According to a recent report, Singapore has been ranked as the world’s wealthiest country in 2023, with a per capita Gross Domestic Product (GDP) of USD 157,000 (approximately SGD 216,000). The ranking is based on each country’s per capita GDP for 2023, calculated using Purchasing Power Parity (PPP), which more accurately reflects the real economic strength by accounting for differences in price levels across countries.
Top 5 Wealthiest Countries in the World
According to the ranking, the top five countries are:Singapore: USD 157,000,Luxembourg: USD 142,000,Qatar: USD 125,000,Ireland: USD 124,000,United Arab Emirates: USD 88,000
Singapore’s impressive performance highlights its excellence in areas such as political stability, economic freedom, financial innovation, and social safety. As Asia’s international financial hub and a global trade gateway, Singapore has steadily developed over the years, attracting significant international capital and high-net-worth individuals to invest and settle there.
Highest Per Capita Net Financial Assets in Asia
According to another report, Global Wealth Report by Allianz Group (Germany), Singapore’s per capita net financial assets reached EUR 151,200 (around SGD 220,000) in 2023, ranking first in Asia and fourth globally, behind only the United States, Switzerland, and Denmark.
This figure includes various financial assets such as cash, bank deposits, insurance, pensions, and securities, with liabilities deducted to calculate net assets. In comparison, the global average per capita net financial assets is approximately EUR 32,000, meaning Singapore’s level is nearly five times higher, showcasing the nation’s strong asset accumulation capabilities.
4.5% of Residents Are Millionaires – 5th Globally
According to London-based investment advisory firm Henley & Partners, Singapore has 249,800 millionaires (individuals with assets of over USD 1 million), ranking fifth globally. This means that one in every 22 Singapore residents is a high-net-worth individual.
Singapore’s ability to attract such a large number of wealthy individuals stems from its excellent business environment, stable political system, favorable tax regime, high-quality education resources, exceptional living standards, and sound legal framework. These factors make Singapore a top destination in the Asia-Pacific for wealth management and legacy planning, especially for high-net-worth families from countries like China.
Government Acts to Safeguard Citizens’ Welfare
Despite Singapore’s high national wealth, the government has not overlooked the financial pressures faced by lower-income groups. With rising inflation and living costs, the government took multiple actions between 2022 and 2023, including adjusting monetary policy, distributing subsidies, and introducing various support packages.
In September 2023, the government launched an assistance package worth SGD 1.1 billion, which includes neighborhood supermarket vouchers and cash payouts. Each household received SGD 500 in supermarket vouchers, while lower-income families received an additional SGD 800 in cash subsidies—effectively easing the burden of rising living expenses.
Ensuring Affordable Housing Despite Record Losses
In terms of housing policy, the Singapore government continues to promote affordable housing. According to the Housing & Development Board (HDB), it reported a record loss of SGD 4.36 billion in the 2023 fiscal year. This unprecedented deficit underscores the government’s commitment to its promise of “home ownership for all,” with substantial subsidies to keep housing prices reasonable for citizens.
HDB explained that the losses primarily stemmed from selling Build-To-Order (BTO) flats below market price, as well as rising construction and labor costs. Nevertheless, these are seen as necessary investments in maintaining social stability and supporting citizens’ well-being.
Amid global economic uncertainties, Singapore has demonstrated remarkable resilience and foresight. The country continues to increase investments and policy support in sectors such as fintech, the green economy, smart cities, and innovation, striving to stay at the forefront of global competition.
