Singapore Wealth Tax Guide

Singapore has no wealth tax. There is no annual net worth tax, no solidarity surcharge, and no tax on high net worth individuals based on total assets. Property tax on owner-occupied primary residences is minimal (0% on the first SGD 8,000 of Annual Value). The absence of wealth tax is a deliberate policy to attract global capital, family offices, and high-net-worth individuals. All amounts in SGD.

For related guidance, see our Personal Tax Guide →, Capital Gains Guide →, Inheritance & Gift Guide →, and Property Tax Guide →.

No Wealth Tax — Explained

Singapore does not levy an annual wealth tax, net worth tax, or any tax based on an individual's total assets (including cash, shares, real estate, art, collectibles, or other valuables).
This applies equally to residents and non-residents. A Singapore resident with SGD 100 million in investable assets pays no wealth tax on those assets.
The absence of a wealth tax is codified in the Income Tax Act 1947, which only taxes income (revenue gains), not capital or net worth. There is no separate wealth tax legislation.

Property Tax — The Only Recurring Asset Tax

The closest Singapore comes to a "wealth tax" is property tax on real estate. However, this is a tax on the Annual Value (AV) of the property, not on the capital value or net worth.
Owner-occupied primary residences benefit from a 0% rate on the first SGD 8,000 of AV. For a typical HDB flat or modest condominium, the annual property tax bill can be SGD 0 to a few hundred dollars.
Non-owner-occupied residential and investment properties face higher rates (10–32% of AV), but this is still a tax on imputed rental income, not net wealth.

Why Singapore Has No Wealth Tax

Competitiveness: Singapore deliberately positions itself as a low-tax jurisdiction to attract mobile capital, skilled talent, and family offices. A wealth tax would undermine this competitive advantage.
Reliance on consumption and income taxes: Singapore raises revenue through GST (9%), corporate income tax (17%), personal income tax (up to 24%), and stamp duties. These are considered more efficient and less distortionary than wealth taxes.
Economic philosophy: Singapore's tax policy is grounded in the principle of taxing consumption and income rather than accumulated capital. This encourages savings, investment, and long-term wealth creation.
Regional competition: With Hong Kong, Dubai, and other financial centres also refraining from wealth taxes, Singapore must remain competitive to sustain its role as a leading wealth management hub.

Comparison with Other Jurisdictions

No wealth tax: Singapore, Hong Kong, Australia, Canada (no federal wealth tax), Switzerland (canton-level only), UAE, New Zealand (no general wealth tax).
Wealth tax exists: Norway (up to 1.1%), Spain (0.2–3.5%), Switzerland (canton-dependent, ~0.3–1.0%), France (real estate wealth tax only, up to 1.5%), Italy (0.2% on financial assets).
Singapore's absence of wealth tax is a significant factor in its ranking as one of the most tax-competitive jurisdictions globally.

CPF & Other Compulsory Contributions

While not a tax, CPF contributions (20% employee, 17% employer for most employees) are mandatory contributions to social security savings. These are not a wealth tax but a forced savings scheme into government-administered accounts.
Employer CPF contributions are tax-deductible to the employer. Employee CPF contributions are eligible for tax relief under personal income tax.