SINGAPORE, Feb 25 — The wealthiest one per cent of households in Singapore control about 14 per cent of the nation’s total household wealth, placing the Republic broadly in line with other advanced economies, Parliament heard on Wednesday.
Senior Minister of State for Finance Jeffrey Siow said the top five per cent hold roughly a third — 33 per cent — of overall household wealth, based on newly released figures from the Ministry of Finance.
According to CNA, the data marks the first time Singapore has published official statistics on wealth distribution.
“These estimates should be interpreted with caution, due to sample size limitations and potential under-reporting in survey responses at both ends of the distribution,” he was quoted as saying.
The country’s wealth inequality coefficient stands at 0.55, a level comparable with developed economies such as the United Kingdom,…
