Singapore has displaced Japan as Asia’s wealthiest market, says Allianz

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Singapore has displaced Japan as Asia

For the primary time, Singapore has overtaken Japan because the wealthiest market in Asia, in line with the 10th version of the Allianz World Wealth Report.

For 2018, Singapore’s web monetary property per capita had been at €100,370, up four.four% year-on-year, and good for third place worldwide. In the meantime, Taiwan was at fourth place globally, with a 5% year-on-year enchancment to €97.850 per capita. Japan sank to sixth place at €96,310, down 1.7% from the earlier yr. The world’s richest market was the USA, which eclipsed former chief Switzerland, the runner-up.

These outcomes mark an enormous enchancment for Singapore and Taiwan, which had been at 16th and 14th place, respectively, in 2000.

The report additionally discovered that world monetary property fell in 2018 – the primary time for the reason that monetary disaster. In Asia (ex Japan), monetary property declined by zero.9%.

“Savers worldwide have discovered themselves in a bind, as a result of escalating commerce battle between the US and China, Brexit and rising geopolitical tensions, the tightening of financial circumstances and the (introduced) normalisation of financial coverage,” the report mentioned.

“The inventory markets reacted accordingly, with world fairness costs falling by round 12% in 2018, which had a direct influence on asset development. World gross monetary property of personal households fell by zero.1% and remained roughly flat at €172.5 trillion.”

“The inreasing uncertainty takes its toll,” commented Michael Heise, chief economist of Allianz Group. “The dismantling of the rule-based world financial order is toxic for wealth accumulation. The numbers for asset development additionally make it evident: Commerce is just not a zero-sum sport. Both all are on the profitable aspect – as previously – or all are on the shedding aspect – as occurred final yr. Aggressive protectionism is aware of no winners.”

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