Singapore ranks 9th globally by wealth per adult: Credit Suisse report

19 Octobre, 2018, 11:10 | Auteur: Auguste Feret
  • Michael Loccisano  Getty Images for Lotte New York Palace

The number of Singapore's ultra-high net worth individuals - they have at least US$50 million (S$69 million) in wealth - rose more modestly, up 1.1 per cent to about 1,000.

Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $530,240 in mid-2018, followed by Australia (USD 411,060), with Singapore (USD 283,120) ranking ninth major economies.

The currency depreciation against the United States dollar affected wealth trends in some of the major regional economies such as Australia and India, John Woods, Chief Investment Officer Credit Suisse-Asia Pacific, said.

"By mid-2018, there were an estimated 3,43,000 millionaires in India, a rise of 7,300", Credit Suisse's 2018 global wealth report said, adding of these, 3,400 have wealth over Dollars 50 million, while 1,500 of them have wealth over USD 100 million each.

Non-financial assets have continued their accelerated growth over the past 12 months, providing the main impetus for overall growth in all regions except North America, accounting for 75 per cent of the rise in wealth in China and Europe, and all of the rise in India.

The term wealth is defined as the value of financial assets (such as stocks and fixed interest instruments) plus real assets (such as property and gold) owned by the households, minus their debts.

Global household wealth rose 4.6 percent in the 12-month period to June 2018, helped by a strong rise in the United States and China, while India recorded a more modest 2.6 percent growth.

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The country's total wealth is about US$1.3 trillion, and is forecast to grow by 4.6 per cent per annum in the next five years to US$1.6 trillion in 2023.

The US was the biggest contributor to global wealth as it added US$6.3 trillion, continuing its winning streak of yearly growth in total wealth and wealth per adult since 2008. By 2023, the wealth of Indian millionaires is expected to grow by 8 per cent per annum to reach Dollars 8.8 trillion with an estimated 5,26,000 millionaires, an increase of more than 53 per cent or 8.9 per cent per annum.

China had the second-largest household wealth after adding US$2.3 trillion to reach US$52 trillion. Over the 12 months, non-financial assets grew by 4.3 per cent, accounting for all of the wealth growth in India. The country's wealth is projected to grow another US$23 trillion in the next five years to comprise 19 per cent of global wealth by 2023.

He added that asset price and exchange rate fluctuations had the heaviest impact in Latin America and parts of the Asia-Pacific, contributing to much of the year-on-year variation in wealth levels. Currency depreciation against the U.S. dollar also affected wealth trends in some of the major regional economies such as Australia and India.

"The Asia-Pacific countries continue to make significant contribution to the global high-net-worth wealth pool, with China, Japan, Australia, (South) Korea and Taiwan making up more than 8.8 million millionaires, representing over 20 per cent of the global total", Mr Woods said. The Asia-Pacific (including China and India) emerged on top as the largest wealth region, as household wealth grew 3 per cent to more than US$114 trillion.

This year's report includes themes such as the global wealth outlook for women, and the narrowing wealth gap between the top two tiers of the global wealth pyramid and the bottom two tiers. Permission required for reproduction.

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