Singapore has the highest percentage of millionaire households.
According to a study reported in the Financial Times, more than 15% of Singapore households are millionaires. No other country comes close (#2 Switzerland has less than 10% millionaires.) Singapore will soon have a million millionaires, out of a population totaling a mere 5 million. I expect the number of Singaporean millionaires to rise sharply in the next few decades. Recall that Singapore only recently became a very rich country (in income terms.) Given its high saving rates, the younger generation will get to a million dollars much quicker than the older generation. I’d guess that roughly half of Singaporeans in their 50s and 60s will be millionaires by 2040. And the younger generation at that time will hope and expect to get there someday.
Source: The Money Illusion
Are you feeling rich?
…In Zimbabwe. Zimbabwe’s dollar is virtually worthless, with foreign currency now being used to purchase basic items. In the past, it gets you 2 oranges.
Zimbabwe introduces $50 billion note
HARARE, Zimbabwe (CNN) — Zimbabwe’s central bank will introduce a $50 billion note — enough to buy just two loaves of bread — as a way of fighting cash shortages amid spiraling inflation.
Zimbabwe is grappling with hyperinflation now officially estimated at 231 million percent, and its currency is fast losing its value. As of Friday, one U.S. dollar was trading at around ZW$25 billion.
When the government issued a $10 billion note just three weeks ago, it bought 20 loaves of bread. That note now can purchase less than half of one loaf.
John Robertson, an economist in Zimbabwe, said he’s puzzled by the introduction of the $50 billion and $20 billion notes.
“I am not really sure what these notes would be for,” he said. “No one now accepts the local currency. It is a waste of resources to print Zimbabwe dollar notes now. Who accepts a currency that loses value by almost 100 percent daily?”
In August, the RBZ slashed ten zeros from the currency. But the zeroes have bounced back with more vigor. (Source: CNN)
At least everyone’s a billionaire there.