Singapore’s richest 1% holds 14% of total wealth, ‘broadly comparable’ with other advanced economies

“To the extent that wealth at the top of the distribution is underreported, measured wealth inequality would be underestimated,” the ministry said at the time of the announcement.

Like other advanced economies, Singapore primarily relies on survey-based approaches to collect this data, said Mr Siow. “We have no plans at this point to seek additional legislative or administrative powers to require more granular asset disclosure solely for inequality measurement,” he said.

Singapore intends to track wealth inequality over time, and the next cycle of the household expenditure survey is planned for 2028, he added.

Responding to questions about whether the government has considered other forms of wealth taxes beyond property tax, Mr Siow said Singapore’s approach is to tax wealth in ways that are less susceptible to cross-border movement and tax planning.

“This is why we focus on less mobile assets like property and motor vehicles,” he added.

“We are mindful of intergenerational balance. Younger households who are accumulating assets should not be unduly burdened. At the same time, higher-value property owners should contribute more.”