Q: how many millionaires are there per 100 people in your country?

• — A historical review
• Before I came to SG, I always felt a CNY-millionaire was like one in a few hundred in China.
• After I came to SG, I felt a SGD-millionaire was very different from ordinary people.
• In the U.S. media, “millionaire” still refers to the super-rich, presumably because despite high income, most Americans are poor savers.

I think SG is a rich population of relatively “even distribution”, giving rise to more millionaires (per 1000 population) than other cities including NY, HK etc.

All the discussions so far include home value as part of NAV. By this definition (i.e. NAV definition 1), many paper-millionaires are cash poor and paper-rich, with huge portions of personal wealth locked up in illiquid assets. Retirement account[Annuity…] is another illiquid asset class.

Compare FullerWealth definition. Those paper millionaires by Definition1 are often very poor by FullerWealth.

NAV Definition 2: NAV excluding your primary residence, including all retirement accounts that belong to you.
NAV Definition 3: NAV excluding your primary residence, including _only_ retirement accounts that you can use within 3Y.

In SG (and other cities), Definition 2 could cut the millionaire count by half or more.

The millionaire renter family is an interesting case. They often own investment properties.