Millionaires in Singapore

Dear Mr Tan,

ref your blog post about newspaper articles highlighting the number of "millionaire households" in Singapore, this is the BCG report that claims that 15.5% of S'pore households have assets under management of over US$1mil.

The definition of AuM (see page 6) seems to include properties that are not their own residences.

Therefore I would conclude that its the appreciation of investment properties plus the strong S$ which have contributed to this large percentage. However, this is not a true reflection of wealth as I would expect that the vast majority of these investment properties are also leveraged.

May I also take the opportunity to wish you all the best for the upcoming Presidential Elections!

best regards,
sidat