Singaporeans are swimming in money as they become No. 1 wealthiest people in Asia and No. 4 richest in the world!

SINGAPORE: According to the recently released Allianz Global Wealth Report 2024, Singaporeans have the fourth-highest financial assets worldwide.

Moreover, among Asian countries, Singaporeans have the highest gross financial assets per capita, such as cash, stocks, and bank deposits, based on data from the end of 2023.

Taking the number one spot is Switzerland (€382,910 or S$547,737), followed by the United States (€314,930 or S$450,495). Denmark (€231,060 or S$330,544), Singapore (€216,990 or S$310,417), and Canada (€177,050 or S$253,310) follow in third to fifth places respectively.

Interestingly, while Switzerland’s and the US’s rankings have remained unchanged, Denmark went up by three places, and Singapore and Canada both rose by three spots.

Meanwhile, the Netherlands, which is in sixth place, has fallen by three spots.

In Asia, Taiwan, which went up by a substantial five spots on the list and is ranked seventh overall, comes second to Singapore. Its residents’ gross financial assets per capita is (€176,340 or S$252,269).

Japan (€113,150 or S$161,840) ranks third in Asia but fell by 10 spots on the list.

There is only one other Asian nation in the world’s top 25. South Korea is ranked 22nd on the list, climbing three spots from last year (€70,550 or S$100,935).

Elsewhere in Asia, China is ranked 32nd, having risen by eight spots, and Vietnam, which saw a similar climb, is in 49th place. However, Thailand fell by nine spots and is now in 44th place, and Malaysia declined by 10 spots and is now in 38th place.

When it comes to net financial assets per capita, the United States ranks first, and Switzerland ranks second. Denmark and Singapore are still in third and fourth place, and Taiwan is fifth.

In Singapore, net financial assets per capita stand at (€171,930 or S$245,970).

The Allianz report shows that Singapore has a stable middle class, similar to many other countries such as Australia, France, Germany, Malaysia, and Thailand.

There are fewer countries with a growing middle class. These include Portugal and the Netherlands. However, there are no Asian countries among them.

There are more countries with a shrinking middle class, including a number of which are located in Asia, such as China, India, Indonesia, and Vietnam.

Notably, the United Kingdom, the United States, and Russia are also on this list.

Allianz took the data in its report from Eurostat, national central banks, financial supervisory authorities, financial associations and statistical offices, IMF, LSEG, and Allianz Research. /TISG

Read also: Singapore is 6th top city with centi-millionaires; 336 have over S$139 million in assets