Yay, we’re richest in Asia (on average)

Nov 23, 2016 08.30AM |
 

THE average wealth of Singaporeans is the highest in Asia, says a new annual wealth report. The Credit Suisse Research Institute found that the wealth per adult here rose 1.4 per cent over the past year, led mainly by high savings, asset price increases, and favourable exchange rates.

The average figure, about US$270,000 ($395,000), is the highest in Asia, and seventh among the rest of the world. Taking the top spot was Switzerland (US$562,000), followed by Australia (US$376,000) and the United States (US$345,000).

Notably, financial assets made up more than half of a person’s wealth here – about 54 per cent. Average debt was about US$55,000, or 17 per cent of total assets.

If this doesn’t quite mirror your own financial situation, that’s probably because of “moderately unequal” wealth distribution – though, only 18 per cent of people here have wealth under US$10,000. That’s compared to the global figure of 73 per cent, said the report.

Singapore is still a magnet for the rich and ultra-rich. The number of people with wealth above US$100,000 is six times the world average. And about 5 per cent of adults here are in the top 1 per cent of global wealth holders – an unusually high number considering the country is home to only 0.1 per cent of the world’s adult population.

This year, there were 150,000 millionaires in Singapore, with a total wealth value of US$541 billion.

Singapore also came up tops in another study that looked at how countries fared in embracing digital disruptions. Called the Asian Digital Transformation Index, the study was conducted by the Economist Intelligence Unit and launched for the first time yesterday (Nov 22).

Praised for its infrastructure-related indicators, the Republic came in first ahead of South Korea, Japan, and Hong Kong. However, it lagged behind these economies when it came to getting the elderly, disabled and needy to use the Internet.

What about globally connectivity? There’s a survey for that, too.

Singapore was ranked second worldwide after the Netherlands in the DHL Global Connectedness Index (GCI), which measures connectivity based on cross-border flows of trade, capital, information and people – or what the study calls “international interactions”.

The GCI also launched two new city indices yesterday: a Globalisation Giants index, which looks at the volume of a country’s international interactions; and a Globalisation Hotspots index, which measures its intensity. In both these indices, Singapore came in first.

 

Featured image from TMG file.

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