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Good hands say must spend money wisely, all ish not lost
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SINGAPORE will not be able to build up its reserves again if they are exhausted, as growth is slower now and the country no longer runs such large budget surpluses, said Prime Minister Lee Hsien Loong.
“Once it is gone, it will never come back again. It is finished. You cannot build it up again,” he said in an interview with CNA on Singapore’s national reserves, released on Wednesday (Aug 16).
In three video clips, he explained about the reserves, addressed misconceptions and detailed how the government balances spending with investment returns.
“Once it is gone, it will never come back again. It is finished. You cannot build it up again,” he said in an interview with CNA on Singapore’s national reserves, released on Wednesday (Aug 16).
In three video clips, he explained about the reserves, addressed misconceptions and detailed how the government balances spending with investment returns.
The issue of Singapore’s reserves – and how they are managed – has resurfaced ahead of the upcoming presidential election. The president holds the second “key” to the reserves, meaning that his approval is needed if the government wants to draw on past reserves.
Singapore’s unique approach to its reserves was enabled partly by how it could “create an elected president specifically for this purpose”, PM Lee noted in the interview.
He stressed that Singapore would be unable to rebuild its coffers if they are exhausted, as the economy no longer grows at the rates of the 1970s and early 1980s, of 8 per cent to 12 per cent year on year. Nor does the country still run budget surpluses of “5 per cent, sometimes 10 per cent” of gross domestic product.
Singapore’s unique approach to its reserves was enabled partly by how it could “create an elected president specifically for this purpose”, PM Lee noted in the interview.
He stressed that Singapore would be unable to rebuild its coffers if they are exhausted, as the economy no longer grows at the rates of the 1970s and early 1980s, of 8 per cent to 12 per cent year on year. Nor does the country still run budget surpluses of “5 per cent, sometimes 10 per cent” of gross domestic product.
Hamburger
Singapore
Economy & Policy
SGSME
Slower growth means Singapore can no longer rebuild reserves if they are gone: PM Lee
Tessa Oh
Published Wed, Aug 16, 2023 · 12:40 pm
Prime Minister Lee Hsien Loong also addresses misconceptions about the reserves and how the government balances spending with investment returns.
PHOTO: MCI
Lee Hsien Loong
SINGAPORE will not be able to build up its reserves again if they are exhausted, as growth is slower now and the country no longer runs such large budget surpluses, said Prime Minister Lee Hsien Loong.
“Once it is gone, it will never come back again. It is finished. You cannot build it up again,” he said in an interview with CNA on Singapore’s national reserves, released on Wednesday (Aug 16).
In three video clips, he explained about the reserves, addressed misconceptions and detailed how the government balances spending with investment returns.
The issue of Singapore’s reserves – and how they are managed – has resurfaced ahead of the upcoming presidential election. The president holds the second “key” to the reserves, meaning that his approval is needed if the government wants to draw on past reserves.
Singapore’s unique approach to its reserves was enabled partly by how it could “create an elected president specifically for this purpose”, PM Lee noted in the interview.
He stressed that Singapore would be unable to rebuild its coffers if they are exhausted, as the economy no longer grows at the rates of the 1970s and early 1980s, of 8 per cent to 12 per cent year on year. Nor does the country still run budget surpluses of “5 per cent, sometimes 10 per cent” of gross domestic product.
SEE ALSO
Singapore’s reserves: A refresher
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Under those circumstances, it was possible to put aside “some of this prosperity for a future rainy day”, said PM Lee. But today, growth has slowed while Singapore’s expectations and needs have expanded.
“So to say today, you put aside systematically 2 per cent, 3 per cent of GDP and build up a sovereign fund from scratch – I think it is very hard,” he said.
“I think we need to be very, very conscious that this is a Garden of Eden state. You may not always feel great, but please be aware this is the Garden of Eden because if you come out of it, you can’t go back in again.”
https://www.straitstimes.com/busine...end-elsewhere-ubs-credit-suisse-wealth-report
AMDK is very envy of SG growing wealth De woh
AMDK is very envy of SG growing wealth De woh
Singapore’s rising wealth defies global trends, which indicate that total net household wealth dropped 2.4 per cent to US$454.4 trillion in 2022, while the wealth per adult declined 3.6 per cent.
Singapore also fared well when compared with Asia’s big two – China and India.
China posted declines in both total and average wealth per adult, while India saw a 4.6 per cent increase in total household wealth and a 2.8 per cent lift in wealth per adult.
Singapore also fared well when compared with Asia’s big two – China and India.
China posted declines in both total and average wealth per adult, while India saw a 4.6 per cent increase in total household wealth and a 2.8 per cent lift in wealth per adult.
Mr Shorrocks added that financial assets like stocks and currency deposits contributed most to global wealth declines, while non-financial ones like property stayed resilient amid high interest rates.
But he warned that non-financial assets could hit global wealth this year if house prices start to fall.
But he warned that non-financial assets could hit global wealth this year if house prices start to fall.
It found that median wealth per Singapore adult – this takes the middle number in the whole database – rose 6.2 per cent from 2021 to US$99,488.
Median wealth per adult was up 3 per cent globally but down 4.4 per cent in China and up 2.7 per cent in India.
Median wealth is a “more meaningful indicator of how the typical person is faring”, the report noted.
This is because unlike average wealth, it is not influenced by outliers – households which either have very high incomes or very low ones.
Median wealth per adult was up 3 per cent globally but down 4.4 per cent in China and up 2.7 per cent in India.
Median wealth is a “more meaningful indicator of how the typical person is faring”, the report noted.
This is because unlike average wealth, it is not influenced by outliers – households which either have very high incomes or very low ones.
There were 332,000 millionaires in Singapore in 2022, up 10.3 per cent from 2021, but the global number fell to 59.4 million.
The report forecast that global wealth will rise by 38 per cent over the next five years, while average wealth per adult will increase by 30 per cent to US$110,270.
The report forecast that global wealth will rise by 38 per cent over the next five years, while average wealth per adult will increase by 30 per cent to US$110,270.
Meanwhile, a separate report found that affluent investors in Singapore were more optimistic about their prospects than peers in Hong Kong, India, Mainland China and the United Arab Emirates.
The Bloomberg Media study, which surveyed around 600 affluent investors in these markets, found that 87 per cent of those polled in Singapore said their net worth had increased over the past three years, more than in the other markets.
Around 50 per cent of Singapore investors believe there is an opportunity to focus on long-term wealth creation now, despite global market volatility, making them more optimistic than those in other markets, which were around 37 per cent.
They also feel better prepared for retirement than affluent investors in other markets, with 94 per cent saying they are somewhat prepared or extremely well-prepared, compared with only 85 per cent elsewhere.
The Bloomberg Media study, which surveyed around 600 affluent investors in these markets, found that 87 per cent of those polled in Singapore said their net worth had increased over the past three years, more than in the other markets.
Around 50 per cent of Singapore investors believe there is an opportunity to focus on long-term wealth creation now, despite global market volatility, making them more optimistic than those in other markets, which were around 37 per cent.
They also feel better prepared for retirement than affluent investors in other markets, with 94 per cent saying they are somewhat prepared or extremely well-prepared, compared with only 85 per cent elsewhere.
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