Singapore’s average wealth has shown significant growth, but the benefits remain concentrated among the richest, highlighting a persistent wealth gap that officials and analysts say requires targeted policy interventions.

According to the 2026 Global Wealth Report by UBS, total wealth across 56 markets increased by 10.8 percent in 2025, more than double the growth observed in the previous two years. However, this rise is largely attributable to gains among high-net-worth individuals, with average wealth figures climbing sharply while median wealth—the middle value separating the wealthier half from the less wealthy—declined or stagnated in many markets. The United States exemplifies this divide, ranking just second globally in average wealth per adult but only 28th in median wealth, reflecting a stark disparity.

Singapore, ranked sixth worldwide for average adult wealth at about US$527,217 in 2025, exhibits a similar pattern, though less extreme. Its median wealth stood at approximately US$96,434, producing an average-to-median ratio of 5.47, the widest gap in Asia and substantially higher than other advanced economies such as Hong Kong, South Korea, and Japan. While Hong Kong’s higher median wealth is supported by widespread property ownership, Singapore’s wealth concentration is driven more by financial assets held predominantly by the upper echelons.

This divide is underscored by Singapore adding 244,000 US-dollar millionaires in 2025, an increase of 5,240 from the prior year. The city-state’s long-term strategy to attract high-net-worth individuals, family offices, and mobile capital has bolstered aggregate wealth figures but has done little to lift median wealth levels.

Data from Singapore’s Ministry of Finance (MOF) February 2026 Occasional Paper, which provided the country’s first official household wealth breakdown by quintile based on 2023 figures, reveals further disparities. The bottom 20 percent of households hold an average net wealth of $293,000, while the wealthiest 20 percent average $5.26 million—an 18-fold difference. Both groups draw similar proportions of wealth from home equity, but the divergence is sharper in financial assets. Discretionary financial assets—savings, dividends, and investments—comprise nearly 27 percent of wealth for the top quintile but less than 1 percent for the bottom quintile. In dollar terms, top-quintile households possess about $1.42 million in financial assets, nearly five times the total average wealth of those in the lowest quintile.

While financial assets account for approximately 58 to 64 percent of Singapore’s household wealth—a high share regionally—the composition skews toward low-growth instruments such as cash, mandatory Central Provident Fund (CPF) savings, and insurance. Equities and securities, which offer potential for wealth compounding, represent only about 11.2 percent of total household assets. Data indicates that equity exposure is largely confined to higher-income households.

Experts argue that expanding exposure to growth assets among broader segments of the population could help narrow the wealth gap. UBS Global Wealth Management chief economist Paul Donovan noted that broader distribution of wealth reduces the risk of social tensions and enhances social stability.

Policymakers have proposed several approaches to foster wider participation in growth assets. One involves making growth-asset investing the default option in the CPF Investment Scheme (CPFIS), rather than requiring individuals to opt in. This could automatically allocate a portion of CPF savings into diversified equity funds, with an opt-out available for those unwilling to take on additional risk.

Another suggestion targets reforms to the Supplementary Retirement Scheme (SRS), which currently provides tax incentives that disproportionately benefit high earners. Introducing a government matching contribution for lower- and middle-income workers could encourage greater investment in equities. Like the CPFIS, shifting contributions to default into low-cost, diversified funds rather than cash could enhance returns for more participants.

A more ambitious idea involves granting Singaporeans a direct stake in the country’s sovereign wealth through a modest “equity bonus” linked to returns from GIC or Temasek Holdings. Such a program would distribute investment gains directly to individuals, potentially broadening wealth accumulation beyond government-managed channels.

Prime Minister Lawrence Wong has identified reducing wealth inequality as a government priority, implementing progressive property taxes, transaction stamp duties, and direct transfers like CPF top-ups. Expanding equitable access to growth assets may form a complementary strategy to support sustainable wealth growth across Singapore’s population.