Curious to know how Singapore fared on the global scale, and where you stand personally? Take a read at the below statistics and figures extracted from an annual wealth report by the Credit Suisse Research Institute.
Personal wealth per adult grew strongly in Singapore up to 2012. Since then, however, it has risen only slowly in domestic currency units, and declined a little in terms of USD. Despite this drop, average wealth remains at a high level – USD276,900 per adult in mid-2016, compared to USD112,800 in 2000. The rise was mostly caused by high savings, asset price increases, and a favourable rising exchange rate from 2005 to 2012.
Singapore is now tenth in the world in terms of household wealth per adult, giving it the highest rank in Asia. Significantly, it is now well ahead of Hong Kong, which was ranked tenth in the world in 2000, just above Singapore. To make a comparison, wealth per adult in Hong Kong grew at an average annual rate of only 3.0% between 2000 and 2016, versus 5.8% for Singapore. This signifies higher GDP per capita growth in Singapore over the same period.
Wealth distribution in Singapore is only moderately unequal. Just 18% of its people have wealth below USD 10,000, compared with 73% globally. The number with wealth above USD 100,000 is six times the world average. Reflecting its very high average wealth, 5% of its adults, or 222,000 individuals, are in the top 1% of global wealth-holders. These people can also be referred to as “high net worth individuals”, and we cannot stress enough the importance of legacy planning for this group of people.
It’s worth remembering that no matter where you stand on the scale, there is a lot you can do to shape your own financial future. Speak to our Planners today and allows us to tailor a solution that is just right for you, your lifestyle and your goals.
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