
Singapore has Asia's wealthiest households, reveals report
But debt is also on the rise.
Singapore had the highest level of financial assets per capita in the region last year, according to the Alliance Global Wealth Report 2015.
Per capita financial assets in Singapore rose to EUR 106,621 ($170,400) last year, representing a 6.4% year-on-year growth. This figure is more than 10 times as high as in China and more than 100 times as high as in India.
Singapore was followed by Japan and Taiwan, with average assets corresponding to the equivalent of around EUR 95,000 ($151,800) and EUR 88,000 ($140,600) respectively.
However, household debt has also been on the rise. The liabilities of private households as a percentage of the GDP rose to 75.5% in 2014.
Insurance and pensions make up bulk of financial assets in Singapore. Households have 45.2% of all their assets in insurance and pensions, a significantly higher proportion compared to other Asian countries.
When it comes to net assets--or total household assets minus debt--Japan overtakes Singapore as Asia's top country with per capita financial assets of EUR 73,547.
“The gross financial assets of private households in Asia rose to the equivalent of EUR 34.1 trillion in 2014. Although the rate of growth was down slightly on the previous year at 11.5% (2013: 12.6%), this was the strongest increase in an international comparison. As a result, the proportion of total global financial assets attributable to Asian households rose further, meaning that, by the end of 2014, the 3.2 billion or so inhabitants of the ten Asian countries included in our analysis held one quarter of the world‘s financial assets,” Allianz said.