Happy elderly couple

SINGAPORE: While Americans in their 50s surpass US$1 million in net worth, Singaporeans are also catching up.

According to the New Academy of Finance, Singaporeans in their 50s have a projected average net worth of around S$800,000 (US$598200). Not too shabby.

Surging home values and stock ownership fueled the increase. Average net worth now tops US$500,000 for late-thirties, exceeds US$750,000 for late-forties, and hits seven figures for fifty-somethings.

Average net worth of Americans among age groups

The achievement is attributed to a record-breaking 37% increase in median net worth between 2019 and 2022, reaching US$192,900 after adjusting for inflation—a historic high according to the federal survey of Consumer Finances, USA Today reports.

These numbers reveal a notable progression in wealth across different age groups among Americans:

  • 20s: Average net worth: US$120,000. Influenced by student debt, individuals face the challenge of overcoming debt and gradually building towards retirement savings.
  • 30s: Average net worth: US$258,000. Compounding investments lead to an average net worth of $500,000, emerging from college debt and entering homeownership.
  • 40s: Average net worth: US$590,000. Home equity and appreciation contribute significantly as individuals settle into married life and raise children.
  • 50s: Average net worth: US$1.13 million. A remarkable milestone is achieved, with many becoming millionaires due to appreciation of assets and compounded returns from a well-nurtured 401(k).
  • 60s: Average net worth peaks at US$1.68 million. Individuals begin drawing upon accumulated wealth during retirement, transitioning from saving to utilizing investments for living expenses.
  • 70s: Average net worth declines to US$1.71 million. Retirement sees a gradual depletion of the nest egg, with healthcare expenses becoming a significant factor. Affluent families may still earn more than they spend, while less affluent ones often rely on Social Security.
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It is crucial to note that these figures represent averages, and the super-rich significantly influence the numbers. The “median” American household achieves a net worth of around US$300,000 in the 50-to-59 age range.

Average net worth milestones of Singaporeans

These are the breakdown of average net worth milestones among Singaporeans according to the New Academy of Finance:

  • 35: Projected net worth close to S$117,528.
  • 45: Projected net worth close to S$400,118.
  • 55: Projected net worth close to S$800,000.
  • 65: Projected net worth close to S$1.35 million.

Note: These calculations are based on a fixed monthly expense of S$2,000, factoring in a 3% assumed inflation.

If you’re worried you’re in a certain age bracket without the same amount mentioned, as per USA Today, these “numbers are averages, and the super-rich drive them wa-a-ay up.”/TISG