With a personal fortune estimated by Forbes magazine to be $86 billion Bill Gates is undoubtedly the world’s richest man with wealth way beyond the reach of virtually anyone else on Earth.
But that’s not to say that Singaporeans aren’t well placed to start making fortunes of their own, but it will certainly take some doing if you want to get up to Gates’ mega billion level.
If you’re a real risk taker who believes in the long shot then you could do worse than enter the Singapore lottery that creates over 100 millionaires a year but if you prefer to hold your destiny in your own hands then there are many other ways to try to make your fortune.
Speculate to accumulate
Simply by working you’ll be ahead of much of the rest of the world. That’s because, according to recent figures, Singaporean workers receive the highest average monthly salary of any city in the Far East and the city ranks at 10th in the world. Having said this, the only real way to make millions is to strike out and exploit your entrepreneurial abilities and one of the most tried and tested ways to see dramatic returns is to play the money markets.
Whether you decide to invest in stocks and shares of any of the many companies listed on the Singapore Stock Exchange or speculate on the rise and fall of currencies in forex trading the potential for returns is great.
Of all of the most successful business people in Singapore almost all can attribute at least some of their great wealth to having used capital to successfully play the markets, generally in unison with other business interests too.
A real life success story
For example the two men acknowledged to be the richest in Singapore are brothers Robert and Phillip Ng, reported to be worth $9.7 billion making them around the 30th richest people in the world. So, while Bill Gates may be nearly nine times richer, it’s still a fortune that most of us would be more than happy to have in the bank.
Robert Ng started in business by investing heavily in the Hong Kong Futures Exchange but suffered a major setback in 1987 when the global economic collapse left him heavily in debt.
However, in keeping with many successful entrepreneurs, he regarded this as just a minor setback and returned to the business world with the purchase of a stake in a food company called YHS. After a lengthy takeover battle the Ng family gained full control of the business which they then proceeded to turn into a property company, later expanding into hotels too.
Lessons to be learned
Within this brief resumé of Ng’s career there are two valuable lessons for any would-be entrepreneurs and the first of which is to be resilient. Business has its ups and downs and this is just a fact that needs to be accepted. The second is to be always on the lookout for promising opportunities and to seize them whenever they arise.
Add to this a commitment to hard work and more than just a little luck and you’ll be well on your way to that first million. It really could be as easy as that!
Featured Picture via Pixabay