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Residents in Singapore on average have more financial assets such as cash, stocks and bank deposits than their peers elsewhere, a global wealth report said.
The United States was in pole position with net financial assets per capita of €260,320. Switzerland came in second with €255,440, followed by Denmark, which pipped Singapore by a whisker with €172,200. Securities and bank deposits were the asset classes that drove this, but insurance and pensions lagged.
“Singaporean households have been quite successful in recent years in trimming their debt burden. The debt ratio reached 54.1 per cent at the end of 2023, some 20 percentage points below the levels seen only 10 years ago,” it noted.Factoring in inflation, Allianz said the increase in real financial assets in 2023 was 0.9 per cent, which is below the 2021 level and higher than the pre-pandemic level.
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