It’s official. Singaporeans are among the richest in the world.
According to the Global Wealth Report 2017, Singapore is now ninth in the world in terms of household wealth per adult, and No.1 in Asia.
Hong Kong was ranked above Singapore back in 2000, but its average annual growth rate of 3% between 2000 and 2017 paled in comparison to Singapore’s 5.1%.
In terms of median wealth, Singapore is also ranked ninth globally at $108,850.
Research conducted by Credit Suisse Research Institute analysed the wealth held by 4.8 billion adults across the globe across affluence levels.
Singapore’s average wealth per adult rose from $115,560 (S$157,092) per adult in 2000 to $268,780 in mid-2017.
From 2000 to 2012, personal wealth per adult grew strongly in Singapore mainly because of high savings, asset price increases, and a favorable rising exchange rate from 2005 to 2012.
Since 2012, it has risen slowly in domestic currency units, and declined a little in terms of US dollars.
The report also found that Singapore has a moderately unequal distribution of wealth, with just 22% of people having wealth levels below $10,000 compared to the global standard of 70%.
- Credit Suisse Global Wealth Databook 2017
Meanwhile, the fraction of people with wealth above $100,000 is six times the world average.
And Singapore’s very high average wealth is also reflected by the 213,000 individuals (0.4% of Singapore’s adults) who are in the top 1% of global wealth holders – which is “a high number given that it has just 0.1% of the world’s adult population”.