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The Average Net Worth (Wealth) in Singapore: Statistics (2022)

Are you aware of your current net worth and how it compares to others in Singapore? Your net worth reveals the actual state of your financial situation.

In our quest to learn more about Singaporeans' net worth, we uncovered several fascinating facts and figures, including the average and median net worth, average debt, wealth distribution, the number of high- and ultra-high-net-worth individuals in Singapore, and how our wealth stacks up against that of other nations.


By the way:

When was the last time you've done a proper Investment plan or reviewed your investments?

In Singapore, having a proper investment plan could spell the difference between a rich quality of life for you & your loved ones and a not-so-good quality of life...

And people are starting to realize this.


Key Findings

The typical debt per adult is S$66,519. In Singapore, the mean net worth per adult is S$449,543 and the median net worth per adult is S$117,068.

In Singapore, there are 269,925 millionaires, and 60 of them are worth more than $500 million.

With a net worth ranging from $1 million to $50 million, 268,564 adults are categorised as high net worth, while 1,361 adults are categorised as ultra-high net worth. In Singapore, 792,000 persons, or 16.2% of the adult population, have wealth below S$13,500.

How To Calculate Your Net Worth

To determine net worth, deduct your total liabilities from your total assets. For this, you can use an Excel template or an internet calculator. Regularly monitoring your net worth is also a wise financial move.

Difference Between Calculating The Mean And Median

The mean, median, and mode are the three different forms of averages. Since the mean is the most often used average, the words "mean" and "average" are frequently used synonymously. We may disregard mode for the time being because it is the least used.

We'll add up the net worth of the 4 individuals, divide it by 4, and get $21,750 as the mean. The average net worth is $21,750.

However, it portrays a skewed image because 3 people have a net worth below that amount. Only 1 person has $21,750 or more, which causes that number to rise.

Income and wealth disparity are widespread in reality—the richest people hold a greater proportion of wealth.

The mean is typically distorted as a result. The median, then, is the middle number if we order the numbers from least to greatest.

However, in this case, either Person 2 or Person 3 might provide the middle amount, therefore the median will be $11,000 ((12,000 + 10,000) ÷ 2). The median provides a more accurate picture of a population's overall net worth.

How Wealthy Are Singaporeans?

Singapore is ranked 12th in the world with an average net worth of US$332,995 (S$449,543) per adult. Switzerland, the United States, and Hong Kong are the top three nations in this group.

Singapore is rated 22nd in the world with a median net worth of US$86,717 (S$117,068) per adult. Luxembourg, Australia, and Iceland are the top three nations for median net worth per adult.

Number Of Millionaires In Singapore

How many of the population's 4,887,000 adults are millionaires or billionaires?

There are 269,925 millionaires and billionaires in Singapore.

We have 60 people worth more than half a billion dollars, yet there is no further breakdown of those with $1 billion or more.

High-net-worth (HNW) persons are those with fortunes between US$1 million and US$50 million, whereas ultra-high-net-worth (UHNW) individuals are those with wealth over US$50 million.

According to this classification, there are 268,564 high-net-worth (HNW) people and 1,361 ultra-high-net-worth (UHNW) people living in Singapore.

Mean Net Worth Per Adult

The average net worth per adult is S$449,543. Adding financial assets to non-financial assets (primarily real estate and housing) and subtracting debts results in net worth or wealth.

With debts taken into account, the mean net worth per adult in 2020 was US$332,995 (S$449,543), more than tripling the value of US$107,007 (S$144,459) in 2000.

Given what we know from before, to discover whether the general populace is that wealthy, the median should also be taken into account.

Median Net Worth Per Adult

The median net worth per adult is S$117,068. Given that half of the population lives below the median and the other half lives above it, the median provides a more accurate picture of the wealth of the average Singaporean.

The typical net worth per adult has increased by 136.7% since 2000, from US$36,640 (S$49,464) to US$86,717 (S$117,068) in 2020. It would be more accurate to use this number if you wanted to assess how well you were performing in relation to others.

Average Debt Per Adult In Singapore

Debt is money that is owed to another individual or business. It could consist of credit card bills, mortgages, auto loans, and other loans (e.g., personal loans and education loans).

The average debt per adult in Singapore is $66,519.

Mortgages often make up the majority of family debt.

The mean debt per adult climbed significantly by 85.3% from US$26,598 (S$35,907) in 2000 to US$49,273 (S$66,519) in 2020.

One of the many factors behind this increase in debt is the rise in property values. This is evident, especially in the private sector, which has been on an upward trend for decades.

Average Investment Per Capita In Singapore

According to Singapore Business Review, 5 in 10 Singaporeans have investments in the stock market.

Singaporeans are now ranked second in the world for share trading, and 48.07% of them have money invested in the stock market.

Additionally, 4.78% of them do not currently have any financial obligations but do own shares, and 18.29% of them are thinking about making investments this year. 28.86%, however, have no interest in the stock market.

Investments include shares and securities, listed shares, unlisted shares, and unit trusts and investment funds.

As of 2022 Quarter 1, the average investment per capita (Including PRs & Foreigners) in Singapore is $90, 513.

Don’t worry if you do not have this balance in your investment account. The balance is high because it’s diluted by the many high-net-worth individuals in Singapore.

Therefore, investing matters. Investing is an effective way to put your money to work and potentially build wealth. Smart investing may allow your money to outpace inflation and increase in value.

Average Savings Of Singaporeans And Personal Saving Rate

During the Covid-19 outbreak, Singaporean households' personal savings reached a five-year high as they built up emergency cash to see them through the crisis.

According to SingStat, the Personal Saving Rate in 2021 was 36.8%, whereas the Personal Saving Rate in 2011 was 21%. Over 10 years, apart from the effects of COVID, the Personal Saving Rate has significantly increased as Singaporeans adopted better financial habits by saving more.

In 2021, the average personal savings of Singaporeans was $17,650. That’s equivalent to saving $1,470 a month. This makes sense considering that for most of 2021, heavy Covid-19 restrictions were still around.

The median savings rate from Q2 2012 to Q2 2022 is 28.8% based on Singaporeans' personal savings rates in the previous ten years.

The concept of saving $100,000 by the age of 30 has surfaced recently and has become a new savings objective for many. Additionally, the concept of saving $1 million by age 65 has attracted a sizable following.

Singapore Is Ranked 16th In The World For Mean Wealth Per Adult

Comparatively speaking, how rich are people in Singapore?

Singapore is ranked 16th in the world with an average net worth per adult of US$332,995 (S$449,543). Monaco, Liechtenstein, and Switzerland are the top three nations in this group.

Singapore is also rated 22nd in the world with a median net worth per adult of US$86,717 (S$117,068). Luxembourg, Australia, and Iceland are the top three nations for adult median net worth.

Why Is It Difficult To Be Rich In Singapore

According to a poll by NUS’ Institute of Policy Studies, more than half surveyed believe they would not have much financial mobility over the next ten years. A poll of 4,015 adults aged 18 and over conducted between August 2018 and January 2019 found that Singaporeans felt trapped in their socioeconomic classes.

Why do Singaporeans feel trapped and struggle to be rich even though the country is so wealthy?

1. High cost of living

Being wealthy in Singapore is challenging due to the high cost of living. The yearly Economist Intelligence Unit (EIU) Worldwide Cost of Living Surveys revealed that Singapore was the most expensive city to live in from 2014 to 2019.

2. High Net Worth individuals dilute the picture

Several high net worth people together create the impression that most Singaporeans are wealthy. High net worth individuals find it appealing to relocate to Singapore, where they may establish enterprises or invest, boosting the country's overall GDP.

Due to Singapore's small size, the nation's growing wealth disparity is the result of a small group of high net worth individuals (HNW).

3. Relatively low wages compared to other countries

Furthermore, this is contributed by the low wages relative to other countries with the same GDP per capita. Singapore's GDP per capita is equal to Denmark's, making it the third highest among these nations even though its employees make the lowest pay. Singapore's costs are comparable to that of other nations when the cost of living is taken into account.

For instance, Singapore's minimum salary should be S$3,961 (US$2,986), or more than three times what Singapore's outsourced resident cleaners are now receiving if Denmark serves as a comparison. Even though some of these countries have the same GDP per capita, Singapore is paying relatively low wages.

How Do You Grow Your Net Worth

It might seem impossible to grow your net worth beyond 7 digits, but you’re wrong.

Even though it could be difficult to reach a net worth of over a million dollars, there are many people who by virtue of hard work, determination and consistency, reach that status.

And many times that takes a plan, commitment to the plan and resolve.

You’ve read till this point, don’t stop now.

Techiya has an investment framework that uses a 3-prong approach to form a successful investment plan that we use to scale our Clients’ net worth to a million dollars and over!

Schedule a 5-minute call with us and we’ll share with you how our 3-prong approach has benefited our clients!


You now have all the information on net worth statistics in Singapore!

While it doesn't solve all issues, having (enough) money makes it possible to achieve financial objectives like a pleasant retirement and paying for your children's education.

The three steps in the financial plan to raise net worth are to increase income (and protect it with various insurance plans), reduce spending to build savings, and then invest the extra money.

Not sure where to start? It might be smart to work with an investment advisor.

Contrary to their reputation for pushy sales tactics, Investment advisers help new investors cut through the noise.

According to a survey report by St James’s Place Wealth Management, a majority of Singaporeans or 81%, stated that they heavily prioritise seeking financial advice before making any major financial decision.

And 56% ranked financial advisers as their top source of financial advice.

Financial advisors can arrange your investments and build a financial plan that helps ensure you will sustainably meet your financial goals.



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