Question: Why are the citizens of our Asian neighbors much richer than us Filipinos?—Name withheld by request

Answer: This is a question that ‘hits the spot,’ as the saying goes.

I just read an article stating that Singapore has the highest concentration of millionaires in the world with 16 percent of its households having at least $1 million in assets, as determined by a study released by the Boston Consulting Group.

Switzerland comes next on the list with 9.9 percent of its households having $1 million in assets. Hong Kong comes in at fourth with 8.7 percent and the United States is at 7th with 4.5 percent.

Don’t even ask where the Philippines ranks as I can’t seem to find it in the news feeds… ouch!

I was in Singapore last weekend on a business trip and whenever I am there, I marvel at how progressive a tiny country with hardly any natural resource can be. I enjoy going to Singapore because it gives me an image of how the Philippines can be when we put our acts together.

We don’t need to limit our sights to Singapore; we can also look at …

Read full column at http://business.inquirer.net/3554/why-our-neighbors-are-richer-than-us