SINGAPORE, Feb 25 — The wealthiest one per cent of households in Singapore control about 14 per cent of the nation’s total household wealth, placing the Republic broadly in line with other advanced economies, Parliament heard on Wednesday.
Senior Minister of State for Finance Jeffrey Siow said the top five per cent hold roughly a third — 33 per cent — of overall household wealth, based on newly released figures from the Ministry of Finance.
According to CNA, the data marks the first time Singapore has published official statistics on wealth distribution.
“These estimates should be interpreted with caution, due to sample size limitations and potential under-reporting in survey responses at both ends of the distribution,” he was quoted as saying.
The country’s wealth inequality coefficient stands at 0.55, a level comparable with developed economies such as the United Kingdom, Japan and Germany, where estimates range between 0.6 and 0.7.
A substantial share of household wealth in Singapore is tied to owner-occupied homes and Central Provident Fund savings, particularly among lower- and middle-income groups — a feature the government says supports broad-based asset ownership.
Referencing 2024 research by consultancy McKinsey, Siow said the richest one per cent in economies including Australia, Japan and South Korea each held at least 20 per cent of national wealth, while the figure in the United States stood at 35 per cent.
He also acknowledged that tracking wealth is inherently challenging, especially when it comes to overseas holdings and unlisted assets, and cautioned that under-reporting at the top end could mean inequality is understated.
Siow said Singapore will continue monitoring wealth inequality trends, with the next household expenditure survey scheduled for 2028, CNA reported.
Responding to questions on broader wealth taxes, Siow said the government’s approach is to focus on assets that are less mobile and less easily restructured, such as property and motor vehicles.
The government also does not plan to seek additional powers to compel more detailed asset disclosures solely for inequality measurement.