Inclusion of Analysis on Wealth Mobility Trends in Occasional Paper on Income Growth, Inequality and Social Mobility Trends

Parliamentary Question by Assoc Prof Terence Ho:

To ask the Prime Minister and Minister for Finance (a) whether the Ministry plans to study wealth mobility trends in Singapore, in addition to the income mobility trends reported in the Ministry’s Occasional Paper on Income Growth, Inequality and Social Mobility Trends; and (b) if not, why not.

Parliamentary Reply by Senior Minister of State for Finance, Mr Jeffrey Siow:

The wealth statistics published in the Occasional Paper is the Government’s first compilation of household wealth estimates, based on data collected from the Household Expenditure Survey 2023. 

Studying wealth mobility requires longitudinal wealth data over time and over generations, which is not yet available.  We will continue to collect wealth data and strengthen collection to support further analysis.