SINGAPORE — An annual wealth report by the Credit Suisse Research Institute (CSRI) has found that Singapore’s wealth per adult on average increased by 1.4 per cent to US$277,000 (S$395,000) this year, putting it at seventh spot globally among major economies.
The Republic was ranked 10th overall — the highest ranked in Asia, “well ahead” of Hong Kong which was above Singapore in 2000, the Global Wealth Report noted.
The report was compiled from data on the wealth holdings of 4.8 billion adults across more than 200 countries. It used data from household balance sheet, publicly available data on distribution of wealth as well as information from Forbes Magazine’s rich lists.
It found that wealth distribution in Singapore is “moderately unequal”: 18 per cent of its adult population has wealth below US$10,000, compared with 73 per cent globally. Half of adults have wealth above US$100,000, compared to 21 per cent in 2000. Correspondingly, those with wealth below USD100,000 have declined from 79 per cent to 50 per cent over the same period.
On Monday, Prime Minister Lee Hsien Loong spoke about the distribution of wealth during an interview with the Singapore media to wrap up the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting held in Peru. Mr Lee said Singapore’s emphasis is on giving people the skills to help them in the new economy, and give those who are not doing well an extra leg-up. “If you’re in Singapore, not everybody is equally well off, but even if you’re not well off, you’re not badly off,” Mr Lee had said.
The Global Wealth Report is in its seventh year. In the latest report, Switzerland retained first place, with an average wealth per adult of US$562,000, down 4.5 per cent compared to the middle of last year. Austria (US$376,000) and the United States (US$345,000) came in second and third, respectively. Norway (US$312,000) and New Zealand (US$299,000) rounded up the top five.
Average wealth per adult in the United Kingdom tumbled more than 10 per cent, compared to the middle of last year, to US$289,000. The UK was ranked six, one place ahead of Singapore. The report found that the UK was US$1.5 trillion poorer in dollar terms due to the fall in the pound since the vote to leave the European Union.
Source: TODAYONLINE
The Republic was ranked 10th overall — the highest ranked in Asia, “well ahead” of Hong Kong which was above Singapore in 2000, the Global Wealth Report noted.
The report was compiled from data on the wealth holdings of 4.8 billion adults across more than 200 countries. It used data from household balance sheet, publicly available data on distribution of wealth as well as information from Forbes Magazine’s rich lists.
It found that wealth distribution in Singapore is “moderately unequal”: 18 per cent of its adult population has wealth below US$10,000, compared with 73 per cent globally. Half of adults have wealth above US$100,000, compared to 21 per cent in 2000. Correspondingly, those with wealth below USD100,000 have declined from 79 per cent to 50 per cent over the same period.
On Monday, Prime Minister Lee Hsien Loong spoke about the distribution of wealth during an interview with the Singapore media to wrap up the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting held in Peru. Mr Lee said Singapore’s emphasis is on giving people the skills to help them in the new economy, and give those who are not doing well an extra leg-up. “If you’re in Singapore, not everybody is equally well off, but even if you’re not well off, you’re not badly off,” Mr Lee had said.
The Global Wealth Report is in its seventh year. In the latest report, Switzerland retained first place, with an average wealth per adult of US$562,000, down 4.5 per cent compared to the middle of last year. Austria (US$376,000) and the United States (US$345,000) came in second and third, respectively. Norway (US$312,000) and New Zealand (US$299,000) rounded up the top five.
Average wealth per adult in the United Kingdom tumbled more than 10 per cent, compared to the middle of last year, to US$289,000. The UK was ranked six, one place ahead of Singapore. The report found that the UK was US$1.5 trillion poorer in dollar terms due to the fall in the pound since the vote to leave the European Union.
Source: TODAYONLINE
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