SINGAPORE, Feb. 28 (Xinhua) -- Singapore's household net worth grew by 8.4 percent year-on-year in the fourth quarter of 2024, marking a slowdown from the previous quarter, according to data released by the Singapore Department of Statistics on Friday.
The report noted that while asset growth moderated in the fourth quarter compared to the third quarter, liability growth continued to accelerate.
Weighed down by slower growth in financial and residential property assets, asset growth eased from 8.4 percent in the third quarter to 7.9 percent in the fourth quarter.
In contrast, household liabilities increased for the fifth consecutive quarter, rising by 4.1 percent in the fourth quarter. This was primarily driven by faster growth in mortgage and personal loans, the report said.
Household net worth, defined as the difference between total assets and total liabilities, serves as an indicator of households' financial health. ■
