Household net worth grows further in Q2, rising 8.9% as liabilities fall

SINGAPORE households’ net worth continued to grow in the second quarter of 2023, despite a slowing housing market weighing on residential asset values. This came as household debt dipped further, with mortgage loan value falling off amid the current higher interest rate environment. 

According to data from the Singapore Department of Statistics, household net worth – that is, assets less liabilities – rose 8.9 per cent year on year to S$2.7 trillion at the end of Q2 2023. This outpaced the increase in Q2 2022, which came in at 7.5 per cent. In Q1 2023, the figure was 8.2 per cent. 

Total assets, which comprise financial assets and residential property assets, rose 7.6 per cent to S$3 trillion in Q2 2023 over the year-ago period; this is roughly the same rate as the 7.2 per cent increase in Q1.