Is the Average Net Worth of the Singapore Household $2 million in 2024?
Average isn't median, though. Also depends on what you assume constitutes "the Singapore household."
We all know that the ultra-rich from all over the world, especially Asia, like to relocate to Singapore.
There is a myriad of factors to attract them — from the ease of setting up family offices to the high-paying professional jobs in a global financial hub.
Singstat released some interesting data in June 2024. The total net worth of the Singapore household rose 8% to just under $2.858 trillion as of March 2024.
What is the average household net worth in Singapore?
There are about 1.425 million resident households in Singapore, either citizens or Permanent Residents.
A simple average of $2.858 trillion household net worth divided by the number of resident households gives you about an average $2 million net worth per household.
We know Singapore is among the richest countries in the world. It climbed 2 places to 4th place for the highest number of millionaires in the world, in a 2024 Henley and Partners research report. Over the past 10 years, the number of millionaires have increased 64% in Singapore.
Not all of the millionaires are homegrown, however. About 3,400 HNW individuals moved to Singapore in 2023 alone. That said, out of the 244,800 resident millionaires, 336 centi-millionaires and 30 billionaires, we must assume a good proportion of them are local Singaporeans.
Is an average $2 million household net worth accurate?
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