14.3% of children born to the bottom 1/5 of income earners later moved on in life to become the top 1/5 income earners in their 30s

desmond_yee1

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Cause your assumption wrong liao. Everyone doesn’t have an equal chance.

Your status at birth does affect your status at 30s. The race is not fair from the day you born.

you born as rich man son vs poor man son the difference is damn big.

Society has implemented means to move up, but it’s not easy man.
the rich will prevent the poor from moving up as it will hurt status quo
 

iamcat

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i bet for the top 10%

99% of their children become to the top 10% in net worth by their 30s 50s and 100s

the loser 1% probably got cheated by a woman or fell into drug habits
 

lchua6

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Cause your assumption wrong liao. Everyone doesn’t have an equal chance.

Your status at birth does affect your status at 30s. The race is not fair from the day you born.

you born as rich man son vs poor man son the difference is damn big.

Society has implemented means to move up, but it’s not easy man.
That's why I am saying. The figures show that in Singapore, people don't have similar chance.
 

Nicholas92

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Survivor bias. Like what the other edmwer said, what about the majority 86% ? You don't hear stories about those who failed.

History are written by the victors
It’s not really newsworthy to report someone born in bottom 20 and remain in bottom 20 mah.

success stories get more attention cause we all wish we can be that success person.
 

lucifer

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And what happened to them in their 40s?
 

recruit

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That generation of course lah. If you have degree you considered on a sure-win path, that time A level already considered very satki.
 

iamcat

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Cause your assumption wrong liao. Everyone doesn’t have an equal chance.

Your status at birth does affect your status at 30s. The race is not fair from the day you born.

you born as rich man son vs poor man son the difference is damn big.

Society has implemented means to move up, but it’s not easy man.

if ur father is someone famous, the u can go a long way lor. pad urself with branded degrees (they are not hard with the help of tutors), branded experience, c level position (you have the guidance of ur father and his c suite cronies in every industry), millions some even billions to spend, u can do anything u want literally.
 

Dgains

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It’s not really newsworthy to report someone born in bottom 20 and remain in bottom 20 mah.

success stories get more attention cause we all wish we can be that success person.

We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.”
 

Dividends

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Let's face it, life isn't fair, but for 14.3% of the bottom 20% to make it to the top. That's very impressive already, they probably climbed up through education. So if you're born poor, better study hard. You may need to work harder than those already born with a silver spoon, but at least you get a chance to break out of poverty, unlike those in your position born in a 3rd world country.
 

wwenze

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Funny thing is, they have data of millennials already, since many millennials are already in mid 30s

Where is the data? :s8:

In before data shows that millennials are earning less than their parents.
 

iamcat

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the perfect example of rich father famous son is donald trump lor. trump is not the most intelligent person but due to his father he could do anything he wanted, president, real estate mogul, etc.

particularly in east asia u can also see those ppl grandfather rich, father famous, son rich and famous, etc.

but probably with these two faced 'xiao ren' is they backstab everyone even family and friends and sometimes u can see publicly breakup with wife, friends, family...then u see sue wife, sue siblings, etc lor.

get into business or politics is all their cronies one.
 

Nicholas92

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Let's face it, life isn't fair, but for 14.3% of the bottom 20% to make it to the top. That's very impressive already, they probably climbed up through education. So if you're born poor, better study hard. You may need to work harder than those already born with a silver spoon, but at least you get a chance to break out of poverty, unlike those in your position born in a 3rd world country.
Maybe got 0.1% strike TOTO or got windfall.

but in my opinion, yup I agree in Singapore, education is the best and most reliable (not luck or special talent) method to climb up.
 

iamcat

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Cronyism: Rich connected father (50m) -> rich connected son (500m-1b) -> place friends and allies in positions of power to secure own wealth and position -> trust fund/hide salary and family wealth from public view/overseas assets/have a public face who is someone caring warm and down to earth (not really that hard to act anyway)
 

wwenze

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the perfect example of rich father famous son is donald trump lor. trump is not the most intelligent person but due to his father he could do anything he wanted, president, real estate mogul, etc.

particularly in east asia u can also see those ppl grandfather rich, father famous, son rich and famous, etc.

but probably with these two faced 'xiao ren' is they backstab everyone even family and friends and sometimes u can see publicly breakup with wife, friends, family...then u see sue wife, sue siblings, etc lor.

get into business or politics is all their cronies one.

Definitely an example. But at least he became richer than his dad, so fair enough.
 

iamcat

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But not every son with one million dollar loan became as rich as Trump eventually

u really believe he only got 1m? lol...1m is when? 1930s? 1m can buy u half of singapore already.

gimme a break la.

he got plenty more, he got all the contacts, his father helped him with everything, his children now all running his company openly, he even got them into white house, he wanna be president not for money but for the cronyism model (which can be legal).
 

tanakow

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In his speech on Friday, Mr Wong said that the level of Singapore’s carbon emissions is what determines the trajectory of its fiscal strategy, alongside the level of inequality and its aging population.

Singapore’s Gini coefficient, which measures inequality, has been on a steady decline since 2007, especially after taking the Government’s redistributive policies and transfers into account, he added.

“It is not just about redistribution. Fundamentally, we want every Singaporean, regardless of background, to have the opportunity to progress and succeed based on his or her own effort and talents.”

A 2015 study by the Ministry of Finance, which looked at children born from 1978 to 1982, found that 14.3 per cent of children born to the bottom one-fifth of income earners later moved on in life to become the top-fifth income earners among their peers in their 30s.

Although the figure has dropped slightly to 14 per cent for those born from 1985 to 1989, Mr Wong pointed out that this proportion is better than many other countries.

To this end, Singapore has invested heavily on education, and rolled out social policies such as SkillsFuture and the Workfare Income Supplement scheme. The latter works as a negative income tax since it hands out cash supplements to workers whose incomes are below a certain threshold.

These programmes require recurrent funding, which are borne by taxes that apply to the current generation who benefit from such policies.

Read more at https://www.todayonline.com/singapo...xt-budget-current-level-too-low-lawrence-wong
So it is better to be borned poor.
 

Perisher

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Never really understood why Sg's education don't emphasize on what's really important.

Things that are most important isn't

1. Math
2. Science
3. History
4. Geography
etc...

Instead it should be more focused on
1. how to learn
2. how to remember
3. life skills
4. how to be efficient, focus, adaptable and enterprising
5. how to be happy
etc...

And then expand to these stuff
  • Courses about Financial Management
  • Courses about self awareness
  • Courses on healthy life and nutrition
  • Courses on social skills
  • etc...

Or any variants of those, it's just an example.

Of course fundamentals of languages, math and science is important, but after the 1st 4-5 years, those things are but a base to learn what's really important.

Just 2cents.
 
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