Singapore’s wealth gap widens, exceeds Hong Kong and Indonesia

Since the 2008 financial crisis, average wealth per adult in Singapore has increased significantly, but so has wealth inequality, now surpassing Hong Kong, Indonesia, and South Korea, according to the UBS Wealth Report 2024. Singapore’s Gini coefficient, a measure of inequality, rose by 22.9% to 70 in 2023, higher than Indonesia’s 68 and Hong Kong’s 63. Average wealth per adult in Singapore surged by over 116% in local currency terms since 2008, but median wealth slightly declined by 2%, indicating that gains are largely concentrated in the upper wealth brackets. Despite high inequality, Singapore ranks eighth globally in average wealth but 18th in median wealth in USD terms. The report suggests comparing inequality with absolute wealth levels to fully understand a society’s wealth profile. In 2023, global wealth grew by 4.2%.