$400K assets per person is believable if you are, for example, 50 years old and above and have worked close to 30 years. But if you are in your 30's, it's likely you will still be in the asset accumulation stage.
Therefore, important to look at the demographics of the survey. It boils down to one question - what is the median COMPOSITION of each millionaire household?
(07-06-2012, 11:58 PM)Musicwhiz Wrote: [ -> ]$400K assets per person is believable if you are, for example, 50 years old and above and have worked close to 30 years. But if you are in your 30's, it's likely you will still be in the asset accumulation stage.
Therefore, important to look at the demographics of the survey. It boils down to one question - what is the median COMPOSITION of each millionaire household?
I share your view. If the standard deviation of the statistical data is disclosed, then the distribution of the millionaire household is clear. Mean (average) is very sensitive to deviation.
I tried without success to get standard deviation on all the statistical data in Singapore which related to wealth
I tried to confirm it whether it is unique to Singapore. None of the other country data i found shows standard deviation.
I wonder why standard deviation number is excluded?
(07-06-2012, 11:58 PM)Musicwhiz Wrote: [ -> ]$400K assets per person is believable if you are, for example, 50 years old and above and have worked close to 30 years. But if you are in your 30's, it's likely you will still be in the asset accumulation stage.
If you are uni grad, work for 15 years, 80% chance you would have accumulated 400k liquid assets. I say this cos, me and almost all my uni frens have that amt and have paid off our property. Sporeans are just that cash rich. And mind u, we are just average performers. None of us are holding Dir/Managers positions. Work 30 years (provided we dont get retrenched
) will mean we are millionaires liao.
(08-06-2012, 09:57 PM)Bibi Wrote: [ -> ] (07-06-2012, 11:58 PM)Musicwhiz Wrote: [ -> ]$400K assets per person is believable if you are, for example, 50 years old and above and have worked close to 30 years. But if you are in your 30's, it's likely you will still be in the asset accumulation stage.
If you are uni grad, work for 15 years, 80% chance you would have accumulated 400k liquid assets. I say this cos, me and almost all my uni frens have that amt and have paid off our property. Sporeans are just that cash rich. And mind u, we are just average performers. None of us are holding Dir/Managers positions. Work 30 years (provided we dont get retrenched ) will mean we are millionaires liao.
the problem is inflation and economic value of the working lifespan