Over the weekend, I was chit chatting with my friend who is a banker for more than two decades. He said that Singapore really have too many rich people. I then asked him to make a guess, how many people in Singapore have more than USD 1 million net worth? This is based on Credit Suisse 2020 wealth report? According to the report, calculation of net worth includes all personal financial assets, properties including owner-occupied homes and also market value of pension funds (e.g. CPFs), and subtract all outstanding debts. Figures are derived from national statistical agencies. How many millionaires (USD) in Singapore? My friend’s answer is; “close to 1 million people.” For perspective (data in 2020), Singapore has 5.7 million people. Labour force is about 2.3 million (40%). Population of adults age 21 years and older is approximately close to 4.9...