Singapore households' net worth grew 8.1% in Q1 2025, but debt has been rising for six straight quarters, driven mainly by faster growth in mortgage and personal loans.
KEY POINTS
IN SIMPLE TERMS
Singapore households are getting richer overall, but they're also borrowing more money — especially personal loans — for the first time in a year and a half. Think of it like having a bigger bank account but also owing more on credit cards and loans.
WHY IT MATTERS
WHERE DO YOU STAND?
Do you think the steady rise in household debt over the past 18 months is a warning sign that should concern policymakers?
👍 👎 Vote ↓Singapore household finances Q1 2025 saw net worth gains, but debt also increased due to rising mortgage and personal loan numbers.
According to SingStat, the household sector balance sheet records the total assets (wealth) and liabilities (debts) of all resident units in Singapore.
It covers Singapore citizens, permanent residents, foreigners, and small businesses like sole proprietorships.
The balance sheet only counts those that have done business or lived here for at least a year.
Assets on the sheet show wealth owned, such as financial accounts and property.
Liabilities are debts, including mortgage and personal loans.
Household net worth refers to the difference between total assets and total liabilities.
This provides an indication of how well SG households are doing financially.
In the first 3 months (Q1) of 2025, the total wealth of households was 8.1% higher than it was in the same months of 2024.
This pace is a bit slower than last quarter (Q4 2024 saw 8.5% net worth growth).
Asset growth also slowed down, while liabilities rose at a faster pace.
Assets grew by 7.8% in Q1 2025, compared to 8.0% in Q4 2024.
Household liabilities rose 5.2% in Q1 2025, up from 4.2% in the previous quarter.
Slower asset growth was mainly due to less growth in residential property assets.
Asset growth stayed strong but slowed for two quarters.
Growth in assets was 7.4% in Q1 2024, went up to 8.4% in Q3 2024, then slipped to 7.8% in Q1 2025.
Liabilities (debts) saw a steady rise, increasing every quarter.
Liability growth was just 1.8% in Q1 2024, but reached 5.2% in Q1 2025.
| Period | Net Worth Growth | Assets Growth | Liabilities Growth |
|---|---|---|---|
| Q1 2024 | 8.2% | 7.4% | 1.8% |
| Q2 2024 | 8.1% | 7.5% | 2.4% |
| Q3 2024 | 9.1% | 8.4% | 3.5% |
| Q4 2024 | 8.5% | 8.0% | 4.2% |
| Q1 2025 | 8.1% | 7.8% | 5.2% |
Financial assets grew faster in Q1 2025, while property asset growth had slowed.
This means financial assets and property each make up nearly half of all household assets in Singapore.
Liabilities—which means debts—grew for six straight quarters.
Liabilities increased by 5.2% in Q1 2025.
Main drivers were mortgage loans and personal loans.
As quoted in SingStat, “In contrast, growth in liabilities increased for six consecutive quarters to 5.2% in the first quarter of 2025, largely driven by faster growth in mortgage loans and personal loans.”
Singaporeans’ mortgage debts stay large, but personal loan growth is picking up speed.
| Q1 2025 | Relative Share | % of PDI |
|---|---|---|
| Mortgage Loans | 72.9% | 79.4% |
| Personal Loans | 27.1% | 29.5% |
Net Worth made up 880.7% of personal disposable income (PDI) in Q1 2025.
This means Singapore households’ net worth is 9X of what they earn in a year.
Assets made up 989.6% of PDI in Q1 2025.
This means Singapore households own nearly 10X of what they earn in a year as assets.
Liabilities made up 108.9% of PDI in Q1 2025.
This means Singapore households owes about 1.1X of what they earn in a year as debts.
According to SingStat, “Household net worth refers to the difference between total assets and total liabilities and it provides an indication of households’ financial health.”
Asset and liability numbers follow international data practices.
The household sector balance sheet is a way to check on financial health for all Singapore residents.
Assets, debts, net worth, mortgage loans, and personal loans are all part of this balance sheet.
If you want to review the details, the full report is at SingStat Q1 2025 Household Sector Balance Sheet.
Do you feel the growth in personal and mortgage loans is a worrying sign? Click Agree or Disagree below.
Do you think the steady rise in household debt over the past 18 months is a warning sign that should concern policymakers?
Be the first to weigh in.
