Singapore has the world’s highest proportion of self-made, millennial millionaires

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Compared to the rest of the world, Singapore had the fewest millennial millionaires with a background of family wealth and backing, a banking study found.
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Not all millionaire millennials come from money.

A recent study of millennial millionaires found that rich millennials aren’t actually as spoilt and self-entitled as people say. In fact, they’re hardworking and enterprising – particularly those from Singapore.

The study, conducted by HSBC Private Banking and Scorpio Partnership, surveyed 3,725 millennial-age business owners across 11 countries, including 270 Singaporeans.

Each millennial polled possessed an average wealth of US$2.52 million. The study dubbed them ‘millennipreneurs’, or millionaire millennial entrepreneurs.

The researchers found that Singaporean millennial entrepreneurs were among the world’s most independent self-starters. Half of them made their millions without the backing from family businesses, and 90 per cent did not have any family riches or inherited wealth.

Most also started their businesses in their twenties.

Singapore’s proportion of self-starters among millennial entrepreneurs is the highest worldwide – more than double compared to Asia (26 per cent), America (20 per cent) or the global average (24 per cent).

“It is a common misconception that younger business owners are the beneficiary of family backing,” said Philip Kunz, Head of Southeast Asia in HSBC Private Banking. “Singaporean entrepreneurs are more self-reliant than international peers in their age group.”

In fact, researchers posited that a reason for their wealth was due to many of these entrepreneurs owning majority shares in multiple businesses.

Unlike millionaire entrepreneurs from elsewhere, one third of Singaporean millennials said the main motivation and priority when running their businesses was to secure financial security for family and loved ones, and be able to spend time with them.

In contrast, millennial entrepreneurs from America were more driven by creating employment, economic prosperity, and maximising shareholder value.