Singapore News: A Financial Powerhouse

SINGAPORE: In a groundbreaking update from the Allianz Global Wealth Report 2024, it has been revealed that Singapore ranks as the fourth wealthiest nation worldwide in terms of financial assets, with its citizens enjoying the highest gross financial assets per capita in Asia. This stunning report, based on figures from late 2023, showcases Singaporeans' robust financial health, including cash, stocks, and bank deposits.

Leading the pack globally is Switzerland, boasting financial assets averaging €382,910 (approximately S$547,737) per person, followed closely by the United States at €314,930 (about S$450,495). Singapore claims the fourth spot with average gross financial assets of €216,990 (S$310,417), just behind Denmark at €231,060 (S$330,544) and ahead of Canada at €177,050 (S$253,310).

While the rankings of Switzerland and the U.S. remain unchanged, Denmark has made an impressive leap of three spots, mirroring the advancements of Singapore and Canada, which also surged three positions.

In Asia, Taiwan has shown remarkable progress, jumping five spots to claim seventh place overall, with an average of €176,340 (S$252,269) in gross financial assets per capita. In contrast, Japan dropped a significant ten spots down to eighth, with financial assets per capita amounting to €113,150 (S$161,840).

Interestingly, Singapore is now in a league of its own within Asia, with South Korea trailing behind at 22nd globally (€70,550 or S$100,935). Meanwhile, China and Vietnam are making headway, moving up to 32nd and 49th places, respectively, but Thailand and Malaysia have experienced declines, falling to 44th and 38th positions.

When evaluating net financial assets per capita, the U.S. and Switzerland are still leading, with Singapore firmly in fourth place. In Singapore, net financial assets per capita are pegged at €171,930 (S$245,970), signifying a solid financial foundation for its residents.

The Allianz report also highlights the structural stability of Singapore’s middle class, akin to nations like Australia, France, and Germany. In a world where many countries face a contracting middle class, particularly in parts of Asia such as China, India, and Vietnam, Singapore stands out as a beacon of stability and growth.

This financial progress raises questions about what lies ahead for the rich city-state. Will Singapore continue to attract investments and talent, sustaining its wealth boom, or will emerging economies start to catch up? The discourse surrounding wealth distribution and financial strategies is more relevant than ever as Singaporeans swim in financial prosperity.

Stay tuned for more insights and updates on Singapore’s shifting economic landscape!