SINGAPORE: A recent study conducted by wealth management firm St James Place Asia has found that a significant number of Singaporeans do not consider themselves financially wealthy.
It revealed that transitioning from one wealth level to the next took increasingly longer periods, with an average of 32.3 years to move from financial stability to abundance. When it comes to prioritizing wealth accumulation, the majority of respondents expressed a willingness to sacrifice spending on luxury items in favour of long-term wealth generation. This was followed by prioritizing work-life balance and family time .
The survey also indicated that 86 per cent of Singaporeans considered it important for the next generation to protect and grow their wealth.
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