As per a recent study ‘Essence of Enterprise’ conducted by HSBC Private Banking and Scorpio Partnership, Singaporean millennial entrepreneurs were among the world’s most independent self-starters. Singapore’s proportion of self-starters among millennial entrepreneurs is the highest worldwide – more than double compared to Asia (26 percent), America (20 percent) or the global average (24 percent).
About half of them made their millions without the backing from family businesses, and 90 percent did not have any family riches or inherited wealth.
The study surveyed 3,725 millennial-age business owners across 11 countries, including 270 Singaporeans. It was carried out in December 2017 and January 2018 covering 11 markets: USA, UK, Mainland China, Hong Kong, Germany, France, Singapore, Australia, Saudi Arabia, UAE, and Switzerland.
Each millennial polled possessed an average wealth of $2.52 Mn. The study dubbed them ‘millennipreneurs’, or millionaire millennial entrepreneurs.
Most of these millennipreneurs also started their businesses in their twenties.
Philip Kunz, Head of Southeast Asia in HSBC Private Banking stated, “It is a common misconception that younger business owners are the beneficiary of family backing. Singaporean entrepreneurs are more self-reliant than international peers in their age group.”
Researchers also found that a reason for their wealth was due to many of these entrepreneurs owning majority shares (44%) in multiple businesses.
Unlike millionaire entrepreneurs from elsewhere, one-third of Singaporean millennials stated the main motivation and priority when running their businesses was to secure financial security for family and loved ones, and be able to spend time with them.
On the other hand, US millennial entrepreneurs were more driven by creating employment, economic prosperity, and maximizing shareholder value.