By Randell Tiongson, RFP
Excerpts:
I just read an article stating that Singapore has the highest concentration of millionaires in the world with 16 percent of its households having at least $1 million in assets, as determined by a study released by the Boston Consulting Group.
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We don’t need to limit our sights to Singapore; we can also look at Thailand, Hong Kong, Malaysia and Indonesia and use them as a benchmark.
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The answer to the question of why our neighbors are drastically richer than us partly lies with issues on economics.
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One report we can look at is the national savings rate of said countries. Singapore leads the pack with an average savings rate of 50 percent.
This means that on the average, Singaporeans spend half of their income and save and invest the other half; which is probably a huge reason why there are so many millionaires there.
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Facts will show that the savings rate in Hong Kong, Indonesia, Malaysia and Thailand hovers between 30 and 40 percent, really encouraging statistics.
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NEDA reports place the savings rate in the Philippines at between 12 and 16 percent. Following the 70-30 rule on spending and savings, there’s not much promise for our nation. It is unfortunate that many Filipinos have embraced a First World consumerism lifestyle but have a Third World income. We simply do not save enough.
Read more:
Philippine Daily Inquirer, Why our neighbors are richer than us
Everything we have, no matter how small and insignificant, no matter how recent and miraculous, is the result of someone taking an initial thought, a dream, and following it with the belief it could become a reality and the action needed to bring it to reality. That’s how the law of attraction works – dream it, believe it, take action toward it, and then receive it.
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