A report released by Singapore’s Ministry of Finance (MOF) on Feb. 9 revealed the top 20% richest resident households have more wealth than the rest of the 80% combined.
The top 20% of resident households in Singapore had an average net wealth (less liabilities) of nearly $5.3 million in 2023, compared with an average net wealth of $3.5 million for the remaining 80% of households combined.
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%.
Household wealth in Singapore includes property assets, savings held in the Central Provident Fund (CPF) and other financial assets.
Majority of the wealth comes from property assets, constituting more than 50% of total wealth, except for those in the 61st to 80th percentile at 46%.
Among OECD countries, Singapore ranked seventh in average wealth per adult in 2024 at US$441,596 ($558k), according to UBS’ Global Wealth Report 2025.
The UBS report also stated that Singapore’s median wealth per adult fell to 17th place at US$113,976 ($144k).
Singapore’s income and wealth inequality was 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 of one indicates the highest 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 in the fifth place, tied with Australia and Luxembourg, according to the UBS report.
