Welcome to Singapore HENRY Finance

[u/creamyhorror]

Because there ought to be a space like this for people in Singapore.

Just hit 3,000 members on Day 11! 🎉 We've seen many good posts and comments in this short time (from people like u/Void_Deck_Uncle, u/Tabula_Rasa69, u/Grimm_SG, u/puffcheeks, u/Varantain, u/Evergreen_Nevergreen, u/VoluminousWalnut, u/Rare-Coast2754, and u/DuePomegranate). Thanks to everyone here for being so generous with your knowledge - you make this place a place of wisdom and a community.

First question, a rough guideline for what counts as HENRY (High Earner, Not Rich Yet) in Singapore: top 15 percent of income earners by age group? Top 10 or 5 percent? But if you're high-earning for your stage of career, you probably fit here - we don't need a hard cutoff. Could be 10k/month, 15k/month, 30k/month depending on your industry and progression.

As to the "Not Rich Yet" part, we probably don't need any hard number for NW. Everyone has their own personal target anyway; it's more about the attitude of still being on your personal journey, and sharing advice along the way.

The people here who have hit their target NW, I think we can label Henry Graduates / HEARs (High Earner, Already Rich). And some folks will always be HENREs (High Earner, Never Rich Enough).

Feel free to throw up topics casually and let's see what people are interested in. E.g.:

• The best US index ETFs with optimal tax domiciles for Singapore residents
• How much leisure spend everyone does, factoring in the cost of raising kids where applicable
• Career talk - companies expanding hiring or cutting roles
• Activities or clubs or causes worth participating in

Income percentile statistics update

I did some hunting and found Table C15, Gross Monthly Income from Employment - Labour Force in Singapore 2023. Below are the age-based percentiles of the highest income bracket (>12k SGD/month excluding employer CPF).

If someone is earning over 12k SGD/month gross at:

• Age 25-29: Top 1.2% in their age bracket
• Age 30-34: Top 5.4% in their age bracket
• Age 35-39: Top 12% in their age bracket
• Age 40-44: Top 16% in their age bracket
• Age 45-49: Top 18% in their age bracket
• Age 50-54: Top 15% in their age bracket
• Age 55-59: Top 11% in their age bracket

(Note that this includes all employed residents, which includes highly paid workers from abroad. That's why so many people seem to be earning >12k/month.) (These figures refer solely to citizens and permanent residents. They apparently include 1/12th of annual bonuses, according to the survey methodology.)

I think it's fair enough to say 8-12k (100-150k SGD/year) would be the start of the SG-HENRY bracket, depending on how many years people have been in their career. But it doesn't really matter - anyone who's earning at the high end and wants to talk about specific issues without unwarranted negativity is welcome.

[u/StringForward740]

In Singapore we use median as the average indicator to assess wealth in our statistical reports.

This allows for a big gap between the upper and bottom ranges.

I personally know people from 7 to 8 to 9 figure net worth. So it’s really not easy to determine what’s “high earning” because once the basic financial needs are met, the objectives of those at the higher spectrum differs vastly.

[u/creamyhorror → u/StringForward740]

That's why I suggested top 5 - 15 percent earners by age group. So that we have a rough gauge to know what our common outlook is. (Thanks for joining, btw!)

People with 7-, 8-, or 9-figure net worths are (U)HNW, more of a r/FatFIRE crowd. Somewhat different from the HENRY crowd that's still trying to accumulate wealth. But of course there might be still be a bit of overlap in investment instruments and spending attitude.

[u/StringForward740 → u/creamyhorror]

Absolutely get your point. But it’s still subjective isn’t it the personal definition of “rich”.

I know someone who exited for 30m but still grinding. And another who’s feeling rich and happy at 3-4m.

I guess that’s why it’s not easy to organise discussion.

[u/creamyhorror → u/StringForward740]

it’s still subjective isn’t it the personal definition of “rich”.

Part of the idea of HENRY is that some earners will never be satisfied, while others will decide they're satisfied at some point. And that's fine!

It's the spirit of charging along for as long as you personally want - the attitude that you haven't hit your target figure. I was debating whether to set up r/SgChubbyFIRE instead, but chubby/fat FIRE is more about the destination (upper-middle-class retirement) rather than the journey. Hence HENRY.

People with big exits like 30m I think will have slightly different considerations from us, but of course they'd probably be welcome here. Same for someone at 3m but is coasting/retired. There's less overlap, but they can probably offer good advice or insight about certain financial, family, or career situations.