Chart of the Day: See how Singapore's household debt fares against ASEAN peers

Most debt are related to property assets.

Record levels of household debt is sweeping the city-state, aggravating the eroding economy. Analysts, however, say staple spending would remain resilient in Singapore, as its households rank among the wealthiest in the world.

Singapore trails Malaysia and Thailand for the most household debt as a percentage of the GDP with 76.2%.

According to RHB research, while a large portion of these debts are asset related, a lacklustre property market reduces the probability of equity gains and, correspondingly, more room for discretionary spending.

“The lifting of some property cooling measures that may increase household wealth and stimulate more discretionary spending,” RHB research said.

“Household debt to GDP in Singapore is at record levels, but these are mostly related to property assets,” they added.