THEY say if you want to be successful, learn from the people who are successful. If we want to be a rich and prosperous country, we should take lessons from countries that are prosperous.
The 2012 Wealth Report released by Citibank Private Wealth and Property Consultancy Knight Frank listed Singapore as the wealthiest nation in the world by gross domestic product per capita measured by purchasing power parity, beating
Norway, the US, Hong Kong and Switzerland and predicted as the
wealthiest in 2005 over Hong Kong, Taiwan and South Korea with the US
(the only non-Asian nation) sliding back to No. 5. We can
observe from the list that the present top five wealthy nations except
for Singapore and Hong Kong are non-Asian but in 2050 the top four are
all Asian countries.
And
mind you, Singapore will continue to hold its No.1 title up to 2050!
Oneevidence is the presence of many millionaires in the country. The report also predicts that there will be a 67-percent increase in Singapore in the next four years in centa-millionaires. Centa-millionaires are those super millionaires with over $100 million in disposable wealth.
Citi’s
List of Global Growth Generators or what they call “3G” countries lists
China, India, Bangladesh, Egypt, Indonesia, Iraq, Mongolia, Nigeria,
Philippines, Sri Lanka and Vietnam. Except for China and
India (which are included in the so- called BRIC nations together with
Brazil and Russia) the rest are “key countries with promising chances
for growth that do not necessarily match the traditional assumptions
about where future growth will emanate from,” quoting the Report. Brazil
and Russia were not included in the list and the other countries
included here aside from India and China are poor countries that can
look forward to catch-up with growth though it will take decades.
It is encouraging to see the Philippines as among those countries in the 3G list. Our
economy is one of those who had opened up and had reached, in the words
of Citi’s Chief Economist Willem Buiter “the modicum of institutional
quality and political stability that are needed for fast growth and
rapid catch- up.” To grow, the Philippines can learn from
the wealthiest in emerging markets, The Report shows that they are
generating their wealth from natural resources, manufacturing and
construction based on a statement made by James Lawson, director at
Ledbury Research. As we can see, agriculture is not one of them, the
area where our country is mostly focus on. Increase in construction is a
by-product of a growing economy—what we should work more is developing
our manufacturing sector.
How
can Filipinos become millionaires or multimillionaires just like the
wealthy in Singapore? The study shows that individuals attain such
status through their earnings (which is commonly seen in more developed
and established economies). But those who are really very
wealthy, except for those who became rich by inheritance (with assets of
$10 million or more) are the entrepreneurs or business owners. The
risk is bigger than just being an employee but the returns if you
become successful is tremendous as to catapult a person to being not
just a millionaire but a centa- millionaire. It is easier
said than done but anyone can begin somewhere and even if you have not
reached the “centa” status, improving oneself not only in terms of
financial capacity but developing one’s character in the
area of discipline, good stewardship, fortitude, perseverance that are
required of a good entrepreneur are enough reasons to take the risk of
entrepreneurship.
What
else can we learn from affluent countries such as Singapore? CNN World
mentioned an interview in the Wealth Report with the super rich about
their “favorite things” (or hobbies?). Indians responded cars and gadgets, Latin American said traveling and Africans said safaris. The wealthy in Singapore’s most favored things? “Books and reading materials.” In other words, to be prosperous read more....
(Wilma
Miranda is the Chairman of the Publications Committee of Finex, the
treasurer of KPS Outsourcing Inc. and a partner of Inventor, Miranda
& Associates, CPAs. The views expressed herein do not necessarily reflect the opinion of these institutions. Email wilma_517@yahoo for comments).
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