The S$1 million National Day paradox: ‘money dysmorphia’ amid a wealth surge

SINGAPORE celebrates another chapter as one of the world’s greatest economic success stories this National Day. We have transformed from a small trading port with no natural resources into one of the world’s strongest sovereign balance sheets in just 61 years.

Today, more Singaporeans are millionaires than ever before. Rising property values, Central Provident Fund savings, investments and decades of disciplined wealth accumulation have quietly created a nation in which many households have a net worth running into seven figures.

By almost every traditional measure, Singapore is a winner. Yet whenever I speak to university students, young professionals and mid-career executives, I hear a very different story. They do not feel financially secure. They feel anxious.