Total valuations soared from a 2020 baseline of only $11t.

Singapore’s corporate sector expanded its balance sheet in 2024, with total assets rising 6.8% year on year to about $14.4t, as equity increased more than liabilities, according to data from the Singapore Department of Statistics

Equity rose to around $6.17t from about $5.28t in 2023, accounting for 43% of total assets, whilst liabilities edged up to approximately $8.20t.

Between 2020 and 2023, total assets increased steadily from about $11.0t to $13.5t, with both equity and liabilities rising each year. In 2024, equity growth outpaced liabilities.

Total assets stood at about $13.0t in 2022, including around $5.11t in equity and $7.86t in liabilities. In 2021, total assets were approximately $12.5t, made up of about $4.93t equity and $7.59t liabilities.

As at the end of 2020, total assets were about $11.0t, with around $4.28t in equity and $6.72t in liabilities.

Balance sheet composition data shows how companies allocate resources across industries, whilst financial ratios enable benchmarking of asset efficiency, liquidity, and reliance on external funding, the department said.