Singapore releases wealth distribution study: the top 20% of households hold more wealth than the remaining 80% combined

Singapore’s Ministry of Finance recently released the latest wealth distribution study, showing that the wealth held by the top 20% of resident households has exceeded the combined wealth of the remaining 80%, reflecting a highly concentrated wealth structure. This is the first time the Singapore government has systematically published data on national wealth inequality coefficients.

According to the research data, with 2023 as the latest statistical year, the average wealth of the top 20% of households is approximately 5.3 million SGD, with at least half derived from real estate assets. In contrast, the remaining 80% of households have an average wealth of about 3.5 million SGD, while the bottom 20% have net assets of only around 293,000 SGD, showing a significant gap.

Data indicates that Singapore’s wealth Gini coefficient will be 0.55 in 2025. The Ministry of Finance notes that this level is roughly comparable to that of developed economies such as the UK, Japan, and Germany. According to the UBS Global Wealth Report, Singapore ranked 11th globally in wealth inequality in 2024.

The report also points out that, on a global scale, the gap between the rich and poor continues to widen. The World Inequality Report shows that since the 1990s, the annual wealth growth rate of billionaires and multimillionaires has been about 8%, nearly twice the growth rate of the wealth of the bottom half of the global population.

In contrast to the widening wealth gap, Singapore’s income inequality has improved in recent years. Data from the Ministry of Finance shows that the income Gini coefficient will drop to 0.379 in 2025, a historic low, significantly below 0.437 in 2015. The relevant statistics now include rental and investment income, and the calculation methods have been adjusted.

At the policy level, the Singapore government is seeking to balance alleviating inequality with maintaining tax competitiveness. In recent years, authorities have increased taxes on high-end properties and luxury cars, while also implementing measures such as housing subsidies, medical support, and cash assistance to ease residents’ living costs.