SINGAPORE, Sept 21 — Households in Singapore are the richest in Asia, beating countries such as Japan and China, but they also have the highest debt per capita in the region, according to a report by financial services firm Allianz.

In the Global Wealth Report released today, Allianz said Singapore’s gross financial assets per capita amounted to €114,155 (RM527,483) by the end of 2015 — the highest among Asian countries that it surveyed.

Japan came in second with €108,660 and Taiwan rounded up the top three with €99,257. China, the region’s largest economy, was seventh with gross financial assets per capita of €14,281.

However, in terms of growth in assets, China led the region with 18.3 per cent in 2015 from the previous year, while Singapore registered a 4.5 per cent increase during the same period.

Allianz said in almost all of the countries studied, the 2015 growth rates paled in comparison to 2014’s and the 10-year average figures.

"The development of financial assets has reached a critical juncture. Obviously, extreme monetary policy is losing its impact even on asset prices. As a consequence, an important driver for asset growth no longer exists. At the same time, interest rates continue their remorseless slide, even into negative territory. For savers, the outlook is not rosy,” said Mr Michael Heise, chief economist at Allianz.

The report, which studied the asset and debt situation of households in more than 50 countries globally, also found that Singapore households have the highest debt per capita with loans amounting to an average €34,900 per inhabitant. — TODAY