When I say entrepreneurs need to keep growing their business until they become millionaires, many people tell me, “No need lah, no need to be that rich.” But there are actually a lot of good things that come when you build a business up to millions of ringgit in sales a year. Let’s look at the difference between Malaysia and Singapore when it comes to producing more millionaires.

Singapore: The Millionaire Success Story

Singapore is known as a global financial hub, and it’s no surprise that so many millionaires come from there. Based on the latest statistics:

  • Singapore’s population: about 5.92 million (as of 2023)[1]
  • Number of millionaires: around 526,000 (as of 2021)[2]

Just think about it — almost 9% of Singapore’s population are millionaires. That figure shows how strong Singapore’s economy is, and how the country has managed to build an ecosystem that supports business growth and wealth creation.

Malaysia: Potential That Has Not Been Fully Polished

In Malaysia, the story is a bit different:

  • Malaysia’s population: about 34 million (as of 2024)[4]
  • Number of millionaires: around 70,000 (as of 2021)[3]

With only about 0.2% of the population being millionaires, Malaysia is still far behind. But does that mean we can’t succeed? Not at all. Our potential is huge — we just haven’t polished it fully yet.

Why Do We Need More Millionaires?

Many people think there’s no need to be very rich. But when we talk about millionaires, we’re really talking about successful businesses. A successful business means more jobs, more opportunities, and more contribution to the country’s economy. More millionaires means more entrepreneurs who succeed and bring positive change.

The Rise of Young Millionaires

One interesting trend we see in both countries is the growing number of young millionaires. In Malaysia, there was a 75% increase in millionaires under the age of 30 in 2022[5]. The same trend is happening in Singapore and other countries too.

What Makes Young People Become Millionaires?

  1. Tech entrepreneurship: Young people use technology to create innovative businesses.
  2. Digital economy opportunities: E-commerce, digital marketing and online platforms open up new paths to wealth creation.
  3. Investing in cryptocurrency and stocks: Young investors make use of new financial instruments.
  4. Monetising social media: Influencers and content creators turn their online presence into a profitable business.
  5. Start-up culture: A supportive start-up ecosystem lets young entrepreneurs grow their businesses fast.
  6. Education and financial literacy: Better access to financial education empowers young people to make smart investment decisions.
  7. Gig economy and side hustles: Many young professionals diversify their income streams through different ventures.

The RichWorks Impact

As the founder of RichWorks, I’m proud to say that our entrepreneurship and marketing training has contributed to the rising number of millionaires in Malaysia. Over the past 16 years, we have trained more than 1 million people in Malaysia. In 2023 alone, we saw more than 65 business owners coached by RichWorks reach sales of RM10 million to over RM500 million.

The 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 increase in the future.

So to all entrepreneurs out there, let’s keep pushing. Don’t just do business — become millionaires!

Sources:
[1] Number of millionaires Singapore 2016-2026 – Statista
[2] Singapore Population (2024) – Worldometer
[3] Number of millionaires Malaysia 2015-2026 – Statista
[4] MALAYSIA’S POPULATION ESTIMATED AT 34 MILION IN FIRST …
[5] Young millionaires on the rise in Malaysia, 75pc jump recorded in …

Remember, success isn’t for those who are great. It’s for those who put in the work.

Prof. Datuk Wira Dr. Azizan Osman

Business growth strategist, mentor and TV & podcast host – guiding founders and MSMEs through expansion and scale.