Why our neighbors are richer than us
By Randell Tiongson on June 8th, 2011Question: Why are the citizens of our Asian neighbors much richer than us Filipinos?—Name withheld by request
Answer: This is a question that ‘hits the spot,’ as the saying goes.
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.
Switzerland comes next on the list with 9.9 percent of its households having $1 million in assets. Hong Kong comes in at fourth with 8.7 percent and the United States is at 7th with 4.5 percent.
Don’t even ask where the Philippines ranks as I can’t seem to find it in the news feeds… ouch!
I was in Singapore last weekend on a business trip and whenever I am there, I marvel at how progressive a tiny country with hardly any natural resource can be. I enjoy going to Singapore because it gives me an image of how the Philippines can be when we put our acts together.
We don’t need to limit our sights to Singapore; we can also look at …
Read full column at http://business.inquirer.net/3554/why-our-neighbors-are-richer-than-us
Here in SG (Singapore), yes it easy to save 50% of your monthly pay, actually it can be higher than 50%. It is because with the help of CPF (Central Provident Fund), every month you have a savings of 35% (20%-employee and 15%-employer) the 20% will be deducted on the monthly gross while the employer will share 15% of your monthly gross. Then the remaining 15% or more can be taken from the take home pay. Then the money saved in the CPF can be use to buy a house/flat, use to fund investments and pay medical bills.
*Note: CPF is only applicable to Singaporeans and Permanent Residents (PR)
Btw…nice article and YES, PH is not hopeless. Discipline is the key in everything 🙂