The Boston Consulting Group,(BCG) one of the leading global management consulting firm has just last week released its Annual Wealth Report and found Singapore to be amongst the top 20 countries with the most millionaires households.
That is about 3.3 million Malaysian Ringgit. And this is of liquid asset which does not include the value of property owned.
That means for every 10 Singaporeans you meet more than one will be a millionaire of USD.
Malaysia? In the late 70s to early 80s before Mahathir became PM, Malaysia has one of the highest per capita income in Asia and was way ahead of countries like South Korea and Taiwan.
The Singapore dollar exchange rate was at parity with the Malaysian dollar back than at 1 for 1. After Mahathir became PM we saw the other Asian countries race way ahead.The Hong Kong dollar back than was about 3 for one Ringgit.
- Today the Singapore exchange rate is at about RM2.33 for one Singapore Dollar.
- Singapore is today a fully developed country and an advanced nation of which Malaysia is only still aspiring to become.
- Singapore enjoys a per capita income of more than USD 37,000 whereas Malaysia is at less than USD 7,000 which is way off the mark being a leader in the region some 30 years ago.
- Singapore is the fourth leading financial centre of the world and the fourth richest nation in terms of GDP Purchasing Power Parity per capita.
- Singapore is a fine example of a sound and efficient economic management and governance with one of the highest ratings by Transparency International for being clean and the least corrupt.
- Malaysia is now a sad story although blessed with rich and abundant natural resources, has 57.8% of its total household of 5.7 million earning a meager income of below 3000 Ringgit a month with an average household size of 4,5 person per household.
- And more than two third of the Malaysian household earns less than RM4 thousand a month at 70.7%.