The latest release by Singapore’s Ministry of Finance (MOF) showed the top 20% richest resident households have more wealth than the rest of the 80% combined.
The top 20% resident households in Singapore have nearly $5.3 million in average net wealth (less liabilities) in 2023, as compared with a combined of more than $3.5 million average wealth for the rest of the 80% of the households.
This translated to nearly 3.4 times more than the average wealth ($1.6 million approximately) for those in the 61st to 80th percentile and nearly 18 times more than the average wealth ($293k) for those in the bottom 20%.
The wealth for Singapore households included property assets, savings under the Central Provident Fund (CPF) and other financial assets.
Majority of the wealth comes from property assets, constituting more than 50% of the total wealth, except for those in the 61st to 80th percentile at 46%.
Among OECD countries, Singapore’s average wealth per adult in 2024 was US$441,596 ($558k), ranked seventh, according to UBS’s Global Wealth Report 2025.
UBS’s report also stated that Singapore’s median wealth per adult fell to 17th rank at US$113,976 ($144k).
Singapore’s income and wealth inequality were relatively lower among OECD countries, according to the MOF report.
In terms of income inequality, Singapore’s Gini coefficient was 0.406 before taxes and transfers, the second lowest after South Korea.
A Gini coefficient of zero indicates the lowest income inequality while a value one indicates the most income inequality.
After taxes and transfers, Singapore’s Gini coefficient for income inequality dropped to 12th place at 0.34, reflecting the “higher overall tax burdens on the population and more extensive transfers to the lower-income” among some of the OECD countries.
Some of the Gini coefficients from other OECD countries are not up to date, which range from 2020 to 2023.
The MOF report also stated that Singapore’s Gini coefficient for wealth inequality was estimated at 0.55.
This puts Singapore at the fifth place, tied with Australia and Luxembourg, according to the UBS report.
