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:
- the household head is working as a corporate executive, manager, managing proprietor, supervisor, official of government and special interest organizations; and
- household owns at least three air conditioning units; and
- 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.
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6 thoughts on “Can You Be a Millionaire in 10 years?”
I think earning 1 Million Pesos is achievable in 5 years time. But then again it depends on how you handle your finances. Income doesn’t matter. It is how you manage your personal finances.
income is a big factor. how do you think a regular earner or 10-20k a month be able to achieve 1m in 5 years?
Earning a million pesos in a legal, morally upright, and ethical way is very possible. But you need to start planting before you can harvest the fruits. Don’t fall for those “get rich quick” schemes.
Yes im positive i’m gonna be millionaire in less than ten years. I desire to be a millionaire ,i have faith i will be a millionaire, im willing to do evrything moral and legal to be a millionaire. God is my partner He’s promised me an abundant life.
I’m close to being a millionaire (about PhP 150,000.00 shy of said amount) and I’m at age 29. I feel positive I will be a millionaire by 30.
It is easy to earn 1 million in 10 years. But the hard part is saving it or building a net worth of 1 million pesos. Technically, if you save 8,333 pesos a month for 10 years, you will reach it. If you will inherit a property, that can easily be valued into your net worth.