Survey: How likely will you earn Php1 million?
September 20, 2011
There’s an interesting survey conducted by the Associated Press and CNBC showing that only a few people in the United States, Australia and the United Kingdom believe they can be a millionaire within the next 10 years.
The AP-CNBC poll shows that only 21% of Americans, or two out of 10 people, see themselves achieving a net worth of US$1 million in the next decade.
The figure is higher in Australia with more than 29%, or three out of 10 Australians, feeling good about the idea of becoming a millionaire in the next 10 years.
Britons seem to very pessimistic about the prospect with only 8% — less than 1 out of 10 — of UK citizens believe they can be a millionaire in the coming 10 years.
These statistics underline the current economic impact of the lingering recession that has been plaguing various nations since the subprime mortgage crisis of 2007.
High unemployment rates in the US, UK and Australia further lower their citizen’s optimism in achieving the goal of becoming a millionaire. In the United States, unemployment was pegged at 9.1% as of the previous quarter. In Australia, the figure is 5.3%. In the United Kingdom, unemployment rate is 7.6%.
The Philippines, meanwhile, has unemployment rate of 7.2% as of April 2011.
The AP-CNBC survey asked citizens in those countries the prospects of becoming a millionaire in their own currency. The current conversion rate is US$1 million for 964,000 Australian dollars and for 633,000 UK pounds.
Let’s ask the same question to our Filipino readers: How likely do you think you will be a millionaire, in pesos, within the next 10 years?
This means not just being able to earn P1 million but achieving that net worth — total assets minus total liabilities — within the next decade.
A related debate is ongoing whether achieving P1 million net worth by the age of 30 is good enough. Add your thoughts and join the discussion here: Saving P1 million by age 30, malaki na ba yun?
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