Singapore: 9th highest wealth per adult in the world
It has now been revealed that Singapore is the top 9th in the world in terms of household wealth per adult. According to research from Credit Suisse, the average wealth rose from USD $115,560 in 2000 to USD $268,800.
Singapore recorded median wealth per adult of USD $108,900 and has surpassed Hong Kong which ranked ahead in 2000.
Singapore is one of the top 20 countries in terms of ultra-high net worth (UNHW) individuals and is considered as one of high-income Asian countries. Following this, Singapore’s number of millionaires increased by 2.7% to 152,000 who own a total wealth of USD $570 billion.
The increase was mostly due to rise in asset prices, high savings and positive rising exchange rate from 2005 to 2012, according to its Institute Global Wealth Report.
In addition, Credit Suisse states that personal wealth per adult grew consistently in Singapore up to 2012. Since 2012, it has risen slowly in terms of domestic currency units and declined a little in US dollars.