Credit Suisse: Global wealth grew 4.6%, led by the US and China

5 min read

Key Singapore Highlights:

In the 12 months to mid-2018, wealth in Singapore grew strongly at 7.4% to around USD 1.3 trillion. Wealth per adult already rose 5.3% to over $283,000. Wealth is forecast to grow by 4.6% per annum in the next five years to reach USD 1.6 trillion in 2023
Since 2000, wealth per adult has increased more than 146%, mostly caused by high savings, asset price increases, and a rising exchange rate from 2005 to 2012
Financial assets make up 55% of gross household wealth in Singapore
The average debt of $53,000 is moderate for a high-wealth country, equaling 16% of total assets
The number of millionaires grew robustly at 11.2% to 183,737. This is forecast to increase by 5.5% per annum in the next five years to reach 239,640. By mid-2018, there were around 1,000 ultra high net worth (UHNW) individuals in Singapore with over $50 million in wealth, a modest increase of 1.1%

Re-disseminated by The Asian Banker