Allianz Global Wealth Report 2024: Singapore Leads in Asia With the Highest Per Capita Gross Financial Assets – 4th Wordlwide

A recent analysis from the Allianz Global Wealth Report 2024 highlights Singapore’s position as a financial powerhouse, ranking fourth globally in terms of financial assets. Data for the Allianz report was sourced from a range of institutions, including Eurostat, national central banks, financial supervisory authorities, and Allianz Research.

According to the report, Singapore leads in Asia with the highest per capita gross financial assets, which include cash, stocks, and bank deposits, as of the end of 2023. Switzerland holds the top spot globally ($420,58), followed by the United States ($345,91). Denmark ($253,79) and Singapore ($238,34) secure third and fourth places, with Canada ($194,47) rounding out the top five.

Notably, while Switzerland and the U.S. maintained their positions, Denmark, Singapore, and Canada all climbed three spots from the previous year. In contrast, the Netherlands, now in sixth place, dropped by three positions.

In Asia, Taiwan follows closely behind Singapore, climbing five places to seventh overall with gross financial assets per capita of $193,83. South Korea, ranked 22nd, also saw improvement, rising three spots ($77,55).

Elsewhere in the region, China moved up eight spots to 32nd, and Vietnam similarly advanced to 49th. However, Thailand slipped by nine places, landing in 44th, and Malaysia fell ten spots to 38th.

When considering net financial assets per capita, the United States leads, with Switzerland in second place. Denmark and Singapore hold steady at third and fourth, respectively, while Taiwan rounds out the top five. Singapore’s net financial assets per capita stand at $188,84.

The report also paints a broader picture of global economic trends. In Singapore, the middle class remains stable, a trend observed in other countries like Australia, France, Germany, Malaysia, and Thailand. However, few nations, such as Portugal and the Netherlands, show growth in their middle class, with no Asian countries among them. Meanwhile, the middle class is shrinking in several countries, including China, India, Indonesia, and Vietnam. Western countries like the United Kingdom, the United States, and Russia also face similar challenges.

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