According to Wikipedia, economic mobility refers to the “ability of an individual to or some other group to improve (or lower) their economic status—usually measured in income.” In other words, for places where economic mobility is high, it means that it is easier for someone who is currently less financially well-off to improve their wealth.

According to some studies, in some developed countries like Singapore, Denmark and Norway, economic mobility is relatively high. What this means for us is that if we happen to live in countries with higher economic mobility, it will be easier for us to become more wealthy, should we choose to do so.

However it also does not necessarily mean that less well-off individuals living in countries with lower economic mobility will never become rich.

What’s more important are the daily actions that we take, are consistently helping us to improve our financial well being. In other words, with the right strategy, each and every one of us has the opportunity to improve our financial well-being.

One characteristic that is similar among the rich is that the bulk of their wealth does not come from employment income. Rather most of it actually comes from the returns from investing.

Indeed, according to a Forbes survey done a few years back on Singapore (Singapore has one of the highest proportion of millionaires in the world), about 72% of the wealth of Singapore’s millionaires was made through personal investments.

To get started on how to invest successfully, do check out some of our investment articles (https://www.wealthacademyglobal.com/topics/investing/).

Alternatively, if you would like to cut-short your learning curve, do check out our live 3-hour investment workshop.