More Young Malaysians Are Becoming Millionaires, Where Do They Get Their Money From?
The Inland Revenue Board (LHDN) said Malaysia is seeing a steady increase of young millionaires under the age of 30 each year.
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The Inland Revenue Board (LHDN) said there’s a steady increase in the number of young millionaires in Malaysia aged 30 and under. According to Malay Mail, there’s a 75% increase from 2022.
In 2022, 35 people aged under 30 declared having more than RM1 million in income, a sharp increase from 20 people in 2021.
LHDN said it recorded at least 20 young people declaring an income of at least RM1 million each year since 2018.
As for 2023, the figures are yet to be tabulated since the e-filing process for the year is still ongoing.
The deadline to file personal income tax via e-filing has been extended to 15 May 2024.
LHDN added that over 94% of taxpayers under 30 who earn over RM1 million have not recorded any outstanding tax balances in the year between 2018 and 2021.
What do netizens think about it?
While some people congratulated the young millionaires and praised them for honestly declaring their income, others were sceptical of the “success.”
Some claimed these super wealthy young folks could have inherited wealth from their family or dabbled in dubious business practices to amass such fortunes at such a young age.
They also believe there are lots more young millionaires and billionaires who under-declare to evade taxes.
In addition, a netizen pointed out that a company worth millions is different from a millionaire business owner.
Where do the young people get their money from?
Most, if not all, young millionaires get there by having various income streams (whether it’s through legitimate means or not).
23-year-old Munashraf Munawar reached his first million at 19 by dabbling in various businesses.
Munashraf told NST he watched his parents having salaried jobs but believes he could do better and more for the family.
He started by going into the drop shipping business, selling various products such as imitation sneakers, shirts, and headscarves, and even ventured into the F&B business.
Along the way, he picked up skills such as marketing and learning how to close deals.
He also watched shows and documentaries about real-life millionaires and billionaires in Malaysia to learn more about the business industry. From there, he realized the super-wealthy had various income streams in multiple industries.
However, he said he “failed” in his businesses in the sense that he couldn’t expand them.
Munashraf then ventured into selling pet health supplements under the name BioVet Malaysia.
He believes one must have creativity and ideas to succeed in business. His next aim is to become a billionaire by 30 years old.
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