Can You Be a Millionaire in 10 years?

Pinoy Money Talk

There’s an interesting survey conducted by the Associated Press and CNBC showing that just a few people in the United States, Australia, and the United Kingdom (UK) believe they can become millionaires in the next 10 years.

Millionaires in the US, Australia, and UK

The survey poll shows that only 21% of Americans, or two out of 10 U.S. citizens, 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 United Kingdom (UK) citizens believe they can be a millionaire in the coming 10 years.

Overall, the numbers show the citizens’ pessimistic view of their future. These statistics also underline the economic impact of the lingering global recession and volatility in the markets brought about by various political and economic shifts in the US, UK, and other countries worldwide.

Millionaires in the Philippines

How about in the Philippines?

We previously posted articles discussing about “being rich” in the Philippines and, to summarize, according to the National Statical Coordination Board (NSCB), the three (3) predictors for high income group are:

  1. the household head is working as a corporate executive, manager, managing proprietor, supervisor, official of government and special interest organizations; and
  2. household owns at least three air conditioning units; and
  3. owns at least three cars / vehicles

* Read more here: Defining who’s “Rich” in the Philippines

Socio-economic classes ABCDE in the Philippines

Those three things might be easy to have, but as per a Social Weather Stations (SWS) survey, actually only 1% of households in the Philippines fall under the highest income tier, called socio-economic bracket AB.

Ninety percent (90%) of Filipino households still belong to the low socio-economic brackets D and E, which goes to show that majority of Filipinos are still “poor” by definition.

* Read more here: Socio-economic classes ABCDE explained

Do you think you’ll be a millionaire?

Still, what’s more important is how Filipinos view their lives in the future. So let’s adopt the same survey conducted in the US, UK, and Australia.

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 at least P1 million net worth, that is total assets less total liabilities, within the next decade.

Vote now!

[poll id=”5″]

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Pinoy Money Talk is an educational website about money, banking, investments, and personal finance which started in 2005. Its group of five writers consists of one equity research analyst, one fintech startup owner, one finance educator, and two investment professionals.