Average wealth of Singaporeans is the highest in Asia: Credit Suisse

SGX Centre, Singapore. Photo courtesy: Wikipedia

A study by Credit Suisse Research Institute raises more questions and instils more arguments than provide answers. The study does not provide any information about the methodology they have followed to arrive at their numbers either.  

Research findings say that Singapore’s adult population has an average wealth of about US$276,885 (S$395,000) per person. Despite an uncertain labour market and a slowing economy, the growth is up 1.4 percent compared with the middle of last year.  

The Global Wealth Report ranked the Republic top in Asia and seventh globally among major economies.

The study conducted states that the personal wealth per adult in Singapore is forecast to rise 2.2 percent per annum in 2021 to reach US$309,000 (S$443,400).

It also noted that Singapore’s personal wealth per adult was “well ahead” of Hong Kong, which had US$185,281 (S$265,800) average wealth per adult and was ranked above Singapore in 2000.

Financial assets including items like currency, deposits and equities are accounted for more than half of the average wealth per adult in Singapore at US$180,414 (S$258,900). Non-financial wealth, such as housing, including assets are accounted for US$151,239 (S$217,000).

The average debt was 17 percent of total assets (US$54,768), moderate for a high-wealth country, as per the report.

In terms of median wealth per adult, Singapore was placed ninth globally with US$101,000 — behind countries such as Switzerland (US$244,000), Australia (US$163,000), New Zealand (US$136,000) and Japan (US$120,000). The report noted that ranking by median wealth per adult “favours countries with lower levels of wealth inequality”.

People have different opinions about this. Some are comparing it with the Swiss standard of living. So, the question arises here, how is wealth gets calculated when not everyone has a same level of income.

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