Monday, September 12, 2011

38,000 Millionaires (US$) in the Philippines by 2015

Over the weekend, Z mentioned that Php50million in the bank is the bare 
minimum for a Pinoy to be considered rich these days. 

I wondered, How many people actually have this much assets??? 
Well according to Julius Baer - "The Philippines will have 38,000 millionaires 
(in US$) by 2015". Hence, the Php50million number.

I'm not quite sure when Php50million became the gold standard but I must
admit I wasn't paying attention when this figure was pegged. I mean is this
really an exact science? And if it is, what should it mean to me?

If you don't know where you're going, you might not get there. - Yogi Berra, 
American Baseball Player and Team Manager

The short conversation that I had made me realize how much I've changed 
through the years. You see, 10 years ago, I was like other people; listening 
and believing others who had a definition for rich and successful. This brought
me some heartache because I was apparently chasing after things that were 
unimportant to me. 

At some point, I woke up and realized, "Hey, wait a minute, this isn't what 
I want." I then started making life choices based on what I assessed would 
work best for me.  I'm happy to say that at this point, I'm quite happy with 
the decisions I've made.

Some people will scoff at what I said and write me off as naive. But you 
know, the thought of that doesn't really bother me. C'est la vie. We all have 
our own reasons for being. Others have the right to be them, I have the right 
to be me, and you have the right to be you. 

Image courtesy of areasauburnphotos

p.s. So what about the state of our economy? Don't get me wrong, the more
financially stable we are as a people, the better. But I'm less hung up on
the ultra rich. What I'm hoping for is for the Philippines to have a stronger
middle class.

You don't need Php50Million to be middle class. But you do need enough
money to have a home, provide for your children, retire comfortably and then
give some to those still trying to get there.

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