Switzerland is still ranked at number one among the wealthiest nations around the globe, with its wealth per adult at US $530,240. Australia takes the number 2 spot, at US $411,060.
Singapore’s wealth per adult is now at US $283,000, rising more than 5 percent from the middle of 2017 to the middle of the current year. This figure has grown more than 146 percent since the year 2000, due to a higher exchange rate, asset price increases and significant savings, specifically from the years 2005 through 2012.
According to Credit Suisse, the average debt of US$53,000 in the country, which accounts for 16 percent of totaled assets, is just about right for a country of high wealth. The gross household wealth is made up of 55 percent financial assets, which is a ratio that can be compared to Switzerland’s numbers.
At present, the Lion City’s total wealth is US$1.3 trillion. In the next five years industry experts expect this amount to grow by almost 5 percent yearly, growing to US $1.6 trillion in 2023.
This year, Singapore’s millionaires increased by 11.2 percent to 183,737. By 2023 the number is expected to hit almost 240,000.
There are around 1,000 ultra-high-net-worth individuals, who have more than US $50 million. This number has grown by 1.1 percent from 2017.
Around the world, wealth has increased by 4.6 percent to US$317 trillion. Per adult, wealth has grown to the global mean of US $63,100, up by 3.2 percent.
The United States has had the biggest contribution to wealth worldwide, adding US$6.3 trillion. The total wealth in the US is now US$98 trillion.
China has taken the number two spot when it comes to household wealth. It added US$2.3 trillion in the past year, and is now at US$52 trillion. China currently holds 16 percent of global wealth, but in 5 years, the figure is expected to rise at 19 percent.
The chief investment officer for the Asia-Pacific for Credit Suisse, John Woods, said, “The United States and China are the obvious outperformers and drivers of wealth growth, despite rising trade tensions.”
Economies in the Asia-Pacific region keep making sizable contributions to the global high-net-worth pool or wealth. There are more than 8.8 million millionaires in Australia, Taiwan, Korea, China and Japan, accounting for more than one fifth of all the millionaires in the world.
The Asia Pacific is now the largest wealth region, according to the study.
As to overall wealth, it is projected by Credit Suisse that global wealth will grow to US$399 trillion in the next five years, at a rate of almost 4.7 percent per year.