Singapore’s wealth gap continues to widen, with the country’s richest 1% now holding an staggering 64.9% of the country’s total wealth. According to a report released by the Institute of Policy Studies (IPS) at the National University of Singapore, this marks a significant increase from 2015, when the richest 1% held around 55.8% of the country’s wealth.
The report highlights the growing disparity between the rich and the poor in Singapore, with the bottom 50% of the population now holding just 3.4% of the country’s wealth. This widening wealth gap has sparked concerns among policymakers and experts, who warn that it could lead to social unrest and decreased economic mobility. The report also notes that the richest 1% in Singapore are largely composed of individuals who have inherited their wealth or have made their fortunes through entrepreneurship and investments.
The IPS report’s findings have sparked calls for the government to implement policies aimed at reducing the wealth gap and promoting greater economic equality in Singapore. Some experts have suggested that this could include measures such as increasing taxes on the wealthy, implementing more progressive policies to support low-income households, and investing in education and job training programs to help workers acquire the skills needed to compete in the modern economy.