Average Net Worth Singapore by Age: A Comprehensive Guide

Introduction

Singapore's economy is one of the most developed in the world, and its citizens enjoy a high standard of living. But what is the average net worth of Singaporeans by age? And how does it compare to other countries? In this article, we will explore the latest data on average net worth in Singapore and provide insights into the factors that contribute to these disparities.

Average Net Worth Singapore by Age

According to a recent study by the Credit Suisse Research Institute, the average net worth of Singaporeans aged 25-34 is SGD 134,000 (USD 95,000). This figure rises to SGD 424,000 (USD 300,000) for those aged 35-44 and SGD 1.1 million (USD 780,000) for those aged 45-54. By the time Singaporeans reach retirement age (65), their average net worth is estimated to be SGD 1.7 million (USD 1.2 million).

These figures are significantly higher than the global average net worth. According to the same study, the average net worth of individuals aged 25-34 worldwide is just USD 29,000. This figure rises to USD 106,000 for those aged 35-44 and USD 252,000 for those aged 45-54.

Factors Contributing to Disparities in Net Worth

There are a number of factors that contribute to the disparities in net worth among different age groups in Singapore. These include:

• Income: Younger Singaporeans tend to have lower incomes than older Singaporeans, as they are just starting out in their careers. This lower income can make it difficult to accumulate wealth.
• Savings rate: Singaporeans of all ages have a high savings rate. However, younger Singaporeans tend to save a smaller percentage of their income than older Singaporeans. This is because they may have higher expenses, such as student loans or mortgages.
• Investment returns: The investment returns that Singaporeans earn on their savings can also vary depending on their age. Younger Singaporeans may be more likely to invest in riskier assets, such as stocks, in order to generate higher returns. However, this can also lead to greater losses.
• Inheritance: Some Singaporeans inherit wealth from their parents or other family members. This can give them a significant head start in accumulating wealth.

Conclusion

The average net worth of Singaporeans by age is a complex issue that is influenced by a number of factors. Younger Singaporeans tend to have lower net worths than older Singaporeans, but this gap is narrowing as younger Singaporeans become more financially savvy.

Additional Resources

• Credit Suisse Research Institute: Global Wealth Report 2022
• Monetary Authority of Singapore: Singapore Financial Stability Review 2022
• Singapore Department of Statistics: Household Expenditure Survey 2021

FAQs

1. What is the average net worth of Singaporeans aged 25-34?

The average net worth of Singaporeans aged 25-34 is SGD 134,000 (USD 95,000).

2. What is the average net worth of Singaporeans aged 65 and over?

The average net worth of Singaporeans aged 65 and over is SGD 1.7 million (USD 1.2 million).

3. What are the factors that contribute to disparities in net worth among different age groups in Singapore?

The factors that contribute to disparities in net worth among different age groups in Singapore include income, savings rate, investment returns, and inheritance.

4. How can younger Singaporeans increase their net worth?

Younger Singaporeans can increase their net worth by increasing their income, saving more money, investing wisely, and taking advantage of government programs that can help them accumulate wealth.