View Full Version : Are Singaporeans rich? - Singapore household balance sheet - numbers from government
Take a look at this govt webpage:
http://www.singstat.gov.sg/statistics/browse_by_theme/hhld_sector_balance_sheet.html
What I read, for the overall Singapore household sector:
Total mortgages less than 1/4 of total value of residential property assets.
Total household cash deposit 305 billion (yes, cash&deposit), 84 billion more than 4 years ago. This is also more than total mortgages of 197 billion.
I didn't know Singaporeans are so rich.
What do you see?
Oh, other than the 305 billion cash and deposit that Singaporean household generously put with bank, there is also 237 billion CPF.
We have 5.3 million population,
So each person has over 100K cash+deposit+CPF?; so each family 300K to 400K cash+deposit+CPF?
Now, do you know why we have CM8.
Lots of cash rich HDB owner start to wake up and lots of MTB in Singapore.
Singaporean household has over 540 billion cash+deposit+CPF, and yet only have 197 billion mortgages, and government is talking about over-leveraged?
Of course the wealth is not evenly distributed, and a few (5-10% of borrowers) are really over-leveraged, but the total number is just shocking.
The downfall of 5% is enough to bring the rest down under water. If it ever happens, that is.
Over leveraged can sleep now.... Under leveraged cannot sleep
balance sheet supposed to balance.
how come assets not equal to liabilities?
there are missing liabilities?
oh i see private property (20%) is about the same value as hdb (80%).
balance sheet supposed to balance.
how come assets not equal to liabilities?
there are missing liabilities?
This is not corporate "balance sheet", this is rather measuring household net wealth, it should not balance, and the difference is "net worth". Singaporeans' net worth increased from 896 billion to 1,412 billion, within 4 years.
Regulators
23-07-13, 21:05
Just do a poll here n ask how many hv a nett worth of => $5 million. I think many qualify
Singaporean household has over 540 billion cash+deposit+CPF, and yet only have 197 billion mortgages, and government is talking about over-leveraged?
Of course the wealth is not evenly distributed, and a few (5-10% of borrowers) are really over-leveraged, but the total number is just shocking.
delta of 540b assets n 197b liabilities caused by many sinkies still waiting for the crash :D
balance sheet supposed to balance.
how come assets not equal to liabilities?
there are missing liabilities?
the rest parked in a temp acct called "waiting for crash in progress"
beautiful fish,
how to consider rich ah? hold how much cash, assets then can consider not bad in today's situation?
why are govt restricting lending?
increase in mortgages leads to a much bigger increase n wealth.
perhaps the value of assets in the stats, like shares & securities , residential property assets very much depend on valuation.
if something crash, then the value of these assets goes down, but your mortgages remain constant.
it is just like the stock market, how apple stock valuation gain/lose billions in imaginary money.
the rest parked in a temp acct called "waiting for crash in progress"
Mermaid certainly knows the ground very well.
DKSG
ok, now i understand why COE no $80k-$100k no talk ...
Take a look at this govt webpage:
http://www.singstat.gov.sg/statistics/browse_by_theme/hhld_sector_balance_sheet.html
What I read, for the overall Singapore household sector:
Total mortgages less than 1/4 of total value of residential property assets.
Total household cash deposit 305 billion (yes, cash&deposit), 84 billion more than 4 years ago. This is also more than total mortgages of 197 billion.
I didn't know Singaporeans are so rich.
What do you see?
phantom_opera
24-07-13, 00:11
Singapore Loan to GDP Ratio is like 260%
but but but
...
why are govt restricting lending?
increase in mortgages leads to a much bigger increase n wealth.
perhaps the value of assets in the stats, like shares & securities , residential property assets very much depend on valuation.
if something crash, then the value of these assets goes down, but your mortgages remain constant.
it is just like the stock market, how apple stock valuation gain/lose billions in imaginary money.
You are right, but the 540billion is just cash+deposit+CPF, it does not even count the shares and the property values.
You are right, but the 540billion is just cash+deposit+CPF, it does not even count the shares and the property values.
In fact, just the total CPF alone (237 billion) is more than the total mortgages of 197 billion, so effectively household sectors are sitting on free cash and deposit of over 300 billion. How insane it is?!
rymccondo77
24-07-13, 01:55
If things go bad, it is not just the 5 to 10% borrowers who are affected, their family members (e.g. spouses, children, etc) are also affected.
In fact, just the total CPF alone (237 billion) is more than the total mortgages of 197 billion, so effectively household sectors are sitting on free cash and deposit of over 300 billion. How insane it is?!
If you use the cash of 300 billion to pay the mortgages of 197 billion. You are left with how many billions? You are assuming this cash balance will be growing non-stop constant in a straight line.
If things go bad, it is not just the 5 to 10% borrowers who are affected, their family members (e.g. spouses, children, etc) are also affected.
Now this is a more sensible brother. Kudos !
The downfall of 5% is enough to bring the rest down under water. If it ever happens, that is.
Lion head... Your 3rd eye malfunction lar.....*
If this 5% jialat and go force sale.... U don't need to worry lar... , your tu di - DKSG, will activate his office people to whack all the properties lar.... Mermaid will dive in and pick up the durian, lim peh with all my biz friends will receive calls from agent lar....
My fear is the prices continue to go up and the next generation cannot afford hor....*
Aiyo, if interest rate goes double digit, can someone help me calculate what is the interest repayment on US national debt????
HAHAHAHAHAHAHAHA
:doh: :doh: :doh: :doh: :doh:*
I think this 1, teddy bear will be expert....
Actually, I am a chronic liar hor.... Don't always believe me hor.... Many times I sala one leh... I just come in here to confuse all of you.... Hahahahahaha*
Me think Singapore interest rate will hit 6% by next year... Please simulate the repayment amount on your mortgage @6%... Prepare cash hor
http://www.loanguru.com.sg/mortgage_calc_monthly
Me think recession will come, just don't know when. please be prepared for it.
Me think stocks will crash, please be prepared for it. If it happens, property price will plummet.
Me think unemployment rate will increase. Please hope u don't get unemployed during that time hor.
Hahahahahahahahaha
:D :D :D
Btw, just woke up a while from hibernation mode. Hahahahaha
Do u buy a property after it has risen more than doubled???? Do you foresee a 3 bedroom OCR to hit 2.5 mil????
Is there any more meat????
Example hor
OCR in the past cost 500k. Today - 1.2 mil. Do u expect it to hit 2 mil???
Simulation....
Hahahahaha
Oh, other than the 305 billion cash and deposit that Singaporean household generously put with bank, there is also 237 billion CPF.
We have 5.3 million population,
So each person has over 100K cash+deposit+CPF?; so each family 300K to 400K cash+deposit+CPF?
Thats about right. I have over 120k cpf fully vested in ppty and i have only worked 10 years from junior to mid level exec coming from a very average family.
Singaporean household has over 540 billion cash+deposit+CPF, and yet only have 197 billion mortgages, and government is talking about over-leveraged?
Of course the wealth is not evenly distributed, and a few (5-10% of borrowers) are really over-leveraged, but the total number is just shocking.
Frankly, the message i m getting from the 5pct over leveraged news report is that it is so small! This kind of report is telling the masses, you better buck up and learn how to leverage on your money (within your risk appetite of coz) going forward!
chestnut raised an interesting thought, but unfortunately, there is no data to capture this, which is the number of people who have over levered vs the MTB population.
chestnut raised an interesting thought, but unfortunately, there is no data to capture this, which is the number of people who have over levered vs the MTB population.
Bro, got lar... Do a stat on those husband and wife earn 12k or more combined. U will have your sampling leh. Why 12k. I think u know why. Hahahaha
Lion head... Your 3rd eye malfunction lar.....*
If this 5% jialat and go force sale.... U don't need to worry lar... , your tu di - DKSG, will activate his office people to whack all the properties lar.... Mermaid will dive in and pick up the durian, lim peh with all my biz friends will receive calls from agent lar....
My fear is the prices continue to go up and the next generation cannot afford hor....*
Aiyo, if interest rate goes double digit, can someone help me calculate what is the interest repayment on US national debt????
HAHAHAHAHAHAHAHA
:doh: :doh: :doh: :doh: :doh:*
I think this 1, teddy bear will be expert....
Actually, I am a chronic liar hor.... Don't always believe me hor.... Many times I sala one leh... I just come in here to confuse all of you.... Hahahahahaha*
Me think Singapore interest rate will hit 6% by next year... Please simulate the repayment amount on your mortgage @6%... Prepare cash hor
http://www.loanguru.com.sg/mortgage_calc_monthly
Me think recession will come, just don't know when. please be prepared for it.
Me think stocks will crash, please be prepared for it. If it happens, property price will plummet.
Me think unemployment rate will increase. Please hope u don't get unemployed during that time hor.
Hahahahahahahahaha
:D :D :D
Btw, just woke up a while from hibernation mode. Hahahahaha
I have alternative view:
Our i/r is highly dependent on what happens in the US. Currently, even though there is talk of QE tapering, I don't see such a big spike of 6% by next year. The US is only just recovering and any i/r hike will be a blow to the recovery story. And europe is still in the doldrums. Any i/r hikes there is unthinkable in the near future.
i/r will rise but it will be at a very moderated pace. There's no reason why the politicians will want to kill the economies with sudden spikes when they've spent so much money and effort bringing them out of ICU in the past few years.
As for recession - nobody has a crystal ball to tell when that would happen. It's part and parcel of economic cycles. I thought we did pretty well in one of the biggest crashes in decades back in 2008-09.
I have alternative view:
Our i/r is highly dependent on what happens in the US. Currently, even though there is talk of QE tapering, I don't see such a big spike of 6% by next year. The US is only just recovering and any i/r hike will be a blow to the recovery story. And europe is still in the doldrums. Any i/r hikes there is unthinkable in the near future.
i/r will rise but it will be at a very moderated pace. There's no reason why the politicians will want to kill the economies with sudden spikes when they've spent so much money and effort bringing them out of ICU in the past few years.
As for recession - nobody has a crystal ball to tell when that would happen. It's part and parcel of economic cycles. I thought we did pretty well in one of the biggest crashes in decades back in 2008-09.
I think you misunderstood Chestnut, he was just teasing in a sarcastic way.
SIBOR 1-m and 3-m is more linked to US short-term rate (similar duration), recent US rate increase was rather for the longer-durations. Ah Ben has reiterated again and again that Fed fund rate and therefore short-term rate will be kept low for long-enough time.
If short-term rate does go higher, say to 5% as some have advocated, let me ask you, how high would the longer-term rates be? and how can US government and other OECD countries handle its public debt which increased tremendously in the past few years? and what kind of world disorders it will create? Think.
Again, i'm not saying short-term rates will not go higher, and I'm supportive of prudent financing, and enough cash buffer, and i'm against over-leveraging, for which I'm glad govt has implemented many policies.
-- I need to add the above sentence to prevent accusations of encouragement of over-leveraging.
with a nick like that, bro economist ur gonna have a hard time keeping up....
u will have to type the disclaimer in every post liao....might as well put as sig hahaha
phantom_opera
24-07-13, 12:19
to answer the TS, US middle class is ranked #27, Singapore is in top 10
actually I don't know how they derive this ... our median family income including employer CPF should be around 7,570 SGD in 2012 ... need to read further
http://libertyblitzkrieg.com/wp-content/uploads/2013/07/American-Middle-Class1.jpg
# of millionaires (projected):
2012 / 2017
Singapore 156,000 249,000 +60%
phantom_opera
24-07-13, 12:30
it is a Credit S report
Household wealth in Singapore has grown vigorously in recent
years, rising from USD 112,800 at the turn of the century to
USD 258,000 by mid-2012. Most of the rise is due to the
saving rate and asset price increases rather than exchange rate
movements, although the latter provided a strong boost after
the global financial crisis. Singapore now ranks eighth in the
world in terms of mean personal wealth. Interestingly, it is now
well ahead of Hong Kong, which was ranked tenth in the world
in 2000, just above Singapore. We note that wealth in Hong
Kong grew at an average annual rate of only 1.7% between
2000 and 2012 versus 7.1% for Singapore. The underlying
wealth data for Hong Kong are poor compared to those for
Singapore, but the difference in these estimated growth rates is
credible. A similar difference is found in the growth rates of
per-capita gross domestic product (GDP): 2.8% per annum for
Hong Kong versus 8.8% for Singapore.
Household assets in Singapore are divided roughly equally
into financial assets and real assets, reflecting the
government’s strong encouragement for both saving and home
ownership. The average debt of USD 45,600 is moderate for a
high wealth country, equating to just 15% of total assets.
Singapore publishes official household balance sheet data,
which means that the information is more reliable than that for
other countries in the Southeast Asian region, which lack such
high quality data.
The distribution of wealth in Singapore reveals only
moderate inequality. Just 20% of its people have wealth below
USD 10,000, versus 69% for the world as a whole, and the
number with wealth above USD 100,000 is about six times the
global average. Reflecting its very high average wealth rather
than high inequality, 0.6% of its population or 258,000
individuals are in the top 1% of global wealth holders, while its
adult population accounts for just 0.1% of the world total.
Brudder pool... I was being sarcastic on the interest rate of 6%.... No way in hell will interest rate hit 6% in such a short time....
You think US will pay 6% interest on their US$16.8 Trillion dollar loan....
Paiseh.... sometimes I tell reverse story to make all of you think and you all believe by sarcastic note !!!!!
:D:D:D:D:D:D:D:D:D:D
I have alternative view:
Our i/r is highly dependent on what happens in the US. Currently, even though there is talk of QE tapering, I don't see such a big spike of 6% by next year. The US is only just recovering and any i/r hike will be a blow to the recovery story. And europe is still in the doldrums. Any i/r hikes there is unthinkable in the near future.
i/r will rise but it will be at a very moderated pace. There's no reason why the politicians will want to kill the economies with sudden spikes when they've spent so much money and effort bringing them out of ICU in the past few years.
As for recession - nobody has a crystal ball to tell when that would happen. It's part and parcel of economic cycles. I thought we did pretty well in one of the biggest crashes in decades back in 2008-09.
The forumers here have improve so much in their mindset. From insecure spider to global millioner way of thinking. I think we are not over confident. We just begin to look at the world for what it is.
SINGAPORE: The number of millionaires in Singapore increased 10.3 per cent to reach 101,000 last year, revealed a new wealth report by Capgemini and RBC Wealth Management.
http://www.channelnewsasia.com/news/singapore/number-of-millionaires-in/717054.html
157,000 millionaires resided in Singapore as of last year, making it the tenth-ranked city in the world with the most number of millionaires.
http://sg.finance.yahoo.com/news/singapore-ranks-10th-in-the-world-in-number-of-millionaires--report-114234326.html
As per the study, Hong Kong counted 113,500 millionaires and Singapore 100,500 as per the end of 2012.
http://investvine.com/singapore-drops-behind-hong-kong-in-number-of-millionaires/
Millionaires are high-net-worth individuals with investable assets of US$1 million or more.
Brudder pool... I was being sarcastic on the interest rate of 6%.... No way in hell will interest rate hit 6% in such a short time....
You think US will pay 6% interest on their US$16.8 Trillion dollar loan....
Paiseh.... sometimes I tell reverse story to make all of you think and you all believe by sarcastic note !!!!!
:D:D:D:D:D:D:D:D:D:D
Didn't praise me for reading your mind two hours earlier?
:beats-me-man:
The IPO of SPH REIT, the retail REIT spun off from Singapore Press Holdings
(SPH), has been 37x subscribed. This is assuming an over-allotment option of 56m units is not exercised. The
placement tranche of about 224.9m units was 42x subscribed, with indications of interest received for about 9.4b units.
The public offer of 84m units was about 25x subscribed. (Source: The Business Times)
phantom_opera
24-07-13, 14:08
258,000 individuals in Singapore are in the top 1% of global wealth holders
- CS report
From CNA forum...good stuff
citysleeker2
Member
Join Date
Mar 2013
Posts
1,621
In sum
When economies get over-extended, property is almost always at the center of the trouble. Property brought down Asia in 1997. Property brought down the US – and the rest of the world – in 2007/08. Recovery is not complete. Risks remain. Interest rates are still near zero in the G3 and parts of Asia. Low rates and capital flows are pumping up property sectors in Asia and the eventual return of interest rates to normal levels could reveal some households and countries as having become overextended.
To summarize what we’ve shown above:
1) Returns on property have been nearly identical to equity market returns over the long-haul in Singapore and Hong Kong. From an investment perspective,
property does not appear over-valued compared to the key alternative;
2) Although prices have more than doubled in Hong Kong since 2009 and are up by 55% in Singapore, they are up by only 40% and 18% compared to 1997 levels. Moreover, 1997 prices do not appear overvalued by much, if at all;
3) Asia’s houses are expensive. A 100 sq meter home costs US$1.4mn in Hong Kong and US$870k in Singapore. Houses are cheap in China ($97k / 100 sqm), the US ($85k) and Malaysia ($42k);
4) It takes the average Hong Kong resident 39 years to earn enough to buy a 100 sq meter home. In China, Singapore and Thailand, it takes 13-15 years. In the US, it takes 1.7 years;
5) US houses are extremely cheap compared to Asia. Yet it was a US bubble that led to the biggest global recession in 100 years. Conclusion? Prices per se tell us nothing about risk;
6) Although Asia’s home prices are high, they have fallen steadily relative to incomes in most countries since 2000. Housing is becoming more affordable, not more expensive. Risks fall accordingly;
7) Hong Kong is the key exception to this rule. There, home prices relative to income have risen by 78% since 2000. This is cause for concern;
8) Debt and leverage are important when it comes to assessing risk. Housing debt as a percentage of income is rising across Asia. Most of this is normal. Housing is a ‘superior good’, people spend proportionately more on it as incomes rise;
9) Asia’s housing debt as a percentage of income remains very low compared to the US, where it stands at 5.5% of GDP. Debt to GDP is about 3% in Singapore, Hong Kong and Taiwan. In China, housing debt is a very low 1.4% of GDP;
10) When interest rates go up, risks go up. As mortgage rates return to precrisis averages, monthly housing payments in most Asian countries will rise by 15%-25%. Some families will likely find themselves over-extended.
11) Housing payments are unlikely to rise by much in China, Malaysia, Thailand or India, as interest rates there did not fall by much during the global financial crisis;
12) Indonesia and the Philippines appear most vulnerable to higher interest rates;
13) The US appears every bit as vulnerable to higher interest rates as Asia. This could delay the removal of QE far longer than most currently anticipate.
Finally, we note that to the extent Asia’s rising home prices follow from capital inflows, this is not likely to end when global interest rates go up. Quantitative easing in the G3 and low global rates are only part of Asia’s inflow story. The much larger, and longer-term driver of capital inflows into the region is the fact Asia now generates the lion’s share of the world’s incremental growth. Put simply, businesses want to be where the growth is. This means investment and capital inflows into Asia are likely to continue long after monetary policy in the G3 has returned to normal.
Didn't praise me for reading your mind two hours earlier?
:beats-me-man:
Clap, clap and a pat on the back...
Clap, clap and a pat on the back...
Brother Chestnut
Specially for you
Lim Peh :scared-2:
Brother Chestnut
Specially for you
Lim Peh :scared-2:
How u managed to find pix of me when I was an Ah Long????
Hahahahaha
Thank u... Good old days when we ruled.... But now we have turned over a new leaf. Legitimate business liao... Hahaha
Guess which 1 is me????
No prize for guessing correct...
Cheers bro
Mmmm, what if war happens?:beats-me-man:
CPIB assistant director also misappropriate of $1.7 million. :doh:
Brudder pool... I was being sarcastic on the interest rate of 6%.... No way in hell will interest rate hit 6% in such a short time....
You think US will pay 6% interest on their US$16.8 Trillion dollar loan....
Paiseh.... sometimes I tell reverse story to make all of you think and you all believe by sarcastic note !!!!!
:D:D:D:D:D:D:D:D:D:D
Hehe how I know you can be sarcastic in your writings?... :D
Hehe how I know you can be sarcastic in your writings?... :D
Brudder, can u help me calculate....
If interest of 3% on US$16.8 trillion... How much ah????
US$16.8 trillion is the US national debt....
Powered by vBulletin® Version 4.2.2 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.