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10/19/2007

67,000 millionaires

67,000 Singaporeans have more than US$1m in assets. My immediate thought is that these millionaires should be exempted from the compulsory annuity scheme. Not only have they proven themselves to be capable of managing their finances and income, they surely have plenty of money to look after them in their old age. In fact any Singaporean with a net asset of S$1million should be exempted. Or those with half a million should also be exempted. Would they be or would they be treated like incapable and irresponsible children, unthinking and cannot manage their life time finances?

2 comments:

Matilah_Singapura said...

No way lah.

Anyway LHL can always argue: "What if you spend all your money? At least you have CPF annuity as a 'safety net'"

When this govt passes a law, everyone kena. And if they want to take your money, they will SUCCEED—as has bee proven time and again.

Those of higher net worth are ahead in the sense that they have more assets they can directly control than those who are not so well-off.

Conclusion: It is better to be rich than poor. (a no brainer)

redbean said...

good reasoning, millionaire today, pauper tomorrow. it can happen.