Stock photo. Credits to Unsplash.

Chart of the day: S’pore ranks sixth highest in household debt to GDP in Asia

The highest was South Korea.

This chart from the Allianz Global Wealth Report 2022 shows the rankings of countries in Asia except Japan based on their debt as a percentage of the gross domestic product (GDP) in 2021 from lowest to highest.

The chart shows that Singapore placed sixth as the highest in the region at 67%. The highest was South Korea at 109%.

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Singapore’s household debt percentage to GDP ratio is 6.5 ppt higher than the ratio for Asia except Japan at 60.6%.

According to the report, Singapore has also increased its net wealth per capita by two-fold in the past decade to EUR134,150. However, Taiwan surpassed Singapore to become the richest country in terms of net financial assets per capita (EUR 138,220).

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