Singapore amongst the top countries with highest average adult wealth

Average wealth per adult is around $395,000.

Singapore ranked seventh in the top ten major economies with the highest average wealth per adult in mid-2016, a research by Credit Suisse said.

Wealth per adult rose 1.4% to $395,000 (US$277,000) in mid-2016. The research firm this could be due to high savings, asset price increases, and favourable rising exchange rates from 2005 to 2012.

"Singapore is now tenth in the world in terms of household wealth per adult, giving it the highest rank in Asia. Significantly, it is now well ahead of Hong Kong, which was ranked tenth in the world in 2000, just above Singapore," the report said.

Credit Suisse mentioned that financial assets make up 54% of gross household wealth in Singapore, a ratio similar to that of Switzerland and the United Kingdom. It also said that wealth distribution is only moderately unequal.

"Just 18% of its people have wealth below USD 10,000, compared with 73% globally. The number with wealth above USD 100,000 is six times the world average. Reflecting its very high average wealth, 5% of its adults, or 222,000 individuals, are in the top 1% of global wealth-holders, a very high number given that it has just 0.1% of the world's adult population," the report explained.

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