I read in Business Times today that 10.6% of the households in Singapore has a net worth of at least S$1million. Had I not come across such people in my job, I would not have believed the figures. Thing is, there’s evidence everywhere.
Notice how the shops around us are going towards the high-end range? IKEA’s new line of sofa is actually more “high class” than the past range and in keeping up with times, they have replaced their CRT display with LCD TV. Observe how more and more shopping malls are coming up. There is a second shopping mall coming up in my office vicinity, and I wonder why. No longer are we impressed by Giordano, Bossini, Hang Ten etc. ION Orchard itself is boasting of SIX of the top luxury superbrands, international brands and high street fashion stores. I see the jewelry stores renovating, even though I have been observing their salespeople staring into space most of the time. Within the universities, there is a rise of mid-scale eating places like Sakae Sushi. And I asked my sister, how is it that students have money to spend on such “exquisite” eating habits?
It’s a bit tough to believe that all these are built for the tourists. Yes, STB did make it a target to attract 10.8 million visitor arrival but don’t tell me tourists really come to Singapore for these luxury brands. As far as I am concerned, online shopping gives an even better deal, in spite of shipping charges.
It’s a reflection of our 10.6% millionaire household. No, I am sadly, not one of them.
I can empathize how those trapped in the middle-class income families are struggling to stay trapped. It’s always said that the very rich won’t show their true wealth but the middle-class people need to show it. In my work, it’s very obvious from their expenditure pattern, their way of dressing and choice of house. My high net worth clients meet me in plain T-Shirts, jeans and sandals. My clients from the middle-class income group like to display their Coach and LV bags.
The richer one gets, the more conservative they are with their money, the more anal they are. But they can be generous to people and make swift decisions. The not-so-rich, not-so-poor ones hold a lot of investments in shares and unit trusts, likes to toy with the idea of getting rich by buying and selling properties. This group tend to be paranoid that people are out to suck them dry and takes a very long painful process to decide on something. Unless you show them a free gift.
Being rich is not a function of the income. Believe it or not, one can fetch a five figure salary but is not better off than someone who fetch one tenth of that. Being rich is also not a function of the job. I have a client who is an engineer his whole life and is a millionaire. Being rich is not a function of thriftiness (unllike what is claimed by many) else my daddy should be a millionaire too.
I think being rich is a function of being a step ahead of others, always.
