Singaporeans Closing Wealth Gap with Americans, Reaching Million-Dollar Net Worth Milestones in Their 50s

SINGAPORE: As Americans in their 50s are achieving an average net worth exceeding US$1 million, Singaporeans are narrowing the gap. According to the New Academy of Finance, the projected net worth for Singaporeans in their 50s now averages around S$800,000 (US$598,200), bolstered by rising home values and growing stock ownership.

In Singapore, average net worth milestones continue to climb, with those in their late thirties reaching over US$500,000, late forties exceeding US$750,000, and those in their fifties nearing the seven-figure mark.

U.S. Wealth Trends Across Age Groups
According to a Consumer Finances survey, the net worth for American households has seen significant increases, with a 37% rise between 2019 and 2022. Wealth distribution by age shows:

20s: Average net worth of US$120,000, influenced by debt repayment and early investments.
30s: Averages rise to US$258,000 as homeownership and compounding investments boost wealth.
40s: Net worth approaches US$590,000, driven by home equity and family-building.
50s: Exceeds US$1.13 million, reflecting asset appreciation and retirement savings.
60s: Peaks at US$1.68 million as individuals begin drawing on accumulated savings.
70s: Declines slightly to US$1.71 million as retirement withdrawals increase.
While these numbers are influenced by the wealthy, median net worths remain around US$300,000 in the 50-to-59 age range.

Wealth Benchmarks for Singaporeans
Here’s how the New Academy of Finance projects average net worth progression for Singaporeans:

35: Approximately S$117,528
45: Around S$400,118
55: Near S$800,000
65: Close to S$1.35 million
These figures, based on a monthly expense of S$2,000 with a 3% inflation rate, serve as a reference rather than a requirement. As wealth levels continue to shift, Singaporeans are making significant strides in achieving financial milestones comparable to their U.S. counterparts.