Millionaires in Singapore dropped from 78000 to 61000. A great fall of 22%! This is obviously due to the hit of the recession in 2007. I believed most of their investment lies with the stock market. Thus, a bearish market, with a plunge in most of the stocks result the significant fall in millionaires. The situation is worse in HongKong, getting a greater fall as compared to Singapore.
Diversification is the key. Dont let all your investment get affected by a single factor!