There are over 155,000 millionaires in Singapore alone, making it one of the wealthiest places in the world as 1 in every 35 residents are millionaires. In the past, amassing such a fortune would be like finding a needle in a haystack and now they are a dime a dozen. There are over 30 billionaires on the island alone, and although this is a small amount, it’s more than hundreds of other places around the world. By understanding what these billionaires did to get their wealth, you have the ability to make your own fortune within your lifetime.
Half of the top 10 richest people in the country created their wealth on their own. One of which being Eduardo Severin, the Facebook co-founder, and the other being Richard Chandler though they both recently relocated to Singapore. If you take a look at long-term residents, Goh Cheng Liang (Nippon), Raj Kumar (Royal Brothers), and Kuok Khoon Hong (Wilmar International) are 3 self-made billionaires.
One of the most popular ways for people to get rich and stay rich in Singapore is to invest in real estate. As one of the fastest growing nations in the world, there will always be high demand for homes and other accommodations. Whether you look at the rise in population amongst citizens or if you take a look into international workers, more people are immigrating to Singapore on a regular basis than anywhere else. Therefore, putting your money in real estate is the perfect way to boost your finances.
Another common aspect that Singapore is known for is its capability to expand technological revolutions that are going to change the way the world works on a daily basis. The more that you can get involved in technology ventures, the more likely you are to begin lining your wallets with cash. There are dozens of ventures that are either started by independent business owners of their own accord or sponsored by government programs. Technology startups have a higher chance of succeeding in Singapore than anywhere else in the world.
Investing at a Young Age
It’s common knowledge that the younger you start investing, the easier it will be for you to amass a fortune. This means that if you’re interested in taking advantage of what Singapore has to offer, you’ll want to start putting your money into different opportunities within your 20s and 30s. Whether you decide to buy a plot of land prior to it becoming of interest to developers or if you want to finance and interesting venture, it’s better to start as soon as you’re able to gather a substantial sum of money.
It’s important to remember that although it is possible to acquire a reasonable sum of money by focusing on efforts in Singapore, it’s not something that will happen overnight. One factor that every self-made millionaire or billionaire will discuss is that they had to work tirelessly day and night to amass their own personal fortune.
About the Author:
Morris Edwards is a content writer at companyregistrationinsingapore.com.sg – he writes different topics like investing in Singapore, “Why Millionaires Choose Singapore as Their New Home“, “Importance of a Business Plan for Entrepreneurs” and all topics related to Economy and Business in Singapore.