🐧 Insights from $788M+ net worth

Net Worth Report H1 2023: Breakdown by Age, Country, and Profession
July 9, 2023

In this post, I’m thrilled to share a breakdown of $788M+ net worth aggregated from 1,613 professionals.

Today in 10 minutes or less, you’ll learn:

  • 🤑 H1 2023 net worth and income highlights
  • 🧠 How wealth breaks down by age
  • 🌏️ Top 7 countries by subscribers and wealth
  • 💼 Top 13 professions by subscribers and wealth
  • 🇸🇬 BONUS: Singapore expat asset allocation

FROM OUR PARTNERS

🛠️ Earn 3.5% on your cash (guaranteed)

StashAway recently launched Simple Guaranteed, their third cash management option which offers a guaranteed 3.5% p.a. (as of 7 July). Here’s what you get if you’re in Singapore:*

  • Rate you see = rate you get. Guaranteed rate with 6 month lock-in
  • No jumping through hoops. Get the rate without needing to fulfill many steps or any minimums
  • No management fees. Instead, StashAway takes a small spread (doesn’t change rate you see)

Why try Simple Guaranteed? My wife is earning 3.5%+ from her Simple account, but the rates can change. This is a fresh option for people who want to grow cash without worrying about market volatility.

Invest from as little as $1. New to StashAway? Sign up for Simple Guaranteed and you’ll also get $10 SGD + 6-month fee waiver across StashAway (up to $20k SGD).**

**Underlying funds are Citibank fixed deposits; individuals are not SDIC-insured.

*Offer available until 9 Aug; $10 cash reward will be deposited to your StashAway account within 2 weeks after 9 Aug; fee waiver does not apply to Simple products and private market portfolio

💸 Net Worth Report H1 2023

Every 3-6 months, I aim to publish a net worth snapshot of Money Abroad subscribers.

My goal is to provide subscribers with a transparent resource on net worth and income from professionals like you in the Money Abroad Community.

You won’t find this data anywhere else.

All numbers below are self-reported in USD

⚡️ Try the Net Worth Comparison Calculator

Want to know where you stand? Benchmark your net worth against overseas professionals working at top companies like Google, Amazon, and Stripe using this tool.

🍫 Quick bites

  • 1,613 professionals completed the onboarding survey in H1 2023
  • ~$788M aggregate net worth
  • ~$20M aggregate annual gross income

🤑 Net Worth

  • 52% of professionals have accumulated wealth of $100k+
  • 11% are millionaires (ka-ching!)

💼 Income

  • 45%+ of professionals are earning $10k+/month
  • 15% are earning $50k+/month

🧠 Breakdowns by age, country, profession

Net worth by age

  • 35% of 45-54 professionals were millionaires, compared to 5% of 25-34 professionals
  • Median professional saves $100k+ by the time they’re 25 and $250K+ by the time they’re 35

Net worth by residence countries

Top 7 residence countries by subscribers:

  1. Singapore
  2. United States
  3. United Kingdom
  4. Australia
  5. Canada
  6. India
  7. Indonesia

Sorted by wealth:*

  • Australia, Singapore, and US have the highest proportion of millionaires
  • 40-60% of overseas professionals in Indonesia & India have $100k+ in net worth. Non-Western countries also make a strong showing

*shows only ages 25-44 due to being the main demographic for Money Abroad

Net worth by role

This part was painfully manual to compile (I grouped liberally). But the insights are fascinating.

Top 13 roles by subscribers:

  1. Product Manager
  2. BD/Sales/Partnerships
  3. VP/Director/GM/Sr Manager
  4. Engineer/Data Science
  5. Founder
  6. Consultant/Freelancer
  7. Marketing
  8. Manager
  9. Strategy/Operations
  10. Analyst
  11. CXO
  12. Finance
  13. Designer/Researcher

Sorted by wealth:*

  • CXO, VP/Director/GM/Sr Managers, and Founders possess the highest % of millionaires
  • BD/Sales, Managers, Consultants, and Product Managers are not far behind in millionaire representation
  • 40% of Marketers, Engineers/Data Scientists, Consultant/Freelancer and Analysts had $0-$50k in wealth

*shows only ages 25-44 due to being the main demographic for Money Abroad

🤩 BONUS: Asset allocation of Singapore expats

  • Do you think expats own a 80% stock/20% bond portfolio? Think again.
  • Singapore expats allocate 10%+ towards real estate, company equity, crypto, and cash.

⭐️ Takeaways

  • Wealth accumulation happens progressively. Each age group shows a significant jump in net worth.
  • West is NOT the best. Geography is not a limit. Overseas professionals accumulate wealth in established Western markets and also emerging Eastern markets.
  • Wealth is consolidated in Executives and Founders. Other professionals like BD/Sales, Managers, Consultants, and Product Managers trail closely behind.
  • Singapore expats go beyond stocks. They allocate 10%+ towards real estate, company equity, crypto, and cash.

🌐 Beyond your borders

🇸🇬 Singapore private home prices fall for first time in three years. Not enough to make much change, but let’s watch if this trend keeps going.

🇨🇳 Chinese tech platforms Wechat and Alipay will allow users to link international credit cards. (I can FINALLY not feel like a pleb paying in cash in China)

🇬🇧 For the British passport holders reading, you are now eligible to apply for working holiday visa to Australia up until the age of 35. Time to relocate down under!

💪 Looking to level up as an entrepreneur? Our friends at Day One publish a weekly newsletter, Future Founders. Every Tuesday they send tactical advice and real-world insights to help you launch, build, and grow your startup. Sign up here!*

*this is a sponsored link


If you liked this post, you'll LOVE my newsletter

Every week, get a free actionable strategy to help you build wealth overseas:

Dexter Zhuang

Dexter is the founder of Money Abroad, a website and newsletter on building wealth for global professionals. Over the last 10 years, he's been a product leader, product manager, consultant and coach at companies like Dropbox, Xendit, and growth-stage startups across the US, Asia Pacific, and Latin America. His work has been featured in global publications like Business Insider, CBS, US News & World Report, and Tech in Asia. He graduated from Dartmouth College.

Continue reading

🐧 17 life lessons I learned at 33

🐧 17 life lessons I learned at 33

INSIDE: Living on 3 continents; career, health, relationships, and personal growth lessons
🐧  Sales 101 for Side Hustlers (Part 2)
Start a Business

🐧 Sales 101 for Side Hustlers (Part 2)

INSIDE: Objection Handling 101, how to respond to "It's too expensive", "I need to think about it", and more
🐧  Sales 101 for Side Hustlers (Part 1)
Start a Business

🐧 Sales 101 for Side Hustlers (Part 1)

INSIDE: Anatomy of the Sale, Qualification 101, Discovery Calls 101

Search

Enter keywords and click search.