“I must be part of the 96” — Singaporeans express surprise that 4 in 100 residents are millionaires

SINGAPORE: Many Singaporeans were recently surprised by a survey revealing that four in 100 residents are millionaires, according to the latest World’s Wealthiest Cities Report 2024 by Henley and Partners, a British investment migration consultancy.

According to Mothership, the report revealed that Singapore is home to 244,800 millionaires, each possessing liquid assets exceeding US$1 million (S$1.36 million).

Singapore was also ranked as the world’s fourth wealthiest city, after New York, cities in the San Francisco Bay Area and Tokyo. Over the past decade, the city-state has seen a significant 64% increase in its millionaire population.

This revelation sparked a spectrum of reactions across social media platforms, with many expressing surprise at the statistics.

Some humorously acknowledged their status, quipping, “I guess I am part of the 96,” Others echoed a playful sentiment, chanting, “One of us! One of us! One of us!”

However, amid the banter, deeper reflections emerged on what it truly means to be wealthy in Singapore. Commenters noted that being a millionaire isn’t just about owning assets but having substantial liquid cash.

Some expressed feeling economically secure yet financially constrained in their daily lives, describing it as strange being “rich but poor.”

“It feels so strange! Like we are rich but poor. Like being gaslit on a daily basis. reports like these are true, and yet we feel like we are struggling,” one commenter said.

Another commenter noted, “There are not a lot of people in SG that are actually ‘poor’ (but it’s not a zero number either; they do need to be acknowledged).

And that doesn’t minimise the people that are struggling day to day, even if it’s for lower income or middle income needs.

But the reality is that it’s also inevitable that people will struggle; everyone can’t be made rich in a functioning economic system the way it’s been designed so far.”

“Maybe the people around you really are struggling but that doesn’t mean there aren’t plenty of rich people,” another added. /TISG

Read also: Number of millionaires in Singapore soars by over 60%, making SG the 4th wealthiest nation in the world

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