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Singapore households’ net worth up in Q1 with rising property prices; liabilities fall 

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Jessie Lim

Jessie Lim

Published Tue, Jun 6, 2023 · 09:17 PM
    • The year-on-year rise in residential asset value mirrors growth in the private property market, where residential prices were 11.4 per cent higher in Q1, year on year.
    • The year-on-year rise in residential asset value mirrors growth in the private property market, where residential prices were 11.4 per cent higher in Q1, year on year. PHOTO: YEN MENG JIIN, BT

    HOUSEHOLD net worth in Singapore grew at a faster pace in the first quarter of 2023, outpacing growth for most of 2022, as rising residential property prices fed into higher values for residential property assets.

    And government data showed that, amid the current higher interest rate environment, household liabilities fell in Q1, pointing to households actually cutting back on debt.  

    Quarterly data on the household sector balance sheet, released by the Department of Statistics Singapore (Singstat) on May 30, showed that household net worth – that is, assets less liabilities – climbed 8.2 per cent year on year to S$2.6 trillion at the end of Q1 2023.

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