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Singapore is most frugal country in the world

Singapore is the most frugal country in the world.

Residents of the Asian country are the best at saving their money, with families saving an average of 48.1 per cent of their average salary of $54,530.

Ireland came second, mainly because of its keen to search for budgeting tips online, with a score 51.8, whilst Saudi Arabia was third with low household debt.

They wrote in their report: "Singapore ranked in the top spot due to the very high average savings per household, per year: on average, a typical household in Singapore will save 48.1% of their annual income. This is matched by relatively high credit card usage, however, with 49% of people in Singapore owning a credit card - but this does not necessarily mean that there is a high amount of credit card debt to accompany this. Not only this, but the annual outbound tourism expenditure is also only $22,102 million, which is surprisingly low for a country with 5.612 million people, which is an average spend of $3.93 a year per person. Ireland scored relatively well for most categories, but they achieved the best score for the annual outbound tourism expenditure, which was only $6,216 million, impressive for a country with 4.784 million inhabitants. They also scored well for google search trends for budgeting, with a score of 51.8 out of 100 in terms of popularity for the search."

Russia and Germany complete the top five whilst the Czech Republic, Poland, South Korea, Sweden and Slovakia make up the top 10.

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