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Who wants to be a Millionaire?
October 29, 2024

A millionaire or a HNWI (High Net Worth Individual) is someone with a liquid investable wealth of US$1 million or above. The amount only includes cash, debt-free residential properties, and listed company holdings.

Henley & Partners, in partnership with wealth intelligence firm New World Wealth, released the 2024 World’s Wealthiest Cities Report. It tracks the movements of over 150,000 HNWIs in the world’s top 50 wealthiest cities. The top five cities with most millionaires are New York, The Bay Area, Tokyo, Singapore and London.

If you are a millionaire in Singapore, you are one out of 244,800 or 4 percent of the population living here. The number excludes 336 centi-millionaires and 30 billionaires.

A millennial wants to be a millionaire?

Recently, The Straits Times published an article titled “Journey to a million: Young Singaporeans on the fast track to ‘financial freedom’ bare all”.

“Who Wants to Be a Millionaire” is a popular television game show that began airing first in 1998. I could recall back in the 1990s, millionaire is a popular term and the dream of many. But that was three decades ago. With inflation and inflated asset prices, isn’t it outdated to talk about being a millionaire in 2024?

Furthermore, the article mentioned FIRE (Financial Independence Retire Early) – a concept from the book Your Money Or Your Life published in 1992. That was 32 years ago before... read more