Global household wealth went into decline in 2022 but Singapore managed to buck the trend.
A new report noted that household wealth here rose 7.2 per cent in 2022 to US$1.906 trillion, while the average household increased its financial standing by 6.3 per cent on a per adult basis.
The annual report by Swiss banks UBS and Credit Suisse uses the US dollar to make it easy to compare different economies.
Singapore's rising wealth defies global trends, which indicate that total net household wealth dropped 2.4 per cent to US$454.4 trillion in 2022, while the wealth per adult declined 3.6 per cent.
Singapore also fared well when compared with Asia's big two China and India. China posted declines in both total and average wealth per adult, while India saw a 4.6 per cent increase in total household wealth and a 2.8 per cent lift in wealth per adult.
Mr Anthony Shorrocks, economist and author of the report, said that much of the decline in global wealth - the first since the 2008 financial crisis - was due to inflation and the strength of the US dollar against other currencies.
This story is from the August 17, 2023 edition of The Straits Times.
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This story is from the August 17, 2023 edition of The Straits Times.
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