Last week, I wrote about how a survey claimed that Singapore is one of the most expensive for expats and now there is a new study that will back up the said claim.
The Global Wealth Report 2017 showed that Singapore is now ninth in the world in terms of household wealth per adult, making Singapore number one in Asia, Business Insider reported.
This survey is done by Credit Suisse Research Institute where they analysed the wealth held by 4.8 billion adults across globe across
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Are you really that surprised?
I am not, since the cost of living is pretty steep despite the numerous subsidies by the government.
Singapore’s median wealth is at $108,850, ranking at ninth place globally.
Singaporeans are getting richer
The average wealth per adult has risen by 57% from 2000 ($115,560) to mid-2017 ($268,780)
The report attributes this healthy growth to Singaporean’s high savings, rising exchange rate and increment of asset prices.
Singapore’s wealth distribution is unequal
I guess the rich becomes richer while the poor becomes poorer.
Only 22% of Singaporeans have wealth levels below $10,000 whereas globally, people stand at 70%.
For wealth levels between $10,000 to $100,000, Singaporeans are doing slightly better compared to the global standard.
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This one is even better.
49% of Singaporean adults have wealth levels above $100,000 compared to the global standard of less than 10%
Another point worth mentioning is that 0.4% of Singapore adults are in the top 1% of global wealth holders which is quite shocking since we only make up 0.1% of the world’s adult population.
Our domestic currency units has been slowly rising since 2012 and let’s hope it gets stronger than the British pound.
And for those who don’t fall under wealth levels above $100,000 (including me), we better start saving up!
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This article was first published on goodyfeed.com
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