Chart of the day: Singapore’s rich are getting poorer

More than 2 in 5 Singaporean rich have had their income decreased in 2021.

This chart from analytics firm FICO’s recent whitepaper shows the income change of retail banking customers and mass affluent customers from seven markets including Singapore.

43% of Singapore’s mass affluent customers saw their income decrease in 2021, with only 14% saying it increased during the year. The income decrease is above the market average of 40%.

READ MORE: Singapore's ultra wealthy population continues to rise

However, around the same number also said that they experienced neither increase nor decrease in the year.

Meanwhile, 40% of Singapore’s retail banking customers saw their income decrease however 47% have said they experienced neither an increase nor decrease in the year. 12% have stated it has increased.

“It’s hardly surprising, then, that more than 50% of retail banking customers indicated a high level of concern around money. With many still feeling the aftermath of the pandemic, the regional average showed that only one in five didn’t feel worried at all about their finances following a change in their income. While we’ll address the shift in consumer intentions that this has triggered, it’s important to note that mass affluent respondents generally felt confident in their finances,” FICO said.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!