Saturday, November 19, 2011

Rising property prices boost Singapore households' wealth

Singapore's households are at their wealthiest, boosted by rising property prices, a report released by the Monetary Authority of Singapore (MAS) stated on Friday.

Household wealth stood at a record high of $1.471 trillion in the three months to September, up 8.6 per cent from $1.354 trillion in the same period in 2010, said the central bank.

Property made up about 50.2 per cent of the household assets, while cash, Central Provident Fund balances, stocks and shares, as well as insurance, formed the other half of households' assets.

Companies and banks were also in the pink of health, with good profits, a strong base of funding and healthy balance sheets.

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