Wealthy People in Singapore?

I think the definition of Wealthy People is controversial. Why is the sum of $50k from a global reference be defined as wealthy? If the sum of $50k is used as a benchmark, I would think that there are surely more than 23% of the population are considered Wealthy or rather I would think a rather high number perhaps 80% or more. If one considers owing HDB housing, that would be easily $200k which most people will at least have, not to mention those that owns a private property or more.

Singapore has a reputation of maintaining good social security, corruption-free, and constantly enhancing and fostering economic developments. So many would find it as a safe haven to live here with vast opportunities to grow their careers and businesses based on meritocracy. So I am not surprised that its people becomes affluent over the years. However, if I were to tag a population group to the word wealthy, I would say only the top 1% of Singaporeans are considered Wealthy. Perhaps most are foreign nationals who are already Wealthy (eg celebrities, entrepeneurs) have migrated to Singapore.