Singaporeans' wealth more than doubled since 2000

Singapore now beats Hong Kong in the wealth rankings.

According to Credit Suisse Global Wealth Report 2012, household wealth in Singapore has grown vigorously in recent years, rising from USD 112,800 at the turn of the century to USD 258,000 by mid-2012.

Here's more from Credit Suisse:

Most of the rise is due to the saving rate and asset price increases rather than exchange rate movements, although the latter provided a strong boost after the global financial crisis.

Singapore now ranks eighth in the world in terms of mean personal wealth. Interestingly, it is now well ahead of Hong Kong, which was ranked tenth in the world in 2000, just above Singapore.

We note that wealth in Hong Kong grew at an average annual rate of only 1.7% between 2000 and 2012 versus 7.1% for Singapore. The underlying wealth data for Hong Kong are poor compared to those for Singapore, but the difference in these estimated growth rates is credible.

A similar difference is found in the growth rates of per-capita gross domestic product (GDP): 2.8% per annum for Hong Kong versus 8.8% for Singapore.