Where are the customers’ yachts? is a familiar title to many, a hilarious description of the folly and hypocrisy of Wall Street, and the lunacy of the investment business in general. As conspicuous consumption has become less acceptable nowadays, it seems more appropriate to ask instead “Where are all the millionaires?”

Now, if you are a fan of Thomas Stanley’s The Millionaire Next Door, the answer to the question “Where are all the millionaires?” is that they are all around us, practising stealth wealth, or the the simple practice of keeping your wealth and fortunes hidden from others, including friends, family, and co-workers. Indeed, there are some other research which backs this up in Singapore. For example Credit Suisse’s Global Wealth Report 2021 pegs the number of millionaires in Singapore at 270,000. Or Knight Frank’s Wealth Report 2021, which estimates the number at 244,700. That works out to be about