SINGAPORE, Oct 5 — Singapore residents hold more financial assets on average compared to those in many other countries, a recent global wealth report has revealed.

According to the Allianz Global Wealth Report 2024, Singapore ranked fourth worldwide with net financial assets per capita at €171,930 (S$246,000 or RM800,000) recorded in 2023.

In comparison, Malaysia ranked 40th with just €9,430 (RM44,000) net financial asset per capita.

The United States took the top spot with net financial assets per capita of €260,320, followed by Switzerland with €255,440, and Denmark with €172,200, just ahead of Singapore.

In the region, Singapore is ahead of Taiwan, which ranked fifth with €148,750, and Japan, which was placed 12th with €91,940.

Singapore’s gross financial assets grew by 5.8 per cent in 2023, almost twice the rate of growth recorded in the previous year.

Key drivers of this growth were securities and bank deposits, although insurance and pensions lagged behind.

Speaking to Singapore's Straits Times, Allianz however noted that the increase in liabilities was modest, with only a 1 per cent rise in 2023 due to cautious household borrowing amid rising interest rates.

Allianz highlighted that Singaporeans had reduced their debt significantly over the past decade, bringing the debt ratio to 54.1 per cent by the end of 2023.

According to Allianz, the report was generated using data from Singapore’s Department of Statistics.