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| Mansion Style Billionaires |
Yes, they can be still carry the
label millionaires but it is no longer a big deal anymore. Though they can lay claim to that status because of their rapidly appreciating properties, they do not feel any
richer, living a mediocre middle income life perhaps on similar levels to a high-salaried person from
the working class category.
These cheapo millionaires can include those who had the
wherewithal to spend investment money for their children’s education especially
in twinning programmes with a possible year or two overseas.
Having numbers but
not the lifestyle, they are the constant victim of runaway inflsation in Malaysian
A ringgit in Janaury fetches perhaps less than 50% in December in a calendar
year. Boo Hoo!
Billionaires, however, remain rare. Malaysia now has 30 billionaires, just three more from the 27 on the list last year.
The Wall Street Journal (WSJ)
reported last year that Malaysia's millionaires almost doubled over the
previous 18 months.
A report by international financial
firm ,Credit Suisse Group, stated
that Malaysia have added 19,000 new millionaires since early 2010, bringing the
total to 39,000 as of October 2010.
Those who invested their money
wisely had benefited the most duing this period.
“In a free market and capitalist
economy like Malaysia, people who have capital can generate millions,” says Dr
Yeap of RAM, emphasizing that many in the upper-income bracket had accumulated
wealth past the million-ringgit mark.
Personal financial consultant Carol
Yip said the rising cost of living had lessened the feeling of being rich.
“Today, even a small apartment can
cost half a million,” she said.
She said careful spending was not a
factor for the increase in the numbers of millionaires.
“If we are spending less, we won't
be seeing so many luxury cars on the road,” she said.
She said the rise in millionaires
was also due to property prices which have shot up exponentially, adding that
the definition should not include the value of the house that one was living
in.
So, are you in this category of cheap-going-cheaper inflation millionaire?
Nah, not me!
Nah, not me!
