When I say, entrepreneurs need to do business until they become millionaires... many people say, "It's not necessary, you don't have to be very rich." But, in fact, there are many benefits when the business is built up to the level of sales of millions of ringgit per year. Let's see the difference between Malaysia and Singapore in building more millionaires.
Singapore: Millionaire Success Stories
Singapore is known as a global financial hub, and it is no wonder that many millionaires were born here. According to the latest statistics:
- Singapore Population: About 5.92 million (as of 2023)[1]
- Number of billionaires: About 526,000 (as of 2021)[2]
Imagine, almost 9% of Singaporeans are millionaires! This figure shows how strong Singapore's economy is and how the country has successfully created an ecosystem that supports business development and wealth creation.
Malaysia: Unpolished Potential
On the other hand, in Malaysia, the story is quite different:
- Malaysian Population: About 34 million (by 2024)[4]
- Number of billionaires: Around 70,000 (as of 2021)[3]
With only about 0.2% of the population being millionaires, Malaysia still lags far behind. But, does this mean we can't succeed? Not at all! Our potential is great, just not fully polished yet.
Why Do We Need More Millionaires?
Many people think that it is not necessary to be very rich. But, when we talk about billionaires, we are actually talking about successful businesses. A successful business means more jobs, more opportunities, and more contribution to the national economy. More millionaires means more successful entrepreneurs bringing about positive change.
The Rise of Young Millionaires
One interesting trend we see in both countries is the increasing number of young millionaires. In Malaysia, there is an increase of 75% in millionaires under the age of 30 in 2022[5]. This trend is also happening in Singapore and other countries.
What Makes Young People Millionaires?
- Technology Entrepreneurship: Young people are leveraging technology to create innovative businesses.
- Digital Economy Opportunities: E-commerce, digital marketing, and online platforms open new avenues for wealth creation.
- Investing in Cryptocurrencies and Stocks: Young investors take advantage of new financial instruments.
- Social Media Monetization: Influencers and content creators are turning their online presence into a profitable business.
- Start-up culture: An ecosystem that supports start-ups allows young entrepreneurs to grow their businesses quickly.
- Education and Financial Literacy: Better access to financial education empowers young people to make smart investment decisions.
- The Gig Economy and Side Jobs: Many young professionals diversify their income streams through various ventures.
RichWorks Impact
As the founder of RichWorks, I am proud to say that our entrepreneurship and marketing training has contributed to the increasing trend of millionaires in Malaysia. Over the past 16 years, we have provided training to over 1 million people in Malaysia. In 2023 alone, we witnessed more than 65 business owners guided by RichWorks achieve sales from RM10 million to over RM500 million.
Growth Potential
The potential to double the number of millionaires in Malaysia is huge. With the right strategy, support, and good economic conditions, we can see a significant improvement in the future.
So, to all the entrepreneurs out there, let's keep working. Don't just do business, but become a millionaire!
Source:
[1] Number of millionaires in Singapore 2016-2026 – Statista https://www.statista.com/statistics/785044/singapore-number-of-millionaires/
[2] Singapore Population (2024) – Worldometer https://www.worldometers.info/world-population/singapore-population/
[3] Number of Malaysian millionaires 2015-2026 – Statista https://www.statista.com/statistics/785029/malaysia-number-of-millionaires/
[4] MALAYSIA'S POPULATION ESTIMATED AT 34 MILLION IN FIRST... https://www.bernama.com/en/news.php?id=2297508
[5] Young millionaires on the rise in Malaysia, 75pc jump recorded in … https://www.malaymail.com/news/malaysia/2024/04/20/young-millionaires-on-the-rise-in-malaysia-75pc-jump-recorded-in-2022/129822
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An amazing number,, young millionaires under 30 years old increased @ 65% business owners achieved sales of 10 to 500 million a year..with the guidance of RICHOWRK..AN OUTSTANDING ACHIEVEMENT...Sustainable economic limits and the improvement of the COUNTRY's economy..congratulations DATO WIRA.