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Thursday, 25 November 2010

Singaporeans continue to get richer: MAS

By SIOW LI SEN


SINGAPORE - Singaporeans continue to get richer supported by buoyant property prices. Households balance sheets have on the whole remained strong, supported by the continued broad-based recovery of the Singapore economy, said the Monetary Authority of Singapore Financial Stability Review 2010 released on Thursday.

Property holdings have reached an estimated $651 billion in Q3 2010, up 21 per cent from $537 billion in Q3 2009

Household net wealth, defined as household assets less household debt, stood at an estimated $1,156 billion in Q3 2010. This represents a 29 per cent improvement from the trough in Q1 2009.

The gain was largely due to the higher value of property holdings as the property market continued its upward trajectory after bottoming out in Q1 2009.

Property holdings have reached an estimated $651 billion in Q3 2010, up 21 per cent from $537 billion in Q3 2009.

Another contributing factor to rising household net wealth was larger holdings of equity and managed funds, owing to the turnaround in global equity markets in Q3 2010.

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