Singapore is No. 1 in Asia & No. 7 Globally for Gross Financial Assets

An OCBC ATM services customers at the Raffles Place MRT station https://flic.kr/p/bRQwFM

This is in accordance to the Allianz Global Wealth Report which interprets gross financial assets as the sum of assets such as bank deposits, securities and insurance assets. Singapore’s solid performance could be due to the declining debt ratios. In addition, the households in Singapore have accumulated assets in terms of pension assets reflecting the design of the Singaporean pension system with its strong second pillar of funded obligations. This is necessary given the sharp rise in the old age dependency ratio.

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Image by Asian Development Bank/Flickr.