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Coffeeshop Chit Chat - Data shows SG households are rich!</TD><TD id=msgunetc noWrap align=right>
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</NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>1:20 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 5) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>24182.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD>S'pore household net wealth hits $1 trillion
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->HOUSEHOLDS have generally weathered the financial crisis well with net wealth rising to an all-time high of $1 trillion as of Sept 30, after slumping to $895 billion in the first quarter this year.
The record numbers - released in the Monetary Authority of Singapore's (MAS) annual Financial Stability Review on Monday - go a long way towards explaining why the recession that has just ended seemed less painful than previous downturns.
The recovery in the stock and property markets since the first quarter is one reason, but Singaporeans are also richer as they saved, invested and paid down their debt.
The global economic recovery has meant a strong rebound in net wealth - assets minus liabilities.
Take property assets, for instance. The MAS data showed that real estate holdings have turned around - they were up by an estimated 9 per cent to $537 billion in the three months to Sept 30, from the low of $491 billion in the second quarter.
The central bank noted that household assets remain more than six times the value of household liabilities, while aggregate household net wealth is about four times the value of gross domestic product, up from about 3.6 times in the first quarter.
Singaporeans refused to splurge on credit, keeping debt at roughly the same level during the economic downturn, the data showed.
Total liabilities increased by just 4 per cent year-on-year in the third quarter - much lower than the long- term average growth rate of about 13 per cent, the MAS said.
Most of the increase came from mortgages, which account for the bulk of household borrowing. This was mainly due to the increased activity in the property market.
'In short, households have generally weathered the crisis relatively well on the back of their strong balance sheets,' said the MAS.
[email protected]
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->HOUSEHOLDS have generally weathered the financial crisis well with net wealth rising to an all-time high of $1 trillion as of Sept 30, after slumping to $895 billion in the first quarter this year.
The record numbers - released in the Monetary Authority of Singapore's (MAS) annual Financial Stability Review on Monday - go a long way towards explaining why the recession that has just ended seemed less painful than previous downturns.
The recovery in the stock and property markets since the first quarter is one reason, but Singaporeans are also richer as they saved, invested and paid down their debt.
The global economic recovery has meant a strong rebound in net wealth - assets minus liabilities.
Take property assets, for instance. The MAS data showed that real estate holdings have turned around - they were up by an estimated 9 per cent to $537 billion in the three months to Sept 30, from the low of $491 billion in the second quarter.
The central bank noted that household assets remain more than six times the value of household liabilities, while aggregate household net wealth is about four times the value of gross domestic product, up from about 3.6 times in the first quarter.
Singaporeans refused to splurge on credit, keeping debt at roughly the same level during the economic downturn, the data showed.
Total liabilities increased by just 4 per cent year-on-year in the third quarter - much lower than the long- term average growth rate of about 13 per cent, the MAS said.
Most of the increase came from mortgages, which account for the bulk of household borrowing. This was mainly due to the increased activity in the property market.
'In short, households have generally weathered the crisis relatively well on the back of their strong balance sheets,' said the MAS.
[email protected]
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