A Wealthy Singapore?

Singapore’s millionaires could increase by more than 60% over the next few years to 2025 according to Credit Suisse Group AG, part of a surge in millionaires as financial capitals emerge from the Covid-19 pandemic.

$STI ETF(ES3.SG)$ $SPDR S&P 500 ETF(SPY.US)$ since the selldown during the pandemic has shown great strength and resilience in recovery. And with such a magnitude of growth, inflation follows.

While the average wealth per adult in Singapore is $449,543, it is definitely not an accurate measure of wealth distribution of the majority population. A better yardstick would be to look at the median wealth per adult is $117,068. There are 269,925 millionaires, of which 60 have more than a billion in wealth according to a report by Credit Suisse.

At the other end of the spectrum, 16.2% of the adult population, or 792,000 people, have a net worth of less than $13,500, which begs the question of wealth inequality.

Wealth Inequality?
As many people who have lived here, it is globally known Singapore is one of the most expensive cities to live in. Inflation can soar, increasing prices over food and services and yet wages face little growth for many Singaporeans.
On the surface, it might seem like many are millionaires but a good significant size of said 'wealth' lies in the home. Rising property prices due to limited land space and of course, inflation.
Is 50k of liquid assets/investments considered rich or 'wealth'? Taking into account the standard of living in Singapore, anyone would be hard pressed to agree with that statement.
The ever rising retirement age, with the need to keep up with the rising growth in Singapore often leaves many behind.