[Scythian]

The statistics speak for itself 
Credit Suisse recently published a report that the number of millionaires in Singapore is predicted to increase by 62% by 2025. Beyond the headlines, the report also painted a stark picture for inequality in Singapore—that the top 1% controlled 34% of all wealth in the country. 

That is an immense amount of wealth concentrated in the hands of a few. Compare that figure with 18% in Japan, 24% in Korea, 28% in Taiwan, and even 30% in capitalist United States and the problem becomes more evident.

In other news, while the Singapore government rolled out multiple rounds of economic aid over the past year to keep people in their jobs and the economy on life support, the housing market saw non-stop growth utterly unheard of in such dire times, with 19 HDB flats being sold for over a million dollars in June 2021 alone. All this as the ultra-high net worth club in Singapore grew 10% during the pandemic.

Meanwhile, 1.7% of the Singapore workforce earn below S$1,300 every month and struggle to make ends meet.

The difference between the haves and the have nots in Singapore have never been wider.

[Scythian]

The rest of 99% Singaporean workers worked like dogs and performed 2 years NS just to protect and defend that one %.

WTF

[[[ForeverAlone]]]

Because a lot don't know how to save but spend thus boast GDP

[Scythian]

Because a lot don't know how to save but spend thus boast GDP

That one % are mostly multi millionaires and billionaires.

How much can you save over your lifetime?

1 or 2 million

[Scythian]

Blame the PAP, a one party rule over 55 years of very poor and unfair distribution of national wealth

Leaving a large majority poor and living below UN poverty level

[Scythian]

This is unacceptable.


It's rubbish

[talky]

this is the govt aim to hv majority 90% struggling to live hand to money so as to be in their mercy to long for hand outs during GE

[babygirl]

The rest of 99% Singaporean workers worked like dogs and performed 2 years NS just to protect and defend that one %.

WTF

[babygirl]

Blame the PAP, a one party rule over 55 years of very poor and unfair distribution of national wealth

Leaving a large majority poor and living below UN poverty level

[Talent]

are all MPs HC LHL in this 1%

[[[ForeverAlone]]]

That one % are mostly multi millionaires and billionaires.

How much can you save over your lifetime?

1 or 2 million

They are Saving for their generation and generation , UNLESS they got " spoil brad than too bad " by the time that spoil brad take over , just spend and spend never earn than One millionaire or Billionaires out from the list.

[revealer]

This happening almost everywhere...

In America,  10% are holding 80% of stocks

https://www.cnbc.com/2021/10/18/the-weal...tocks.html

As of Q3 2019, the top 10% of households in the United States held 70% of the country's wealth

https://en.wikipedia.org/wiki/Wealth_ine...ted_States

[Scythian]

They are Saving for their generation and generation , UNLESS they got " spoil brad than too bad " by the time that spoil brad take over , just spend and spend never earn than One millionaire or Billionaires out from the list.

Ex CAG Chairman's son is a good example..

Abusive

[Scythian]

Should tell the one % to FO

[Scythian]

[Scythian]

They keep on encouraging the majority Singaporeans to work harder and harder so that the one % can increase their control faster to 50% of all wealth.

Slave drivers get richer faster

[mikotan]

The 1% have great influence, wealth tax will never happen here. Instead increase GST that affects everyone.

[Scythian]

The 1% have great influence, wealth tax will never happen here. Instead increase GST that affects everyone.

To achieve prosperity for the 1%

[Levin]

The statistics speak for itself 
Credit Suisse recently published a report that the number of millionaires in Singapore is predicted to increase by 62% by 2025. Beyond the headlines, the report also painted a stark picture for inequality in Singapore—that the top 1% controlled 34% of all wealth in the country. 

That is an immense amount of wealth concentrated in the hands of a few. Compare that figure with 18% in Japan, 24% in Korea, 28% in Taiwan, and even 30% in capitalist United States and the problem becomes more evident.

Possible to post a link? Thanks in advance.

The lastest report I read from Credit Suisse had USA's top 1% controlling 35.3% (not 30%) of total wealth in the country. Japan is 18.2%. 

Worst is Russia at 58.2%, Brazil at 49.6%, India at 40.5% and then USA.

No figures for Korea, Taiwan nor Singapore.

Source from page 24 of Credit Suisse Global Wealth Report 2021 (June) : https://www.credit-suisse.com/about-us/e...eport.html

Steps to reach report from the link I posted:

1. Scroll down a bit to see :The Global wealth report 2021:.

2. Click on 'Find out more (PDF)'.

3. Save file to your hard drive

4. Open file and go to page 24

[Scythian]

World Crony Capitalism Ranking

No.4 Singapore

Maybe it's linked to 1% controlling 34% of all wealth.

[Levin]

World Crony Capitalism Ranking

No.4 Singapore

Maybe it's linked to 1% controlling 34% of all wealth.

It is because they think most of the wealth generated is from the real estate sector in Singapore. Their conclusion is that to earn lots of money from the real estate sector, you have to know somebody, so that amounts to cronyism. 

It is a very strange index and has been published only twice in 2014 and 2016. The measurement is calculated in this way:

Ten of the industries that are susceptible to monopoly or require licensing or highly dependent on the government are selected: casinos; coal, palm oil and timber; defense; deposit-taking banking and investment banking; infrastructure and pipelines; ports; airports; real estate and construction; steel and other metals; mining and commodities; utilities and telecoms services. Then, the total wealth of world's billionaires who actively involve in rent-heavy industries from the data of Forbes will be calculated. Results can be achieved from the ratio of billionaire wealth to GDP in their own countries; higher ratio of billionaire wealth to GDP indicates higher possibility of suffering from crony capitalism.


https://en.wikipedia.org/wiki/Crony-capitalism_index

Here is an article that mentions why the index is highly inaccurate in what it tries to measure: https://globalanticorruptionblog.com/201...apitalism/

First, the index is likely to be biased against countries in which a large share of the economy is in the Economist‘s “rent-heavy industries,” regardless of how much rent-seeking is actually going on in those industries. For example, in states like Russia (or, for that matter, Norway, which is not included in the index), the natural resource sector is not only large, but it makes up an outsized portion of the economy when compared to, for example, the United States. Likewise, in small city-states like Hong Kong and Singapore, there’s a lot of money to be made in real estate (much as there is in New York City or London), relative to the overall economy of those relatively small jurisdictions.

......

Second, the Economist study only looks at billionaires (a point it acknowledges). Although the Economist acknowledges this limitation and says it means its index is only a “rough guide to the concentration of wealth in opaque industries,” the bigger problem — which the Economist does not acknowledge explicitly — is that using this cutoff may bias the results so that larger economies, or richer countries, score worse. After all, in smaller economies there may be many oligarchs whose wealth runs merely into the hundreds of millions of dollars, rather than billions

......

Third, again as the Economist also acknowledges, the wealth of crony capitalists is sometimes hidden or dispersed. In China, the wealth of Bo Xilai’s family, which The New York Times reported came largely through links to the state, has been concealed and dispersed among several family members. Or consider a man who has been in the news a lot lately — Vladimir V. Putin. He’s nowhere to be found on the Forbes list, but some estimates have listed him as the wealthiest man in the world based on secret wealth allegedly obtained through his domination of the Russian political system. Again, the issue is not merely inaccuracy (which the Economist acknowledges), but bias: in those countries where it’s either easier to hide one’s wealth, or where there’s a stronger incentive to do so, the crony-capitalism index will understate the true amount of cronyism and rent-seeking going on.

Fourth, there’s the focus on personal wealth itself, as opposed to corporate wealth. The Economist notes that America does relatively well in the study because unlike other countries its “energy billionaires” barely register in the overall economy. But that is partly an accident of history: The U.S. energy industry was dominated by extremely wealthy individuals for much of its early development. While those individuals have left the scene and their wealth has become fairly dispersed, many of the public companies those early billionaires created remain strong incumbents and continue to receive many kinds of government support. Likewise, the Economist notes that U.S. financial services billionaires are also fairly small in number and wealth compared to, say, high tech billionaires, making the individual contribution to this index of the U.S. financial services industry fairly small. But to Americans who have just witnessed six years of multi-hundred-billion-dollar financial industry bailouts overseen largely by alumni of the financial industry, the argument that the industry as a whole doesn’t extract enormous rents seems to depend entirely on a focus on personal rather than corporate wealth — on the crony, not the crony company.

[Scythian]

The worst are those NSF serving 2 years as well as most reservists get nothing for defending the nation.

Where's fair distributions

[RiseofAsia]

Where is the Robin Hood?

[Scythian]

Where is the Robin Hood?

They are actually pirates calling themselves Robin Hood

[[[ForeverAlone]]]

Ex CAG Chairman's son is a good example..

Abusive

Like " lee family " his son literally no need to work what in " Gov tech "
these people is work for " status " come wealth already there.

[Scythian]

Like " lee family " his son literally no need to work what in " Gov tech "
these people is work for " status " come wealth already there.

If Credit Suisse projected 60% increase by 2025 is correct

That means 1% will control 54% (34+20) all wealth.

Then the rest 99% eat grass

[Scythian]

this is the govt aim to hv majority 90% struggling to live hand to money so as to be in their mercy to long for hand outs during GE

They eat imported lobsters and fresh abalone 

We eat nasi lemak, ikan bilis and sweet potatoes

[Scythian]

The future is bleak for the rest of us who don't have any  connections and our past generations were poor peasants ..

Who to blame?

[babygirl]

The future is bleak for the rest of us who don't have any  connections and our past generations were poor peasants ..

Who to blame?

[cityhantam]

The rest of 99% Singaporean workers worked like dogs and performed 2 years NS just to protect and defend that one %.

WTF

In Australia no need to work?