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Singapore's total household wealth down 5.8% to US$1 trillion: report

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Total household wealth in current US dollar terms fell by 5.8 per cent to US$1 trillion from mid-2014 to mid-2015, although in domestic currency terms, it rose by 1.8 per cent, according to Credit Suisse Research Institute's sixth annual Global Wealth Report.

TOTAL household wealth in current US dollar terms fell by 5.8 per cent to US$1 trillion from mid-2014 to mid-2015, although in domestic currency terms, it rose by 1.8 per cent, according to Credit Suisse Research Institute's sixth annual Global Wealth Report.

The report, which focuses on how the middle class has developed since 2000, also found that average wealth in Singapore has grown by 140 per cent since 2000, from US$112,800 to US$269,400 in mid-2015. Globally, Singapore is now ranked eighth with much of the rise due to high savings and asset price increases, combined with favourable exchange rate movements from 2005 to 2012. Meanwhile, Singapore's median wealth at US$98,900 ranks seventh highest globally.

As with many developed economies, Singapore has a high proportion of adults in the middle class at 62 per cent, owning US$334 billion of wealth, 31 per cent of the country's total. At the top of the wealth pyramid, the number of US dollar millionaires in Singapore is projected to rise by 50 per cent in the next five years to reach 212,000 in 2020, from the current 142,000, added the report.

There are an estimated 752 ultra-high-net-worth individuals in Singapore with more than US$50 million net wealth.

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