    June 2, 2011 at 6:06 am |
  51. Sporean

    If u are in Spore, u know its rubbish. If u are rich, u can easily get citizenship.
    There are 40-50% foreigner in the country, thanks to government policies that welcome the rich foreigners who pushed up the property prices for everyone else who had to work their lives off paying the debt.
    Rich-poor gap and suicide rate are at record high, so is property loan. Now redo the statistics.
    No wonder S'pore is ranked 81 happiest country in the world and has the most unhappiest employees of all.

    June 2, 2011 at 6:23 am |
  52. QIU

    (1) Davis Bradley, you sound like a typical ignorant red neck.== AGREED , OBJECTIVE ! (2)... the study was published by Boston Consulting Group, not CNN.== CORRECT ,however, It'll BE BETTER with convencible to have the OTHER ONE STUDY -like " HAPPINESS INDEX " like happy , but not rich the "happy" Bhutan ...you can see many
    '$+$' hapy face now in China – (3) we do NOT critiise other country's internal affairs much like usa, uk...france even we have learned english more than 30 years ... so you can NOT do much comments if you never been there ... or live there... you can do like a sightseeing .. you're allowed ...

    June 2, 2011 at 6:29 am |
  53. Aaron

    Here's the problem with such benchmarks – it's based on networth.

    In Singapore, a normal 5 room subsidised housing can easily reach S$500-700k. Subsidised housing.

    An average car here can buy a house in the US.

    So, yea, I guess you can say that there are lots of millionaires here..all tied up in assets...which kinda defeats the point.

    Persepctive people.

    June 2, 2011 at 7:03 am |
  54. Aaron

    So...lots of millionaired...not a lot of spending power though.

    June 2, 2011 at 7:04 am |
  55. bob goh

    many wealthy foreigners end up as PR in SG, ie Malaysian politicians, Indons, Thais, Burmese, Cambodians, Vietnamese, China chinese, etc, etc. These are people with ill gotten wealth stashing their gains in SG. Factor in the children and other family members, who individually have in eccess of SG 1M in bank accounts, then you get the 15.5%. Factor in the ENTIRE cabinet ministers, whose annual salaries excedd SG 1M, you again see the 15.5% clearer. So its not that SG is conducive to making one rich and wealthy, its the govt and its shrewd policies of attracting individulas with tight private/secrecy banking laws, from the region to put their hot money in SG AND offer them PR in the process that really makes up the 15.5%.

    June 2, 2011 at 7:35 am |
  56. Martin

    1. This is what happens when you have low taxes. The most prosperous countries in the world are Singapore and Hong Kong. What do they have in common ? Low taxes. Low taxes attract companies and their presence creates a competition that drives up salary. In the end, common folk win.
    2. Would you rather have a dysfunctional democracy or an authoritarian King Solomon ? Singapore is led by dictatorship, that's true. But it's a benevolent one. A wise king who cares and takes care of his own people. Other dictators like Mahmoud, Kim Jong Il, Gadaffi, they are all insane megalomaniacs. Do you really believe that people in the white house and senate care about Americans ? No they care only about their party and their donators. The rest of the year, they spend their time bickering and cursing each other.

    June 2, 2011 at 7:40 am |
  57. Aire

    Let's get the facts right – the millions in this survey does not include Singaporeans' own homes. So what Singapore has got is 15.5% of the population who have US$1m in cash and assets excluding their home. These people probably own more than one property and other forms or investments, so a property slump will not have that big an impact. And let's face it, do we want a country with the the freest speeches but an economy in doldrums whose citizens spend more than they earn, or do we want a country that is moderate, conservative in spending and prosperous? This is an open question, and you can decide.

    June 2, 2011 at 8:44 am |
  58. PJ

    Honestly, I don't see anything skewed by percentages. Isn't it equally difficult/easy for 15.5% of the population in any other country to become millionaires? Let's say, I have one apple and one person. The person eats half the apple (50%). Now I have two people and two apples. Each person eats half an apple. Altogether 1 out of 2 apples (50%) are eaten. You may blame 'size' as a reason for your inadequacy if you wish.

    June 2, 2011 at 9:05 am |
  59. banks

    Another grossly distorted fact based on over inflated real estate prices for sure...

    June 2, 2011 at 9:31 am |
  60. Daniel

    People talk about the lack of true democracy in Singapore, but they fail to recognize the progress the country had made in only a few decades of nationhood. Yes, i am a Singaporean, and i am grateful to be living in this great city of ours.
    We may be deemed as a tiny red dot on the world map, but we are a resilient and hard working bunch of people.

    Time has changed, and people will too. So I am sure our government will evolved as well to satisfy the general population. About the cost of living issue that many of us are facing, i personally feel it is up to ourselves to earn a better living, and stop pushing all the blame to the government. Opportunities are abundant, its only up to us to grab it.

    However, there are still many less fortunate population that are left behind the fast moving economic bandwagon.. mainly those less-educated folks, and the elderly.

    June 2, 2011 at 10:22 am |
  61. nightdriver09

    No matter how rich Singapore is.. it is still hot and humid..

    June 2, 2011 at 3:06 pm |
  62. Educated Singaporean

    @Davis Bradley

    Dear Mr. Bradley, are you f-ing retarded? A brutal dictatorship? why don't you come and see for yourself what kind of government we run before you make such harsh and narrow-minded statements? This is typical behavior for the uneducated americans who say first and think never. While it is true that the current ruling party, the PAP, has been in office since the country's inception (46 years), the form of governance is far from a dictatorship. The citizens of Singapore are willing to sacrificie SOME political freedoms for a safer, more efficient, and clearly more profitable society. the fact that 15.5% of our current population have assets worth over a million dollars is nothing short of phenomenal, and only a bitter american such as yourself would try to take this achievement away from us. In the future, i would advise you to spend a little more time reading, and a little less time making incorrect and unfounded statements. They only serve to make you, and your fellow countrymen, look dumber than they already are.

    June 2, 2011 at 8:52 pm |
  63. BCG

    Please note that there is an inaccuracy in this article - "$1 million in Assets" should be read "$1 million in Assets Under Management"

    Household Wealth is defined in this study as liquid Assets Under Management (AuM).

    AuM includes Cash deposits, Money market funds, listed Securities held directly or indirectly through managed investments, and onshore and offshore assets.
    It EXCLUDES wealth attributed to Investors’ own Businesses, Residences, or Luxury goods (i.e. Art collections).

    June 3, 2011 at 1:58 am |
  64. Richard Tan Bin Hung

    Come on, with the given salaries of the ministers in Singapore, it's not hard to have millionaires walking around. MM Lee Kwan Yew is a walking multi millionaire !!

    June 3, 2011 at 2:34 am |
  65. larc grant

    any kind of statistics can be manipulated, this is a clear example.

    June 3, 2011 at 8:55 pm |
  66. JRoger

    @larc grant - Just how is this a 'clear example' ??

    Do explain to us exactly (or vaguely if you do have some ideas) how Boston Consulting or the Singapore govt could have manipulated 200,000 families into having $1M in cash and investable funds? – which according to the above, exclude their home properties.

    June 4, 2011 at 3:04 am |
  67. NewGBush

    The millions go to pay for their condo units which have been priced sky high, so there is not much money left for the Singaporean millionaire to have a good time. Wand whatever money is left after paying for the property, the government gets most of the balance through tax of all sorts.

    June 4, 2011 at 3:47 am |
  68. Poster

    The article was a waste of time and CNN did it once again...!

    June 4, 2011 at 4:58 am |
  69. Indonesian

    Singaporean got their wealth by stealing it from Indonesia. Almost all corruptor from Indonesia is living at and protected by the Singapore goverment. Singapore if financed by the corruptor !! There is no moral value in Singapore. Is all about dirty money. Shame of you Singapore !!!

    June 4, 2011 at 4:45 pm |
  70. Singapore Sucks

    Yes, but Singapore is mindnumbingly boring, not a country by any means, just a giant and extremely ugly shopping mall, a modern dystopia, a place for closed-minded money-grubbing philistines, with far too many laws and rules and almost no fun, unless for you fun is getting up at 6 a.m. and working till 8 p.m. to pull a $10,000 pay day. Even when they venture outside of Singapore, Singaporeans are still boring. And all that money can't make Singaporean women (or men) any better-looking. If you look at the real measure of wealth - purchasing power parity (PPP) - then when you exclude countries that are little more than tax-haven/banking-haven cities (Singapore, Monaco, Liechtenstein, etc.) and exclude countries that got megarich on oil (Norway, Qatar, etc.), then the richest country in the world in terms of purchasing power per capita remains the USA. And if you don't believe me, check the stats on Wikipedia, which are confirmed by not just one source but several, including the IMF, World Bank and others. And comparing the quality of life and liberty in the USA to Singapore is like comparing a great big delicious apple to a shrivelled up old orange.

    June 5, 2011 at 5:34 am |
  71. bangkok-lad

    all these silly arguments, where does it lead? enough said.

    June 5, 2011 at 3:52 pm |
  72. Thomas

    especially in singapore and the US, how many of those millionaires do not have more debts than assets?
    If they have a million in asset but a million in mortgage or other debts, then that makes the whole difference.

    June 5, 2011 at 4:23 pm |
  73. Mile Madinah

    Wonder, where and at which number is KSA?


    June 5, 2011 at 7:50 pm |
  74. Gan Hwa Jiunn

    Why is everyone giving such ignorant comments? The main point of the article is referring to the HIGHEST CONCENTRATION of millionaires.. WHY is anyone even giving a hoot about how many more millionaires there are in United States or else where?

    June 7, 2011 at 4:35 pm |
  75. Teri

    Did they convert all to a single currency to compare? Or were they comparing US Dollars to Japanese Yen. A million of one is not equal to a million of the other. Plus, in some areas, a million dollars may buy a lot and in others, not as much. To sit and make this type of comparison is silly. It's like saying people in the Southern US are poor because they only make 1/10th of what someone in NYC may make. But, cost of living is a lot different, too.

    June 8, 2011 at 9:31 pm |
  76. Kellymercedezvans

    Singapore is a First World country with a Third World wage structure.

    June 8, 2011 at 10:57 pm |
  77. andy roach

    It's about the highest concentration of millionaires, not the most.If its the most millionaires anywhere in the world, then it would be the USA, with China in 2nd and growing rapidly.But the USA and China will also have lots of poor people in them, in places like singapore poor people are probably harder to find.

    June 10, 2011 at 1:57 pm |
  78. Christine

    I would rather live in Switzerland...

    June 21, 2011 at 6:50 pm |
  79. lolilol

    article – misleading
    keyword – assets

    the apple may look good from the outside, but don't be surprised to find all the nasty worms inside struggling to get out once you taken a bite.

    November 9, 2011 at 4:11 am |
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