The top 5 per cent hold about 33 per cent of the country’s household wealth, says Senior Minister of State for Finance Jeffrey Siow.
The top 5 per cent hold about 33 per cent of the country’s household wealth, says Senior Minister of State for Finance Jeffrey Siow. People walk out for lunch breaks in the Raffles Place business district in Singapore on Aug 13, 2024.
Add CNA as a trusted source to help Google better understand and surface our content in search results.SINGAPORE: The wealthiest 1 per cent of households in Singapore hold about 14 per cent of the country’s total household wealth – a share that is “broadly comparable” to advanced economies with similar levels of wealth inequality, said Senior Minister of State for Finance Jeffrey Siow on Wednesday . The top 5 per cent in Singapore hold about 33 per cent of the country’s household wealth, he added in his response to parliamentary questions about the Ministry of Finance’s recent data on “These estimates should be interpreted with caution, due to sample size limitations and potential under-reporting in survey responses at both ends of the distribution,” he said. According to data published in 2024 by consulting firm McKinsey, the top 1 per cent of households across major economies, including Australia, Japan and South Korea, held at least 20 per cent of national wealth. In the United States, that figure was 35 per cent. In all advanced economies, wealth inequality is higher than income inequality, since wealth accumulates over an individual’s life, said Mr Siow. A significant part of household wealth in Singapore is held in owner-occupied housing and Central Provident Fund savings, especially among lower- and middle-income households, he added. “Our housing and CPF policies have enabled many Singaporeans to build their assets over time. This broad-based asset ownership helps to moderate inequality while strengthening long-term security and social stability.”Singapore's median monthly household income crosses S$12,000, up 6.8% after adjusting for inflation Wealth inequality in Singapore exceeds income inequality, and is broadly in line with other advanced economies, new findings from the Finance Ministry showed earlier this month. Singapore's wealth inequality coefficient stands at 0.55, comparable to estimates for other advanced economies like the United Kingdom, Japan and Germany, which range from 0.6 to 0.7. This marked the first time Singapore had published wealth data. Mr Siow acknowledged on Wednesday that wealth is “notoriously hard to measure”, especially for data on overseas or unlisted assets. “To the extent that wealth at the top of the distribution is underreported, measured wealth inequality would be underestimated,” the ministry said at the time of the announcement. Like other advanced economies, Singapore primarily relies on survey-based approaches to collect this data, said Mr Siow. “We have no plans at this point to seek additional legislative or administrative powers to require more granular asset disclosure solely for inequality measurement,” he said. Singapore intends to track wealth inequality over time, and the next cycle of the household expenditure survey is planned for 2028, he added. Responding to questions about whether the government has considered other forms of wealth taxes beyond property tax, Mr Siow said Singapore’s approach is to tax wealth in ways that are less susceptible to cross-border movement and tax planning.“We are mindful of intergenerational balance. Younger households who are accumulating assets should not be unduly burdened. At the same time, higher-value property owners should contribute more.” We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
Please follow us on Google to support usIncome Inequality Parliament Singapore Parliament Ministry Of Finance Jeffrey Siow
Singapore Latest News, Singapore Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Police Officer Allegedly Kills Teen in Indonesia, Sparking OutrageA 14-year-old boy was allegedly killed by a police officer in Indonesia's Maluku province, prompting condemnation from Amnesty International and calls for an investigation. The family denies claims of illegal street racing and alleges the officer acted without warning. The incident is being investigated as a potential extrajudicial killing and serious human rights violation.
Read more »
30.6% more contraband smuggling attempts foiled in 2025, says ICAClose to 245 million travellers also passed through Singapore’s checkpoints last year, about 14 million more than in 2024.
Read more »
Man who raped and impregnated 14-year-old intellectually disabled stepdaughter gets jail, caningThe man admitted that based on his own observations, his 14-year-old stepdaughter behaved like an eight-year-old child.
Read more »
Global Entry Program Shutdown Amidst Government Shutdown, Affecting TravelThe Department of Homeland Security has announced the shutdown of the Global Entry program due to the ongoing government shutdown. This decision, impacting expedited customs for low-risk travelers, follows an earlier cancellation of a planned closure of TSA PreCheck. The situation is causing significant flight cancellations and delays, particularly on the East Coast. The turmoil at security and customs lanes is tied to a partial government shutdown that began on Feb 14 after Democrats and the White House were unable to reach a deal on legislation to fund the Department of Homeland Security.
Read more »
Male driver of car seen driving against traffic in Bedok to be charged for dangerous drivingThe 25-year-old male driver of a dark-coloured saloon car seen driving against the flow of traffic along Bartley Road East in Bedok last December will be charged in court on Wednesday (Feb 25). On December 16, 2025, AsiaOne reported on the incident which happened at about 12.50am on December 14.
Read more »
Rob Reiner and wife Michele's autopsies still incompleteRob Reiner and his wife Michele's autopsies are still incomplete.The iconic Hollywood director, 78, and his photographer wife, 70, were found stabbed to death at their mansion in Brentwood, California, on Dec 14.
Read more »