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By Glenn Choo Singapore millionaires and high net worth individuals (HNIs) foundtheir wealth surging in the past three years despite the globaleconomic uncertainties, a survey by Royal Skandia found. More than two-thirds of the respondents revealed that their wealthhad risen between 2008 and 2011, with some 10 per cent reportingthat their wealth had increased by 50 per cent or more. The survey - conducted in the first quarter of this year - polledover 1,500 individuals globally. There were 150 respondents fromSingapore. A millionaire or HNI is defined as an individual with more thanUS$1 million in liquid assets, not including the value of a primaryhome. Nine out of 10 of those surveyed reported accumulating their wealththrough work as opposed to inheritance or personal stock trading. Successful investment strategies and owning a business were citedas the other significant opportunities that could enable wealthgeneration, while a fifth of the respondents gained a wealthystatus through inheritance or marriage. This survey also showed that one's career choice matters when itcomes to wealth accumulation. Some 27 per cent of the respondentsmade their money from a career in finance. Other key sectors which were likely to enable wealth accumulationinclude the service industry, manufacturing and the public service. When it comes to taking risk, the survey found that Singaporeansare generally not risk-averse. Almost half described theirrisk-taking habits as "high" or "very high", and just 16 per centfelt they had a "low" or "very low" tolerance for risk. Going forward, some 62 per cent of the respondents said they planto make a dash for cash, while 14 per cent were reviewing theirinvestments in commercial property with a view of decreasingholdings. That said, property still forms a major component in Singaporeans'investment portfolios, with cash and shares being the other twomajor components. "The findings of this study are particularly interesting inSingapore where the proportion of wealth derived from employment isamongst the highest compared to other regions we have surveyed,"said Michelle Andrews, commercial director of Royal Skandia. "This may be indicative of the strength of the Singapore economy,where despite the turbulent economic landscape elsewhere around theworld, employment levels rose for the second year running." This article was first published in The Business Times . The e-commerce company in China offers quality products such as Clear Binding Covers , Transparent Binding Cover Manufacturer, and more. For more , please visit Frosted Plastic Film today!
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