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Why Singaporeans Are “Poor” and Japan Hoards Trillions



Why Singaporeans Are “Poor” and Japan Hoards Trillions

If you look at “Net Worth,” the average Singaporean is among the richest in the world (thanks to public housing assets). But if you look at their monthly bank balance, they often feel “broke.” Conversely, the average Japanese household holds 54% of their assets in cold, hard cash, yet they refuse to spend it.

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22 Comments

  2. @mohamedhanafi5611 on

    Singapore has an autocratic 67 YEARS govt (one party rule since 1959 ) hence more control so its harder to save your money as the essentials like public housing, cost of living, transport, medical, schools are calibrated to be expensive hence it encourages more CONSUMPTION and higher debt for its people as no govt wants more savers as they want money to circulate (to create jobs and boost GDP numbers) and people have to continue working till old so the govt can continue collecting tax/revenue. In JAPAN, its more of a democratic govt for the last 40 years hence the govt does NOT have the political will to force their citizens to stop hoarding unlike in SG where the govt can indirectly make its citizens spend more without much resistance hence its harder for Singaporeans to save up and live paycheck to paycheck while their non-liquid assets continue to grow (but only money can see , but cannot touch)

  3. @ベン-q6u on

    It’s important to say that a lot of things are changing right now in Japan. Inflation is back, investment is increasing, private house holds turn to the financial markets again, banks are giving more risk capital, wages are increasing, optimism is returning among the youth….. It will be interesting to see how the situation will evolve in the near future.

  4. @jasonsiu6368 on

    If you check UBS worth report, Hong Kong residents have 60% higher median wealth compared to to Singapore, meanwhile the gdp per capita is reverse 😂

  5. @ckchong8858 on

    We are optimistic about the world so we invest more into the future. Japan is pessimistic about the future, so they hold more cash.

  8. @kengleetan63 on

    Becos for Singapore the common folks money was all taxed by the PAP gov.
    Thru indirect tax and created internal inflation.
    The state of their elderly speaks volume.
    Their elderly suffer from malnutrition.
    And they receive no welfare in return.

  9. @user-ht1qg9xn3ra on

    Nonsense! On the contrarary, the Western countries must learn from the Japan and Singapore to avoid going rot. Of course, I have no the least faith that they are up to it.

  11. @JonHo-l8c on

    Is it a problem for both Japan and Singapore? Or is it you (BA)? There are more in it than what you know not unless you are a Japanese or Singaporean. Pity, you (BA) just depend on YouTube to earn a living with a piece of lemon in your mouth knowing how well both Japan and Singapore has progress.

  12. @Bobbylim323 on

    the commentary on the removal of SA shielding is interesting because only the rich could engage in SA shielding, the absolute number of people who are rich and savvy probably isn't very high. For that class of people, their cpf is effectively liquid from their OA anyways

  13. @david-p3b6w on

    i think u are talking cock without deep verification on the ground. Singaporeans are not poor like what you said. Neither japanese rich in cash. check before publishing

  14. @marahan.guzman on

    Yeah its really bad here in Singapore, we have 70 year olds working despite having massive amount of net worth (from their houses) but lacking cash to support their healthcare needs.

  16. @user-sf5bt8eb4y on

    very well done video and research that ties in to what most Singaporeans would experience.

    foreigners comparing SG taxes to their home countries might think SG in the best country with low income tax, GST(or VAT in other countries). what they DONT see/forget to compare are things like CPF. i.e 20% of your salary is immediately taken out of your pay cheque each month and set aside in your CPF account.

    To add on for CPF:
    1. this is MANDATORY for all citizen and PR and no opt out.
    2. this account is strictly and tightly controlled i.e cannot be withdrawn.
    3.a portion called OA, can be used for housing
    4. a portion called SA is locked until retirement at 55 (even then you cannot withdraw the full amount) only any amount higher than minimum sum set by govt (as of today is 220k this amount raises every year)
    5. a portion called MA, for medical needs and can pay for hospital bills and insurance premiums. again, it is subject to daily and per-case withdrawal limits($400/day, if your bill exceeds this limit you have to pay in cash even if your MA still have monies). basically this account you will never see or touch in your lifetime
    6. govt also introduce mandatory schemes like Medshield/careshield/eldershield, again mandatory and no opting out. automatically draining your MA to pay for these premiums (seeing the picture here?)

    other taxes like cigarettes tax , alcohol taxes, vehicle taxes called COE(a typical korean/jap car can sell for 180-190k and only can be used for 10 years)

    in short, Sg looks good on a paper front but very different if you are living on the ground day to day. ,

  19. @valleeny on

    So in summary, Singaporeans would like a system closer to Japan’s to give them more short term liquidity and Japanese would appreciate a system closer to Singapore’s to make sure their savings can last their lifetime.

  20. @kcchiew4247 on

    The net wealth of the bottom 20% of Singapore households remains at sgd 293k (2023 data). After accounting for property assets, CPF savings, and liabilities, this group holds sgd 29k in other financial assets. If this sgd 29k represents liquid cash, it is a substantial amount for lower-income families.