Now you know why everything in Singapore is so damned expensive.
SINGAPORE : Singapore is home to the world's fastest-growing population of millionaires [US$1,000,000], according to the annual world wealth report compiled by Merrill Lynch and the CapGemini Group.Let's take a minute to absorb this piece of information. 67,000 millionaires out of a population of 4,000,000... that's 1.68%. Out of every 100 Singaporeans, there are 2 millionaires.
The number of high net worth individuals in Singapore grew by 21.2% last year to reach almost 67,000 millionaires.
Singapore's millionaire boom is part of a global trend that saw the number of high net worth individuals rise 8.3% to reach 9.5 million last year. - Channelnewsasia
And mind you, these are US$ millionaires. If we take a local context and define a millionaire in terms of S$1,000,000 (US$1 is S$1.50), there would conceivably be approximately 50% more millionaires (assuming a simplistic linear distribution of wealth at this top end of the curve) or 3%.
That means 3 out of every 100 Singaporeans have S$1,000,000 or more... more or less.
Since Singapore's buses carry 40 passengers per bus, there's at least 1 to 2 millionaires in each full bus. In trains of 100 people per carriage, that's 3 each. Remember that the next time you clumsily step on someone's toes while shuffling your fat ass to the door.
And while the Million $ club grew by 21.2% - my salary grew by 3%, which was below inflation. Top civil servants got salary increases of 14-33% (where the lowest ranked superscale SR9 now earns S$370,000 per annum!) The rental for my flat grew by 20%. My bank account has hardly grown at all. GST's up 2% in a couple of days and income tax still eats away a month of my salary on top of that.
So, where's my farkin piece of the Singapore pie? Where's my share of the 8.2% GDP growth?
Ask any salary earner off Orchard Road strip and away from Shenton Way CBD... this story gets repeated over and over. Is this what's called the rich getting richer, and the poor get kicked while they're down?