S'pore tops the chart again when it comes to millionaires

[Musicwhiz]

According to a JPM report in Feb 2010, based on DOS numbers the estimated household net wealth was about S$350k per household in 2009.
This Feb, DBS Treasures said they have about 70,000 customers who have $350k of money sitting with them.
Last Nov, HSBC Premier said they have 65,000 customers; the same people say that Singapore's affluent & mass affluent control about 94% of Singapore's liquid assets.
Last Oct, Merrill Lynch & Cap Gemini said Singapore has about 80,000 HNW individuals.

So 15.5% of households being millionaires is quite consistent with all these findings.

Ok thanks redcorolla for presenting me with all the information and evidence. I was secretly hoping that the report may be flawed or wrong so that I don't have to feel like I am struggling to get into the millionaire club without much success, haha!

Seriously, one question I have is - how do these people do it? Did they start out rich and just got richer (e.g. inheritance, owning a successful business); or they did it the old-fashioned way which is save, invest and insure? The general belief is that the rich get richer, which is justified considering they have access to many more financial products (e.g. hedge funds or private equity opportunities which are open only to accredited investors); so how can a "normal" person earning say median income ever hope to enter this league?

Would appreciate some advice from those who are already there (i.e. rich, financially free or in the millionaire household club), if possible. haha!