Can young Singaporeans still become millionaires? One self-made millionaire-entrepreneur thinks so — Here’s why

SINGAPORE: In a world where inflation is rising, competition is fierce, and the cost of living in cities like Singapore keeps climbing, many young people are asking one question: Is it still possible to become a self-made millionaire today?

Joshua Chan, a Singaporean entrepreneur, co-founder of Ergo Tune, and a self-made millionaire, was interviewed by Asian Boss on YouTube. He answered with confidence. He believes the answer is yes. However, the path to that first million requires patience, emotional intelligence, and a keen eye for opportunity.

The AI advantage

“If you’re young and in Singapore today, you have opportunities out there — especially with AI,” he explains. For him, artificial intelligence is not just a trendy term; it’s a huge, untapped resource.

He highlights the growing gap between generations in terms of understanding and using AI. “You have kids already using AI to create projects, automate tasks, and even start businesses. Meanwhile, big companies haven’t even begun to explore this technology.”

This knowledge gap, he thinks, is where the opportunity lies. “If you can be that middleman, that bridge connecting old systems with new technology — if you can provide real value—you will get paid.”

More than just skills: The mindset shift

Success, however, doesn’t happen overnight. The entrepreneur warns that the road to wealth isn’t about jumping on the newest trend or chasing excitement. “It’s not just about having the skills or tools. It’s about emotional stability,” he says.

“You need the patience to wait for results. Some things just can’t be rushed. If you become too impatient and chase every shiny object, you’ll burn out or lose focus.”

He stresses that today’s youth need to learn to trust the process. “Let things unfold. If you can remain calm, avoid overreacting when things go wrong, and focus on long-term value creation, your chances of becoming a millionaire increase significantly.”

Making it vs. keeping it

Becoming a millionaire is just part of the story. The harder question, he says, is whether you can maintain that wealth.

“I’ve seen people make a million in crypto, only to find themselves broke just two months later. Or worse — deeper in debt.”

The lesson is clear: Quick money doesn’t lead to lasting wealth. If one doesn’t have the discipline and the mindset to manage these assets, prosperity can evaporate just as fast as it came.

So, can young people in Singapore still become millionaires? Undeniably, but it doesn’t hinge on breaks or innate capacity. It’s about identifying the right prospects at the right time, especially in new technologies like AI, and having the emotional intelligence to plan and think ahead.

As Chan puts it, “if you can do that — offer value, stay grounded, and plan for the future—you won’t just make your first million. You can find a way to keep it and will know how to grow it.”