Doubling your assets

The Rhetoric

“Every Singaporean who owns a flat can double his value in today’s terms within the next 15 to 20 years. In other words, in the next 20 years, we can make everybody worth twice as much, at least.”
PM Lee Kuan Yew, National Day Rally, 1990

The Reality

“Wealth of Singaporeans shrank by $26b in 2001. Falling property prices and stock prices were the main culprits.”
Straits Times, Aug 28, 2003

“The average Singaporean worker would have a staggering 75 per cent of his assets locked in housing upon retirement. By the age of 62, he would be classically cash-poor and asset rich. His CPF savings would generate a paltry income, barely enough to cover subsistence.”
Susan Long, Straits Times, Feb 5, 2003

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