Asked by Anonymous

Why do people say "the poor get poorer, the rich get richer"? Even though there are examples of poor or disadvantaged people who became fairly well-to-do, or sometimes even rich?

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    • Cheng You Yi
      Cheng You Yi
      5 Answers, 7 Upvotes
      Answered on 02 Nov 2018

      It takes a lot more effort for the poor to go up the ladder. Not only does not the poor have more obstacles to hop through, the rich also has more resources and opportunities to get to the next level.

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    • Png Cheng Xi Damien
      Png Cheng Xi Damien, BSc Finance at SUSS
      63 Answers, 98 Upvotes
      Answered on 02 Nov 2018

      It all depends on where the person is born, and of what race. It may sound off-topic but wealth is largely driving my govt policies. Fortunately in Singapore, it is much easier for the poor to become rich or at least live a comfortable life. Not the easiest in the world, but easy enough. But there are still traces of racism which puts the minorities at a slight disadvantage.

      The poor definitely has to work much harder than a rich person. Wealth creation is harder than preservation.

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    Elsa Goh
    Elsa Goh
    82 Answers, 157 Upvotes
    02 Nov 2018

    Two people put money in a bank account at 1% interest rate. A puts in $100 as that's all he has to spare. B puts in $1 million cos he can. 1 month later, you have your answer.

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