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08-11-2011, 01:03 PM
just to add to discussion. Happiness is not a function of wealth but rather it is a function of relative wealth vs the group we hang out with. So we are happy when we either earn more to beat our peer group or if we switch to another peer group who earns less. This explains much of the article. It also explains the idea that middle upper do not agree with ministerial pay since it propels them into the elite group via taxpayers money which they pay alot of...
I would also refine what Ms Chuan has and say that there are 5 groups here in SG. The poverty class, working class, middle class, middle upper classes and the elite/upper . Divide them as follows :
05 % Poverty class : Total family earning below $1200 per month. No net worth or negative net worth. need govt subsidies/welfare to make ends meet.
25 % Working class : Total family earning below $3000 per month. Little net worth or negative net worth. Ineligble for govt help. But probably get help from relatives.
50 % Middle class : Total family earning below $10000 per month. Some networth but all tied up in HDB. Would venture to say networth below $500K.
20 % Middle Upper class : Total family earning below $30000 per month. Networth btwn 500K-10M, Avg 50% of assets tied up in home.
<0.1% Elite : Total family earning above 1M per annum. Networth 10M and up. Less than 30% of assets in home. There are about 10,000 such households in SG.
Most of the elite get their money via entrepreneurship. About 30+%. Another good pool of 20-30% get it via inheritance. The remainder are the usual surgeons, lawyers, CXOs, traders, finance types. Only in SG is there is added Ministers....
I would also refine what Ms Chuan has and say that there are 5 groups here in SG. The poverty class, working class, middle class, middle upper classes and the elite/upper . Divide them as follows :
05 % Poverty class : Total family earning below $1200 per month. No net worth or negative net worth. need govt subsidies/welfare to make ends meet.
25 % Working class : Total family earning below $3000 per month. Little net worth or negative net worth. Ineligble for govt help. But probably get help from relatives.
50 % Middle class : Total family earning below $10000 per month. Some networth but all tied up in HDB. Would venture to say networth below $500K.
20 % Middle Upper class : Total family earning below $30000 per month. Networth btwn 500K-10M, Avg 50% of assets tied up in home.
<0.1% Elite : Total family earning above 1M per annum. Networth 10M and up. Less than 30% of assets in home. There are about 10,000 such households in SG.
Most of the elite get their money via entrepreneurship. About 30+%. Another good pool of 20-30% get it via inheritance. The remainder are the usual surgeons, lawyers, CXOs, traders, finance types. Only in SG is there is added Ministers....