Singapore’s lowest-wealth households held 93% of average wealth in home equity and Central Provident Fund (CPF) balances in 2023, a concentration the authors of a Channel NewsAsia commentary say raises questions about resilience as the population ages.
Ministry of Finance estimates put home equity at 54% of average wealth for households in the bottom fifth and CPF balances at 39%. Across resident households overall, home equity represented 56% and CPF balances about 22%. The ministry defines home equity as property value after outstanding mortgages are deducted. It included CPF balances because its defined-contribution system tracks amounts attributable to individuals.
In a Channel NewsAsia commentary, Daniel Mahadzir of Duke-NUS and Stanley Sia of the National University of Singapore argue that this mix may leave families without enough ready money for illness, caregiving or lost income. “How much financial resilience does that wealth actually provide when longevity can be a double-edged sword?” the authors wrote.
Singapore’s population trends sharpen the question. Citizens 65 and older made up 21.4% of the citizen population in 2026, up from 13.7% in 2016, according to the National Population and Talent Division. The government cites the United Nations’ 21% benchmark for a “super-aged” society. A separate Department of Statistics measure put people 65 and older at 19.5% of residents in 2026, using a different population denominator.
Residents’ life expectancy at birth was 83.9 years in 2025. Those who reached 65 that year could expect to live another 21.6 years on average, according to the Department of Statistics. The ministry’s estimates cover households rather than age groups, so they do not show older households’ wealth separately. It has cautioned that survey estimates may miss some wealth, particularly among the wealthiest households.
The ministry’s first household wealth estimates combined 2023 Household Expenditure Survey data with administrative records; the next survey is planned for 2028. The government accepted a Tripartite Workgroup on Senior Employment recommendation to raise the statutory retirement age from 64 to 65 and the re-employment age from 69 to 70 on Jan. 1, 2029. The Ministry of Manpower said further implementation details are due in the first half of 2027.
