The Singapore Department of Statistics
released quarterly household net worth data on August 29, providing insights into wealth held in private hands, covering residents (citizens and PR) as well as foreigners who have engaged in economic activity in the city-state for at least a year.
YEAR-ON-YEAR CHANGE | Q2 2023 |
Household Net Worth (= Assets – Liabilities) | +8.9% |
Assets | +7.6% |
– Financial Assets | +6.6% |
– Residential Property Assets | +9.1% |
Liabilities | -1.0% |
– Mortgage Loans | +1.8% |
– Personal Loans | -7.9% |
Source: Singapore Department of Statistics
Paying off dues
While these figures may be affected by inward migration, i.e. wealthy people moving to Singapore, it is notable that the increase in assets held in private hands coincided with a drop in liabilities — particularly in personal loans, which are typically most costly and taken to finance current spending.
Given the rising interest rates, it makes sense to reduce your outstanding liabilities, but it also shows that Singaporeans were able to do so, paying off S$10 billion in non-motor vehicle loans (even as credit card debt increased by S$2 billion at the same time).
LIABILITIES | Q2 2022 | Q2 2023 |
Mortgage Loans | 259,487 | 264,037 |
– Financial Institutions | 221,838 | 224,571 |
– Housing & Development Board (HDB) | 37,648 | 39,466 |
Personal Loans | 103,042 | 94,935 |
– Motor Vehicle | 10,213 | 9,660 |
– Credit/Charge Cards | 11,611 | 13,289 |
– Others | 81,218 | 71,985 |
Thousands of SGD / Source: Singapore Department of Statistics