Across the five different levels of wealth, the study finds that moving from each wealth level to the next takes progressively longer, with the average length of time to move from financial stability to abundance taking 32.3 years.
More than half, or 55% of Singaporeans do not consider themselves to be financially wealthy, according to a study by wealth management firm St James Place (SJP) Asia.
The study, titled “Accelerating the Wealth Journey - From Stability to Abundance” surveyed 1,000 affluent Singaporeans categorised across five different levels of wealth — namely financial stability, financial security, financial flexibility, financial freedom and financial abundance. It also looks at how they approach areas such as wealth creation and intergenerational wealth transfer.
