Dear Mr Tan,
ref your blog post about newspaper articles highlighting the number of "millionaire households" in Singapore, this is the BCG report that claims that 15.5% of S'pore households have assets under management of over US$1mil.
The definition of AuM (see page 6) seems to include properties that are not their own residences.
Therefore I would conclude that its the appreciation of investment properties plus the strong S$ which have contributed to this large percentage. However, this is not a true reflection of wealth as I would expect that the vast majority of these investment properties are also leveraged.
May I also take the opportunity to wish you all the best for the upcoming Presidential Elections!
best regards,
sidat
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