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Singaporeans Wealthier in 2016 Despite Economic Downturn
Despite slowing global growth, a recent global wealth report says that Singaporeans are getting wealthier.
By Angeline Tse /
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The Credit Suisse Research Institute has launched its 7th edition of the Global Wealth Report, and findings confirm that global wealth growth is slowing down. In the past 12 months, global wealth has risen by only 1.4 per cent, merely keeping pace with population growth.
For the first time since 2008’s financial crisis, wealth per adult has remained unchanged from the previous year at US$52,800 (S$75,000). In spite of this, Singaporeans are faring better – household wealth here grew 2.9 per cent, and wealth per adult in Singapore has grown by 1.4 per cent to US$277,000. This is among the highest in the world, ranking us 7th among major economies. Read on for other highlights from the report.
US$1.5 TRILLION
US$36
TRILLION
The fall in household wealth in the United Kingdom, as a result of the Brexit vote.
Over the next five years, China’s wealth is expected to grow 55 per cent to reach U$36 trillion.
21% The projected rise in wealth per adult in the next five years.
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50% The percentage of adults in Singapore with wealth above US$100,000.
54% The percentage of gross household wealth in Singapore that is made up of financial assets, which is comparable to that in Switzerland and the United Kingdom.
"The consequences of the 2008-2009 recession will continue to have a material impact on growth, which is pointing more and more towards a long-term stagnation. The emergence of a multi-polar world, confi rmed by the impact of the Brexit vote in the UK and by the US presidential election, is likely to exacerbate such a trend, which could possibly lead to a new normal lower rate of wealth growth."
– John Woods, chief investment officer Asia Pacific,
Credit Suisse
Global
wealth holders
Individual assets
minus debt
Top 1%
Top 10%
Top 50%
US$744,400
US$71,600
US$2,200
No. 2 Asia-Pacific is the second largest wealth region in the world.
US$54,800 The average debt per adult in Singapore, which is moderate for a high-wealth country.
32,000 The number of UHNW (Ultra High Net Worth) individuals in the Asia-Pacific in 2016.