Rapidly rising home prices throughout the Asia Pacific region are focusing attention on housing and housing wealth’s role in enhancing financial security for families and individuals as they move into retirement. During the past several years, our media has continuously trumpeted that many working-class Singaporeans have become “millionaires”, a large proportion of their total assets are from increasing Housing and Development Board (HDB) flat values. About 85 percent of Singaporeans and permanent residents live in such flats, built during the past four decades as affordable housing for the masses. In total 95 percent of all Singaporeans are homeowners.