Minister Lim Hng Kiang's written reply to Parliament Question on Household Wealth Data

Question

Mr Yee Jenn Jong: To ask the Minister for Trade and Industry whether the Department of Statistics can (i) produce a breakdown of the quarterly household sector balance sheet by different deciles and (ii) consider collecting household wealth data in the next general household survey.

Written Reply by Mr Lim Hng Kiang, Minister for Trade and Industry

1. The Department of Statistics (DOS) compiles the quarterly household sector balance sheet using aggregate data at the economy-wide level, and not data at the household level. This is because data on assets and liabilities for individuals and households are not available. Consequently, it is not possible to provide a breakdown of the household sector balance sheet data by deciles. 

2. DOS currently does not compile data on household wealth, as data on many components of household wealth, such as life insurance and bank deposits, are not readily available for statistical compilation. In particular, it is challenging to collect household wealth data through surveys, as personal wealth is a sensitive topic. In fact, the experience of other countries that have collected wealth data through surveys is that individuals tend to under-report their wealth.

3. Nonetheless, DOS will continue to monitor international developments in the compilation of wealth statistics, and review the feasibility of doing so in Singapore if necessary.