S'poreans' net financial assets at No. 7 globally, Latest Business News - The New Paper

S'poreans' net financial assets at No. 7 globally

This article is more than 12 months old

Singaporeans have on average net financial assets of about €89,570 (S$143,000), putting the country at seventh among the top 10 richest nations, according to a new report.

It found that the net financial assets of households here rose 9.6 per cent over the last calendar year. Net financial assets are those such as bank deposits and insurance minus liabilities.

Singapore was third in Asia in net terms but took the top spot in gross terms, or before debt, said the Allianz Global Wealth Report, which analysed 53 territories.

The United States topped the table with net financial assets per capita of €177,210. Switzerland was next with €175,720.

Japan was third with €96,890 and Taiwan fifth with €92,360. With Singapore, they are the only Asian names in the top 10.

Gross financial assets - the sum of assets such as deposits, securities and insurance assets - per capita here was around €125,645 as at Dec 31 last year.

The report said Singapore's solid performance could be due to reasons such as debt growth remaining in the doldrums last year, so debt ratios continued to decline.

But it noted that debt ratios - total liabilities as a percentage of total assets - are still relatively high at 73.7 per cent. - THE STRAITS TIMES