Wealthy individuals notch 4.8% wealth gain in 2025

Markets and savings lift wealth growth as property momentum slows.

Singapore’s high-net-worth individual (HNWI) financial wealth rose 4.8% from $938.2b (US$728.2b) in 2024 to $985.2b (US$763.0b) in 2025, driven by gains in market capitalisation and higher national savings.

A Capgemini report said market capitalisation increased 26.4% to $1.06t (US$823.8b).

Gross domestic product (GDP) growth also edged up 5.0% in the same period, spurred by manufacturing, wholesale trade, and finance & insurance sectors, alongside business profits and financial wealth accumulation.

The Straits Times Index rose 21%, adding nearly 800 points by December 2025, with gains reflected in global monetary easing, domestic policy support, and easing US tariff risks, amongst others.

National savings rose to 40.2% of GDP from 39.7%, whilst nominal private consumption increased 9.1% to $242.1b (US$187.7b).

Fiscal surplus also reached $19.5b (US$15.1b), equal to 1.9% of GDP, compared with a projected $8.8b (US$6.8b). The surplus reflected higher-than-expected corporate tax revenue.

Residential property price growth slowed to 3.3% from 3.9% in 2024, the lowest annual rate since 2020, reducing the contribution of real estate to wealth growth.

In the same report, the city-state’s HNWI population rose 3.0% in 2025, driven by stronger economic growth, export expansion, and looser financial conditions.

(US$1 = S$1.29)

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