How rich are Singaporeans?
A recent survey claimed that Singaporeans are the 4th richest in the world with net worth of US$336k each or something like that. So how to compare this money with someone with only $30k to see who is richer materially? Of course the Singaporeans have more money, big and strong Singapore currency. The deception is only beginning. Think of how hard it is to save $100k and how fast it slips through our fingers. It may take someone 5 to 10 years to save up $100k but his decision to buy that car will instantly burn every cent away. Ok, Ok, he does not need to buy a car. He can take public transport or buy a bicycle to promote green life. And a young couple saving their first $150k only to see it vanishes when they sign on the dotted line to buy that little flat, and another 30 years to slog to pay up everything. Yes, they need not have to buy. Just rent or stay with the mummy and daddy. Young couples who are able to save this kind of money cannot buy HDB flats, very likely earning more than $10k pm. It is the govt’s ruling. Then the retiree with his $200k savings! They may feel happy and secure to put such a sum of money away for their old age. However, one admission into a hospital for a serious illness, gosh, not a single cent left, nothing left for his remaining years. Are we really that rich and well off? What is the purchasing power of our strong dollar at home? A Singaporean with $50k could barely pay for his Korean car. A Singaporean with a family income of $1k-$2k may need financial help to make ends meet. So we are rich. A major economic crisis will bankrupt a large portion of the population when so many people are indebt of $500k or more. We are exposing our people to such a high and unnecessary risk which we believe will not happen. We have forgotten what happened in late 1990s. Don't they have nightmares of a crash and living in debt, unable to pay their big loans?