SINGAPORE - Singapore has retained its ranking among countries with the highest net financial assets per capita in the world, a study has found.
The sixth Allianz Global Wealth Report, unveiled on Tuesday, showed Singapore's net financial assets per capita ranked ninth at €73,330 (S$117,341) on average, retaining its ranking of the previous year. It was up five ranking positions relative to year 2000.
Switzerland topped the rankings with a net financial assets per capita of €157,450. US came in second with €138,710. The only Asian country above Singapore was Japan, ranked eighth at €73,550.
Mr Michael Heise, chief economist at Allianz, said in a statement: "Such rankings should be taken with a pinch of salt,
"However, the long-term movements are quite significant… Regional development of financial assets is far from homogenous. There are huge differences among the countries, many have still a lot of ground to catch up."
In Singapore, gross financial assets grew by 6.4 per cent last year, Allianz said in a statement, adding this was a slightly slower rate than in previous years.
The strongest growth was in life and pension assets, at 9 per cent. This reflected the "need for private provision (of these assets)", said Allianz.
The need to save for old age is also reflected by the structure of asset portfolios here, the statement also said.
"Almost half of all assets are held in life and pensions assets; no other Asian country invests more in this asset class".
Securities in private households' portfolio increased by only 1.2 per cent and bank deposits by 6.1 per cent, the statement said.
Liability growth here also slowed further to 5.4 per cent in 2014, the statement said.
The debt ratio, however, (liabilities as percentage of GDP) continued to climb. At 75.5 per cent the debt ratio "is clearly above the regional as well as the global average".