Homepage
PR Newswire
11-10-2012, 10:56 AM
This isn't very surprising. With more and more super-rich coming into Singapore, I feel poorer every single day!
The Straits Times
www.straitstimes.com
Published on Oct 11, 2012
Household wealth in S'pore dips
By Anita Gabriel Senior Correspondent
SINGAPORE'S total household wealth dipped 2.5 per cent this year to US$1 trillion (S$1.24 trillion), but 258,000 people still made it to the top 1 per cent of the world's wealthiest.
These ranks of the well-off in Singapore's population have at least US$710,000 in financial and non-financial assets each, according to a new report.
Overall, the average wealth of people here fell 4 per cent to US$258,117 from mid-2011 to the middle of this year, making Singapore the third wealthiest nation in the Asia-Pacific region after leader Australia and Japan.
"Interestingly, it is now well ahead of Hong Kong which was ranked 10th in the world in 2000, just above Singapore," said the report.
The trend here over the past decade has been one of strong growth, with average wealth per head up 129 per cent from 2000, when it stood at US$112,800.
The Wealth Report is a detailed analysis of trends across all countries based on household assets and debts. The new report compares data between mid-2011 and the middle of this year.
Singapore had 156,000 millionaires in US dollar terms here as at mid-2012, down from 165,000 a year ago. In five years, the number is estimated to grow 60 per cent to 249,000.
Overall, the dip in Singapore's wealth was led by a decline in household financial assets, said Ms Chew Soon Gek, Credit Suisse head of strategy and economic research, Asia Pacific, at a briefing here yesterday.
The report defines wealth as the value of these assets - currency, deposits, securities, life insurance and Central Provident Fund money - and real estate and land. Household assets here are roughly equal between these two classes.
The average household debt is US$45,600 or 18 per cent of net wealth compared with the average of 20 to 30 per cent in other advanced economies.
Wealth distribution shows only "moderate inequality" - more than 80 per cent of the population have assets above US$10,000 and 48 per cent have assets above US$100,000.
Globally, household wealth over the same period declined for the first time since 2008, falling 5.2 per cent or US$12.3 trillion to US$223 trillion due to financial headwinds in Europe and the global slowdown.
The United States, Japan and China are the top three contributors to global riches and wealth as all three rose over the period.
The huge loss of value in Europe on the back of the debt crisis has allowed the Asia-Pacific to become the world's largest wealth-holding region.
Wealth in the region has grown 122 per cent from 2000 to US$74 trillion in the middle of this year.
"The report confirms that Asia-Pacific, which makes up two-thirds of the world's middle class of emerging consumers, remains the key growth engine of the world economy and global wealth," said Mr Francesco de Ferrari, Credit Suisse head of private banking.
anitag@sph.com.sg
The Straits Times
www.straitstimes.com
Published on Oct 11, 2012
Household wealth in S'pore dips
By Anita Gabriel Senior Correspondent
SINGAPORE'S total household wealth dipped 2.5 per cent this year to US$1 trillion (S$1.24 trillion), but 258,000 people still made it to the top 1 per cent of the world's wealthiest.
These ranks of the well-off in Singapore's population have at least US$710,000 in financial and non-financial assets each, according to a new report.
Overall, the average wealth of people here fell 4 per cent to US$258,117 from mid-2011 to the middle of this year, making Singapore the third wealthiest nation in the Asia-Pacific region after leader Australia and Japan.
"Interestingly, it is now well ahead of Hong Kong which was ranked 10th in the world in 2000, just above Singapore," said the report.
The trend here over the past decade has been one of strong growth, with average wealth per head up 129 per cent from 2000, when it stood at US$112,800.
The Wealth Report is a detailed analysis of trends across all countries based on household assets and debts. The new report compares data between mid-2011 and the middle of this year.
Singapore had 156,000 millionaires in US dollar terms here as at mid-2012, down from 165,000 a year ago. In five years, the number is estimated to grow 60 per cent to 249,000.
Overall, the dip in Singapore's wealth was led by a decline in household financial assets, said Ms Chew Soon Gek, Credit Suisse head of strategy and economic research, Asia Pacific, at a briefing here yesterday.
The report defines wealth as the value of these assets - currency, deposits, securities, life insurance and Central Provident Fund money - and real estate and land. Household assets here are roughly equal between these two classes.
The average household debt is US$45,600 or 18 per cent of net wealth compared with the average of 20 to 30 per cent in other advanced economies.
Wealth distribution shows only "moderate inequality" - more than 80 per cent of the population have assets above US$10,000 and 48 per cent have assets above US$100,000.
Globally, household wealth over the same period declined for the first time since 2008, falling 5.2 per cent or US$12.3 trillion to US$223 trillion due to financial headwinds in Europe and the global slowdown.
The United States, Japan and China are the top three contributors to global riches and wealth as all three rose over the period.
The huge loss of value in Europe on the back of the debt crisis has allowed the Asia-Pacific to become the world's largest wealth-holding region.
Wealth in the region has grown 122 per cent from 2000 to US$74 trillion in the middle of this year.
"The report confirms that Asia-Pacific, which makes up two-thirds of the world's middle class of emerging consumers, remains the key growth engine of the world economy and global wealth," said Mr Francesco de Ferrari, Credit Suisse head of private banking.
anitag@sph.com.sg
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/