$1m networth is middle-class. How much is considered upper-class?

[beast]

many commented 1mil is not much but do they have that amount of cash in the first place

 

[dork32]

many commented 1mil is not much but do they have that amount of cash in the first place

do not look down on the people here. there are many high fliers around

 

[OngHuatHuat]

I don’t have. I have around 2 million plus debt to
Be cleared for the next 30-35 years.

many commented 1mil is not much but do they have that amount of cash in the first place

 

[beast]

paper value la. they have to sell off their properties or stocks to have it. What about those still hanging on to their properties or stock but still got 1mil spare cash. My guess not many

 

[revhappy]

When you are in 20s it is hard to estimate how much wealth you will make. But once you stabilize in your career around 35, you will already have a rough idea of what is your lifetime potential and on that basis you form an opinion about what is rich and what is poor. I am 38, networth 800k SGD. To me 1M is achievable in my lifetime. But 3M is the moon to reach.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[SibehHL]

paper value la. they have to sell off their properties or stocks to have it. What about those still hanging on to their properties or stock but still got 1mil spare cash. My guess not many

Correct, net worth = total assets - total liabilities... but take away the property one is living in assuming fully paid up, suspect many will fall below the 1M threshold especially in Singapore.

In fact, I think many banks are already setting the AUM benchmark for VIP clients to be USD 1-1.5M. So I would think this is more or less the benchmark when one crosses from middle class into mid-upper??

 

[chopra]

bbc: no right or wrong on" Including, but net of outstanding mortgage debt. "
but i would instead suggest current value - mortgage debt .


hope i didnt digress

 

[ocs_woodlands]

5Let me again throw in some important parameters tag needs to be well defined - in addition to what i said earlier about how wealth should be measured.

What exactly is middle class or upper or upper middle????

We all know almost exactly how a piece of steak should taste like if it is medium, medium rare or well done (I am excluding the caveman rare )

So what exactly is middle class?? Can we up the discussion a bit and state clearly in terms of percentiles? I guess wealth data sets are pretty hard to come by... in which case, perhaps income data should be used as proxies?

Common sense is unfortunately not common at all.. HardwareZone Forums app

 

[BBCWatcher]

Actually people who are heavy invest into stock and bond market, net worth fluctuates everyday.

Not only stocks and bonds. The same is true of real estate and Picasso paintings, as examples. The only difference is that you can go look up an instantaneous price quotation in stock and (most) bond markets. There is no high volume market, with minute-to-minute (or second-to-second) price quotations, for Singapore postcode 123456 unit #04-04, or whatever. But the instantaneous value of unit #04-04 really does fluctuate.

Or, if you prefer, you can just think of different securities and assets as having more or less liquidity. For example, what's the value of U.S. patent 123456789? I don't know, and there's no central, transparent market that'll tell you. But ownership of that asset is an electronic record at the U.S. Patent and Trademark Office. There's nothing physical about it. On average physical assets tend to be less liquid, especially those that cannot be moved easily, such as buildings and land. But there are plenty of non-physical assets that are also highly illiquid.

I would remind everyone that literally zero of the world's wealthiest individuals are wealthy because of real estate holdings. You have to dig down below #30, last I checked, before you find a real estate tycoon.

 

[klarklar]

I would remind everyone that literally zero of the world's wealthiest individuals are wealthy because of real estate holdings. You have to dig down below #30, last I checked, before you find a real estate tycoon.

In Asia, many top tycoons are related to real estate. Most notable are those belonging to top cities such as Singapore and Hong Kong. Maybe this is why these economies are not as dynamic as U.S where most of the top tycoons are related to technology.

 

[Incognito1979]

I am in mid 40s,current networth 1.02million in cash and CPF, no car, no house, no women. I consider myself low ses class, eat cai png almost daily, ride mobike to work and play BF3 when off day.

Find a suitable partner and start a life dude. When you're old and sickly in the hospital your dollar bills ain't gonna come to the side of your bed to feed you cai png and talk to you. Lol

 

[klarklar]

Find a suitable partner and start a life dude. When you're old and sickly in the hospital your dollar bills ain't gonna come to the side of your bed to feed you cai png and talk to you. Lol

I agree. Without any kids, all the money is useless when a person loses his health and needs someone he can trust with his wealth. Sure, not all children can be trusted. But they are a safer bet than outsiders.

 

[Incognito1979]

Today, middle-managers in MNC or civil service can earn >$10k salary. God knows how much senior managers can earn. $3-4k salary are for grads in their 20s and early 30s. I think many of them can reach $1m networth by their 40s.

Earning is one thing. Saving and growing is another. Besides I suspect if you move to another social circle their experience is unlikely to be similar i.e having most middle aged group people around them drawing over 10k monthly

 

[verilyverily]

Find a suitable partner and start a life dude. When you're old and sickly in the hospital your dollar bills ain't gonna come to the side of your bed to feed you cai png and talk to you. Lol

He can have syt nurse do that for him if he would name her as sole beneficiary ? juz kiddin... no offense / insult meant for noble nursing profession. Heck I'll do that for him too.

 

[klarklar]

He can have syt nurse do that for him if he would name her as sole beneficiary ? juz kiddin... no offense / insult meant for noble nursing profession. Heck I'll do that for him too.

Make the care-taker sole beneficiary and she is not family? LOL. That's a quick way to die, especially if the care-taker is impatient. Severe conflict of interest.

 

[cheongmanz]

Make the care-taker sole beneficiary and she is not family? LOL. That's a quick way to die, especially if the care-taker is impatient. Severe conflict of interest.

Next time robot can be care-taker riaos

 

[hwarzoner]

Find a suitable partner and start a life dude. When you're old and sickly in the hospital your dollar bills ain't gonna come to the side of your bed to feed you cai png and talk to you. Lol

it sounds easy, but not everyone is lucky in getting a partner, especially relating to matters of the heart, you can control how you earn and spend your money but you cannot control other human being in relationship.

 

[klarklar]

it sounds easy, but not everyone is lucky in getting a partner, especially relating to matters of the heart, you can control how you earn and spend your money but you cannot control other human being in relationship.

Yes you have less control. But take note of the statistics. Only 3% of Singaporeans have >USD1m networth but the vast majority are married. If a man is looking for perfection, zero risk of being sabotaged by Woman's Charter, then no such thing in life. Nobody knows how it will turn out. Just take the risk and buy that ring if the girlfriend is good enough.

For women, it is even lower risk. If things go bad, women can even get rich thanks to Woman's Charter, particularly if they marry rich tycoons. Read about socialite Jamie Chua for inspiration.

In olden days, women are very scared of marrying the wrong man. In modern day Singapore, men are even more scared of marrying the wrong woman, thanks to Woman's Charter.

 

[havetheveryfun]

Earning is one thing. Saving and growing is another. Besides I suspect if you move to another social circle their experience is unlikely to be similar i.e having most middle aged group people around them drawing over 10k monthly

but it is easier to change when u are earning more. like try asking someone who only earns 2k a month gross to save 1k a month... whereas the person earning 10k a month would be able to save 2k a month much more easily

 

[havetheveryfun]

Find a suitable partner and start a life dude. When you're old and sickly in the hospital your dollar bills ain't gonna come to the side of your bed to feed you cai png and talk to you. Lol

not everybody has the luck to get married in life. plus at mids 40, getting married is a huge risk and commitment compared to when in his 30s. With 1 million at his age, he can already easily retire, but having a wife and kid will put his savings back again and he might have to continue working for a longer period of time.

plus, even if you married, it doesnt necessarily mean that there will be people coming to feed you cai png and talk to you when you are old and sickly in the hospital... so many kids do not even go back for CNY reunion dinner nowadays.