The Average Net Worth (Wealth) in Singapore: Statistics [2022] (2022)

Do you know what your net worth is?

Knowing your net worth is important. It indicates the true health of your finances.

If you do know your net worth, how does yours compare with others’ in Singapore?

We set out to take a deeper look into Singaporeans’ net worths and found interesting facts and statistics such as the average (mean and median) net worth, average debt, wealth distribution, number of high- (and ultra-high-) net-worth individuals in Singapore, and how our wealth compares with other countries.

So, read on!

(Conversion rate used: US$1 to S$1.35)

Key Findings

  • The average debt per adult is S$66,519
  • The average mean and median net worth per adult in Singapore is S$449,543 and S$117,068, respectively
  • There are 269,925 millionaires in Singapore, of which 60 have more than half US$1 billion
  • 268,564 adults are considered high-net-worth individuals (having between US$1 million to US$50 million) and 1,361 adults are considered ultra-high-net-worth individuals (having more than US$50 million)
  • 16.2% of the adult population (or 792,000 adults) in Singapore have less than S$13,500 of wealth

There are more interesting details. Read on to find out more.

SIDE NOTEWhen was the last time you've done proper financial planning or went through a review of your finances?In this day and age in Singapore, doing so will absolutely improve the quality of life for you and your loved ones.Here are 5 reasons why financial planning is so important.

The Current Financial Landscape in Singapore

Singapore, a safe place with low taxes, attracts wealthy individuals (and businesses) from all parts of the world.

Some have come to this little red dot and now call it their home, making them some of the country’s richest people.

What about the general population?

In recent times, million-dollar HDB (public housing) homes are becoming more common. In fact, 87 of such homes were sold in the first five months of 2021, contrasting to only two such transactions completed in 2012.

With the rising cost of living, are Singaporeans really getting richer?

(Video) Average Net Worth By Age in 2022!

One way to find out is to look at the net worth (or wealth) of the adult population.

Note: To calculate net worth, simply take your total assets and subtract your total liabilities. You can use an online calculator or an Excel template for this. It’s also good financial practice to track your net worth on a regular basis.

The Data We Looked At

The primary data we looked at comes from the Credit Suisse Research Institute’s Global Wealth Report (2021), which was published in Jun 2021. As of 10 Jan 2022, this is the latest report available.

The report is extremely comprehensive and analyses the household wealth of 5.2 billion people across the world, covering those who have less than US$10,000 to the pinnacle of the wealth pyramid. It also includes data from 2000 to the end of 2020.

The Singapore Department of Statistics, our national statistical office, is indicated as a source for Singapore’s household balance sheet and financial balance sheet.

Unfortunately, the breakdown of net worth by age isn’t available in this report. There is currently no published and reliable data elsewhere either. Do also note that the data looks at the resident population.

Finding the Average Net Worth: Difference Between Mean and Median

Included in the report are data on the average mean and median net worth or wealth.

It’s important to know their differences before showing you the research findings, so let’s take a quick trip down memory lane.

There are three types of averages: mean, median, and mode. Mean is the most commonly used average, and as such, the terms “mean” and “average” are often used interchangeably. Mode is the least commonly used, so we can ignore that for now.

Let’s look at this example.

PersonNet worth
Person 1$10,000
Person 2$12,000
Person 3$30,000
Person 4$35,000
Person 5$50,000
Person 6$60,000
Person 7$70,000
Person 8$500,000
Person 9$800,000
Person 10$1,000,000

To calculate the mean, we’ll sum up the net worth of the 10 people and divide it by 10, and we’ll have $256,700. If we were to say that the average net worth is $256,700, it paints an incomplete picture as seven people (the majority) have less than $100,000. That number is pushed up by only a minority of three people who have $500,000 or more.

In reality, income/wealth inequality is indeed prevalent (the richest people hold a greater proportion of wealth). Thus, the mean average is usually skewed.

What is the median average then? If we rank the values from smallest to largest, the number in the middle is the median.

(Video) Average Net Worth By Age in 2022!

But in this example, the middle number can be either from Person 5 or 6, so the median will be $55,000 ((50,000+60,000)/2).

The median gives a better indication of the overall net worth of a population.

7 Statistics on the Net Worth (Wealth) of Singapore Adults in 2022

Here are some noteworthy facts and statistics from the report.

1) The average debt per adult is S$66,519

Debt is money that is owed to another party. It could be in the form of mortgage loans, car loans, credit card debts, or others (e.g., personal loans and education loans).

Mortgages typically account for the bulk of household debt because of their larger quanta and the fact that everyone needs a roof over their head.

Debt per adult has increased from US$26,598 (S$35,907) in 2000 to US$49,273 (S$66,519) in 2020, a significant increase of 85.3%.

The Average Net Worth (Wealth) in Singapore: Statistics [2022] (1)

While there are many factors at play in this increase in debt, one possible reason could be rising property prices, especially in the private sector, which have been on an upward trend throughout the decades.

The Average Net Worth (Wealth) in Singapore: Statistics [2022] (2)
DID YOU KNOW?According to a survey conducted by MoneySense, about 3 out of 10 Singapore residents aged 30 to 59 had not started planning for their future financial needs. This isn't surprising because personal finance can seem complicated and daunting. But really, there are only a few things that you should focus on.Learn how to significantly improve your personal finances with the 7-step wedding cake strategy today.

2) The mean net worth per adult is S$449,543

Net worth or wealth is defined by adding financial assets plus non-financial assets (mostly housing and land) less debts.

In 2020, financial and non-financial wealth per adult in Singapore was US$223,443 (S$301,648) and US$158,825 (S$214,414), respectively, a ratio of 58% and 42% of gross wealth.

Factoring in debts, the average mean net worth per adult in 2020 was US$332,995 (S$449,543), which is more than triple the US$107,007 (S$144,459) figure in 2000.

(Video) Average Net Worth By Age In 2022 (Not What You'd Think)

The Average Net Worth (Wealth) in Singapore: Statistics [2022] (4)

Given what we have learnt from our quick maths lesson earlier, is the general population that rich? We should also look at the median.

3) The median net worth per adult is S$117,068

The median will be a better indication of the wealth of the average man in the street, as half of the population is below the median and the other half is above it.

Since 2000, the median net worth per adult has risen by 136.7%, from US$36,640 (S$49,464) to US$86,717 (S$117,068) in 2020.

The Average Net Worth (Wealth) in Singapore: Statistics [2022] (5)

This would be a more realistic figure to use if you want to compare how well you’re doing with your “neighbours”.

4) There are 269,925 millionaires (inclusive of billionaires) in Singapore

With an adult population of 4,887,000, how many can be called millionaires (and billionaires)?

The Average Net Worth (Wealth) in Singapore: Statistics [2022] (6)

Here are some wealth distribution statistics of the richest in Singapore:

Net WorthNumber of People
US$1 million to US$5 million239,279
US$5 million to US$10 million18,639
US$10 million to US$50 million10,646
US$50 million to US$100 million829
US$100 million to US$500 million472
More than US$500 million60
Total (US$1 million or more)269,925

Singapore is home to 269,925 millionaires. Although there is no further breakdown of those who have US$1 billion or more, we have 60 individuals who are worth more than half US$1 billion.

In the report, it is also stated that people who have wealth between US$1 million and US$50 million are considered high-net-worth (HNW) individuals, and those who have more than US$50 million are considered ultra-high-net-worth (UHNW) individuals.

Following this categorisation, Singapore has a total of 268,564 high-net-worth (HNW) individuals and 1,361 ultra-high-net-worth (UHNW) individuals.

5) 792,000 adults in Singapore have less than S$13,500

Apart from the “riches” we see in the news and media, there’s also the other side of the coin.

(Video) 100 People Reveal How Much Money They Have Saved | Keep it 100 | Cut

Here’s the wealth distribution of the population:

Net WorthPercentage of Population
Less than US$10,00016.2% (or 792,000)
US$10,000 to US$100,00038.6% (or 1,886,000)
US$100,000 to US$1,000,00039.7% (or 1,940,000)
More than US$1 million5.5% (or 269,000)

From the data, 16.2% of the total adult population, or 792,000 adults, have less than US$10,000 (S$13,500) to their name. 1,886,000 (38.6%) adults have wealth between US$10,000 and US$100,000 and 1,940,000 adults (39.7%) are worth between US$100,000 to US$1 million. 5.5% of the adult population has over US$1 million.

This shows the wealth gap or inequality between the rich and the poor.

When we zoom out and look at these numbers on a global scale, the number of people in Singapore who are in the lowest wealth range doesn’t look so bad.

55% of adults in the world have less than US$10,000. This group of people, although forming the majority, holds only 1.3% of the world’s total wealth. In contrast, a small minority of 1.1% of the world’s adult population has over US$1 million, but collectively, they have a 45.8% share of total wealth.

6) Singapore is ranked 12th in the world for mean wealth per adult

How wealthy are Singaporeans compared to the rest of the world?

With a mean net worth of US$332,995 (S$449,543) per adult, Singapore is placed 12th in the world rankings. The top three countries in this category are Switzerland, the United States, and Hong Kong.

With a median net worth of US$86,717 (S$117,068) per adult, Singapore is ranked 22nd in the world. The top three countries for median net worth per adult are Luxembourg, Australia, and Iceland.

7) One-third of the adult population are members in the top 10% of global wealth

According to the report, 37.4% (1,828,000) of adults in Singapore are members of the top 10% of global wealth. And 5.1% (250,000) of adults are in the top 1% category.

These are some of your crazy rich Singaporeans.

How Do You Grow Your Net Worth?

There you have it. Hopefully these statistics on wealth in Singapore have shown you the financial health of the average person living here.

While money isn’t the solution to all problems, without (enough) money, financial goals such as having a comfortable retirement and funding children’s education can’t happen.

The financial blueprint to increase net worth is to increase income (as well as to protect it with the different types of insurance policies), spend less to save more, and lastly, invest the excess.

(Video) The Top 5 Financial Youtubers in Singapore in 2022 (Portfolios Revealed!)

Don’t know where to start? Consider going through a comprehensive financial planning session with us. Learn more about FullCircle™ Planning today.

Disclaimer: The statements or opinions expressed on this site are of my own. The information is meant purely for informational purposes and should not be relied upon as financial advice.

FAQs

How much does top 1% earn in Singapore? ›

To be the top 1% income earners in Singapore, you need an eye- poping $627,111 pa income. We are even ahead of many European countries and US. We are just behind UAE where oil flows from the kitchen tap. America is the richest country in the world, and 2020 receipts prove it.

What rank is Singapore in wealth? ›

The world's richest nations are no longer as surprising as they were 20 years ago. They are the countries that are often considered global financial centers and attract numerous companies with low tax rates.
...
The 50 richest countries in the world.
RankCountryAdjusted GDP/capita
2Singapore116,486 $
3Ireland106,456 $
4Qatar93,521 $
5Bermuda85,192 $
46 more rows

What is the average net worth? ›

The average net worth of American families is $748,800, according to the most recent data from the Federal Reserve's 2019 Survey of Consumer Finances. The Federal Reserve conducts the survey every three years, and it announced in a February press release that it will publish its 2022 study in late 2023.

What percentage of Singapore are millionaires? ›

Singapore currently has the second-highest percentage of millionaire adults at 7.5%, just behind Australia's 8%, but ahead of Taiwan's 5.9%.

How many high net worth individuals are there in Singapore? ›

In the latest The Wealth Report, real-estate consultancy Knight Frank reported that Singapore in 2020 had a population of 3,732 ultra-high-net-worth individuals (UHNWIs), or people who have a net worth of over US$30m or more, including their primary residence. This is a 10.2% growth from the 3,387 recorded in 2019.

How much do the top 10% earn in Singapore? ›

To be in the top 10%, you need an annual income of $186k. It was $149k previously! If you aspire to be in the top 5%, your annual income has to be $278k.

What is upper class in Singapore? ›

The upper‐upper class includes those aristocratic and “high‐society” families with “old money” who have been rich for generations. These extremely wealthy people live off the income from their inherited riches. The upper‐upper class is more prestigious than the lower‐upper class.

What salary does the top 5% make? ›

The $250,000-plus income bracket roughly represents the top 5% of earners in the country, according to US Census Bureau data.

Which country is No 1 rich country? ›

Luxembourg is a small, landlocked country located in western Europe and bordered by Belgium, France, and Germany. With a population of 642,371, Luxembourg is the only Grand Duchy in the world. Its GDP per capita of $140,694 makes it the world's richest.

What is the wealthiest country in the world 2022? ›

Here are the 10 richest countries in the world:
  • United States - $18.62 Tn.
  • China - $11.22 Tn.
  • Japan - $4.94 Tn.
  • Germany - $3.48 Tn.
  • United Kingdom - $2.65 Tn.
  • France - $2.47 Tn.
  • India - $2.26 Tn.
  • Italy - $1.86 Tn.

Is Singapore one of the richest country in the world? ›

Qatar, a major oil-exporting world center, is the world's third richest country.
...
The Richest Countries In The World Ranked.
RankCountryGDP per capita (PPP)
1Luxembourg140,694
2Singapore131,580
3Ireland124,596
4Qatar112,789
46 more rows
14 Sept 2022

What net worth is considered wealthy? ›

According to the 2022 Modern Wealth Survey conducted by Charles Schwab, the average net worth of an American to be considered wealthy is $2.2 million. They also reported that to be it takes a net worth of $774,000 to be considered “financially comfortable.”

What is middle class net worth? ›

We can also define middle class in terms of net worth. According to the U.S. Census data, the average net worth for U.S. households in 2019 (latest data available) was $299,700. The median net worth was $94,670.

What is considered upper middle class net worth? ›

Note
QuintileDefinitionMedian Net Worth
Next 20%Lower-Middle Class$43,760
Middle 20%Middle Class$104,700
Next 20%Upper-Middle Class$201,800
Top 20%Wealthy$608,900
1 more row
30 Dec 2021

How Many millionaire households are there in Singapore? ›

Singapore has an adult population of 4,887,000, and there are 269,925 millionaires (US$1 million or more).
...
There Are 269,925 Millionaires (Inclusive of Billionaires) in Singapore.
Net WorthNumber of People
US$100 million to US$500 million472
More than US$500 million60
5 more rows
10 Jan 2022

What is middle class in Singapore? ›

In 2019, Singapore's median monthly household income from work (including employer CPF contributions) was $9,425.

Why are so many rich in Singapore? ›

Today, the Singapore economy is one of the most stable in the world, with no foreign debt, high government revenue and a consistently positive surplus. The Singapore economy is mainly driven by exports in electronics manufacturing and machinery, financial services, tourism, and the world's busiest cargo seaport.

What is ultra high net worth in Singapore? ›

UHNWIs are defined as individuals with net assets of US$30 million (SG$40.7 million) or more, including their primary residence. In Asia in particular, UHNWIs increased by 7.2 per cent. In Singapore specifically, UHNWIs grew 8.6 per cent to 4,206 in 2021. This is up from 3,874 in 2020.

Is 2 million a High net worth? ›

In the U.S. overall, it takes a net worth of $2.2 million to be considered “wealthy” by other Americans — up from $1.9 million last year, according to financial services company Charles Schwab's annual Modern Wealth Survey.

What is average net worth by age? ›

The average net worth for U.S. families is $748,800. The median — a more representative measure — is $121,700.
...
Average net worth by age.
Age of head of familyMedian net worthAverage net worth
35-44$91,300$436,200
45-54$168,600$833,200
55-64$212,500$1,175,900
65-74$266,400$1,217,700
2 more rows

What is a good salary in Singapore 2022? ›

What's the average salary in Singapore? As of Jan 2022, the average salary in Singapore is S$5,783 per month. For full-time employed Singapore residents, the Median Gross Monthly Income from work, including employer CPF contributions, is S$4,563.

What is considered middle class income in Singapore? ›

The median monthly salary in 2021 was $4,680 ($56,160/year). This is equivalent to US$3,466/month (or US$41,592/year). From 2020 to 2021, the average monthly income increased from $4,534 to $4,680, reflecting an increase of 3.2%. Over the past 10 years (2011 to 2021), Singapore's median income increased by 44.0%.

How much does a doctor earn in Singapore? ›

The average salary for Doctor is $5,100 per month in the Singapore Area. The average additional cash compensation for a Doctor in the Singapore Area is $17,493, with a range from $1,201 - $40,200.

What are the 5 social classes in Singapore? ›

It is possible broadly to distinguish five social classes in Singapore's society: a fractional upper class, an upper middle class, intermediate middle class, a lower middle class and a working class.

Where do wealthy people live in Singapore? ›

Ardmore Park

Located a stone's throw away from Orchard road, Ardmore Park is one of the most affluent neighbourhoods in Singapore. With the Tanglin Club and American Club, as well as various Orchard Road shopping malls within its vicinity, this area makes for a prime real estate investment location.

What is Singapore average household income? ›

Among resident employed households 1 , median monthly household income from work2 grew by 3.6 per cent in nominal terms, from $9,189 in 2020 to $9,520 in 2021, surpassing pre-COVID-19 levels. After adjusting for inflation3, median monthly household income from work rose by 1.5 per cent in real terms in 2021.

What net worth puts you in the top 10 %? ›

Net Worth USA Percentiles – Top 1%, 5%, 10%, and 50% in Net Worth
  • The top 1% of net worth in USA in 2022 = $10,815,000.
  • The top 2% of net worth in USA in 2022 = $2,472,000.
  • The top 5% of net worth in USA in 2022 = $1,030,000.
  • The top 10% of net worth in USA in 2022 = $854,900.
29 Dec 2021

What salary is the 1%? ›

According to recent studies, to be in the top 1% of earners in the U.S., you need to bring in an annual salary of at least $597,815. This means that the other 99% of earners in the U.S. make less than this amount per year.

What is considered upper class? ›

The term upper class refers to a group of individuals who occupy the highest place and status in society. These people are considered the wealthiest, lying above the working and middle class in the social hierarchy.

What is upper class in Singapore? ›

The upper‐upper class includes those aristocratic and “high‐society” families with “old money” who have been rich for generations. These extremely wealthy people live off the income from their inherited riches. The upper‐upper class is more prestigious than the lower‐upper class.

What is the net worth of the top 5 percent? ›

People with the top 1% of net worth (opens in new tab) in the U.S. in 2022 had $10,815,000 in net worth. The top 5% had $1,030,000 and the top 50% had $522,210. The top 10% had a net worth of $854,900.

Is 2 million a High net worth? ›

In the U.S. overall, it takes a net worth of $2.2 million to be considered “wealthy” by other Americans — up from $1.9 million last year, according to financial services company Charles Schwab's annual Modern Wealth Survey.

What is a good salary in Singapore? ›

The salary range for Indians in Singapore is between S$2,140-37,700 or approximately ₹ 1.20 lakhs to ₹ 2.11 crores per month. The median salary is S$8,450 per month or roughly ₹ 4.73 lakhs.

How much do top 10% earn in Singapore? ›

To be in the top 10%, you need an annual income of $186k. It was $149k previously! If you aspire to be in the top 5%, your annual income has to be $278k.

What salary is considered middle class in Singapore? ›

The median monthly salary in 2021 was $4,680 ($56,160/year). This is equivalent to US$3,466/month (or US$41,592/year). From 2020 to 2021, the average monthly income increased from $4,534 to $4,680, reflecting an increase of 3.2%.

What are the 5 social classes in Singapore? ›

It is possible broadly to distinguish five social classes in Singapore's society: a fractional upper class, an upper middle class, intermediate middle class, a lower middle class and a working class.

What is considered Rich 2022? ›

According to the 2022 Schwab Modern Wealth survey, the magic number is $2.2 million. This is up from $1.9 million, which is the average net worth Americans indicated would make someone wealthy in 2021.

What is the net worth of the top 10%? ›

So let's talk about what we mean by 'top 10%' or 'access to wealth'
  • You are 18-25, your net financial wealth is $50,000 or more.
  • You are 25-29, your net financial wealth is $100,000 or more.
  • You are 30-35, your net financial wealth is $200,000 or more.

What salary is top 10 percent? ›

Annual Wages of Top Earners
2020 Average Annual Wages
GroupAvg. Wages
Top 1% of Earners$823,763
Top 5% of Earners$342,987
Top 10% of Earners$173,176
1 more row

What percent of population has net worth of 3 million? ›

According to The Kickass Entrepreneur, there are about 5,671,000 households in the U.S. that have a net worth of $3 million or more. This represents 4.41% of all U.S. households.

Is a net worth of 1.5 million good? ›

Most Americans say that to be considered “wealthy” in the U.S. in 2021, you need to have a net worth of nearly $2 million — $1.9 million to be exact. That's less than the net worth of $2.6 million Americans cited as the threshold to be considered wealthy in 2020, according to Schwab's 2021 Modern Wealth Survey.

How can you tell if someone is rich? ›

How to Tell if Someone is Rich - YouTube

How much do doctors earn in Singapore? ›

The average salary for Doctor is $5,100 per month in the Singapore Area. The average additional cash compensation for a Doctor in the Singapore Area is $17,493, with a range from $1,201 - $40,200.

What salary is needed to live comfortably in Singapore? ›

'S$2,906 a 'reasonable' starting point for a living wage in Singapore: Study' (Channel News Asia, 8 October 2021) 'Family of four needs $6,426 a month for basic standard of living in S'pore, says study' (The Straits Times, 8 October 2021)

How much should a 30 year old earn in Singapore? ›

Do Men Earn More Than Women In Singapore?
Age GroupMen's Median Monthly Salary (2021)Women' Median Monthly Salary (2021)
25 – 29$4,095$4,095
30 – 34$5,315$5,070
35 – 39$6,435$5,850
40 – 44$7,211$6,143
6 more rows
14 Mar 2022

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