IF THE current recession seems less painful than previous downturns, part of the reason could be that Singaporeans are richer this time around.

While consumers in the United States and Europe have been spending with abandon and piling up loans in the boom years, Singaporeans have saved, invested and paid down debt.

Last year, as the world succumbed to the financial meltdown, Singapore households were sitting comfortably on six times more assets than liabilities, according to new estimates by French investment bank BNP Paribas.

Read the full report in Tuesday's edition of The Straits Times.