A report published by Credit Suisse Research Institute’s revealed the following points:
- There are 207,000 millionaires here, and almost half the adult population is among the world’s richest 10%.
- Despite this, inequality is “not extreme” compared to other countries, it said.
- In 2019, the average Singaporean had US$300,000 to their name – triple the average in year 2000, thanks to high savings, increased asset prices, and a better exchange rate.
- The report noted that despite poor job prospects and high house prices, millennials were accumulating wealth thanks to financial aid from their parents.
It shows how wealthy Singaporeans were, coming in sixth in a world ranking of household wealth per adult.
The ranking, published in Credit Suisse Research Institute’s annual Global Wealth Report on Monday (Oct 21, 2019), compared the household wealth of 5.1 billion people worldwide, with Switzerland, Hong Kong and the US identified as the world’s three richest nationalities and was published in Credit Suisse Research Institute’s annual Global Wealth Report on Monday (Oct 21, 2019).
The report which try to be accurate as much as possible took its numbers from “reliable” household sector balance sheet data said there were 207,000 millionaires living in Singapore.
The report also show that five per cent of Singaporeans – or 226,000 individuals – belonged to the world’s richest 1 per cent of people, which was defined as those with over US$936,400 to their name.
In addition, a whopping 2.18 million Singaporeans were among the world’s richest 10 per cent, with wealth over US$109,400.
This is almost half the 5 million adults living here, the report added.
The average person’s wealth tripled from around US$115,000 in 2000 to about US$300,000 in 2019 – making Singaporeans the second richest people in Asia.
The global average was US$70,850 – a record high.
“In Singapore, wealth per adult measured in US dollars grew strongly during 2000 to 2012. After that it fell, mostly due to currency depreciation, but has been growing again since 2015,” the report said.
This US$300,000 net worth typically came from US$200,000 in financial assets (such as stocks) and US$150,000 in real assets (such as property).
The average debt was US$50,000, which the report called “moderate for a high-wealth country”.
“Financial assets make up 57 per cent of gross household wealth in Singapore, which is a ratio similar to that of Switzerland,” the report said.
It added that the rise was “mostly caused by high savings, asset price increases, and an increase in the exchange rate from 2000 to 2019.”
Despite the proportion of ultra-wealthy people, inequality here was “not extreme compared with other countries”, the report said.
According to its figures, the number of Singaporeans with wealth under US$10,000 was 14 per cent in 2019 – far lower than the global average of 57 per cent.
Those with wealth between US$10,000 and US$1 million made up the majority (82 per cent) of Singapore’s population.Pls SUBSCRIBE below to our Youtube channel and mailing list to get fresh updates on money making and inspiring videos and articles.