Is your Net Wealth 300k?
November 23rd, 2008
The average household has a net wealth of $710,400, says an interesting article in New Paper on Sunday.
“Total Assets: $859,970
Currency & Deposits $157,930
Shares & Securities $120,360
Life Insurance Equity $76,820
CPF/Pension Funds $119,930
Residential Property $384,920Total Liabilities: $149,570
Mortgage Loans $110,390
Personal Loans $39,180Net Wealth: $710,400“
But that figure applies to the average household. What about the average person?
To keep things simple, let’s assume that each household has 2 breadwinners. So, roughly, each income-earning individual has an average net wealth of about $300k.
$300k wealth, on average.
Is your net wealth above average?
See this Salary.sg post on how to calculate your net wealth, or net worth, and compare it against a benchmarking formula based on your age.
Note: The TNP writer derived the $710,400 figure based on end-2006 data in the Yearbook of Statistics Singapore, 2008.
5m10y Says:
November 23rd, 2008 at 11:58 pm
This –> “Shares & Securities $120,360″ will go way down next time you’re posting this again
low-paid Says:
November 24th, 2008 at 9:57 am
How many peopl actually have a net wealth of 300k?
Way over skwewed
adiemuso Says:
November 24th, 2008 at 10:12 am
over 50% of Singaporeans earn less than $3000 per month..minus the daily and monthly neccessities and expenses..at best u are left with $500.
anyway the figures are wrongly skewed…but it does highlight one important fact..the income disparity or wealth distribution is badly skewed here in SG….
SGDividends Says:
November 24th, 2008 at 12:26 pm
Does it include Permanent Residents? Anyway Shares and Securities are not accurate. It could be more as singaporeans buy US shares and these US shares are not custodised with CDP(SGX) but in US custodians.
Singaporeans are either filthy rich or super savers…!
Charles Says:
November 24th, 2008 at 1:54 pm
The *average* has no meaning whatsoever.
What matters is *median*.
5m10y Says:
November 24th, 2008 at 9:10 pm
100% agree with Charles. With “average”, 1 person with a net worth of 100 million can bring the average up even though the overwhelming majority earn way less than the resulting average.
What we’re looking for is median, correct.
broadmind Says:
November 29th, 2008 at 12:40 am
700K per household looks pretty high, probably skewed by the ultra wealthy. nonetheless, it does go to show how wealthy singaporeans are as a whole, due to super saving habits and rapid economic progress
5m10y Says:
November 29th, 2008 at 7:56 am
Do you think most Singaporeans have super saving habits? Quite a number of my friends actually live paycheck to paycheck leh. How about yours?
broadmind Says:
November 30th, 2008 at 3:48 pm
Most of my peers are good savers. I save around 50% of my income
5m10y Says:
November 30th, 2008 at 10:35 pm
Good for you, same here.
broadmind Says:
December 1st, 2008 at 1:03 am
Thanks, and same to you. But I also think that although saving is a good habit, it will only get one so far. Most people really only become wealthy with by taking advantage of business or investment opportunities. For example, many investors realised capital gains of several hundred thousand dollars from the property boom last year. The current financial crisis also presents good investment opportunities to multiply one’s capital given a time-frame of at least 5 years.
JD Says:
January 11th, 2010 at 11:40 am
Many of us in Singapore are good savers but many people here also have bought so many things on credit and the total cost of those things should be deducted from our savings. I have friends who own things like cars, TVs, furniture, and so on that they are paying for on installment. When I bought my TV with cash the clerk at Harvey Norman was was surprised because he said usually people pay on installment. This is all debt. However one thing that helps us in Singapore (besides the government subsidized housing) is that most of us young people live at home, while in the west young people like to live on their own. So even though their salaries are much higher, they save less because they all have their own houses and apartments and party and travel so much.