"The assets are the same but their valuation has gone up as the assessment has been done, for the first time, by a government-approved valuator," a PMO spokesman said.
The clarification came after the Prime Minister declared the value of his assets as Rs 10,73,88,730.81, which is double the value of the assets last year.
While the total worth of Singh's two flats - in Chandigarh and Delhi - is Rs 7.27 crore, Singh has bank deposits and investments worth Rs 3.46 crore approximately in various State Bank of India (SBI) accounts.
Last year, the Prime Minister had declared total assets worth Rs 5.11 crore approximately. The flats owned by him in Chandigarh and Vasant Kunj in South Delhi were then valued at a total of Rs 1.78 crore and he owned 150.80 gm of gold jewellery worth Rs 2.75 lakh as on March 31 this year.
Singh has shown residential properties, bank deposits and a Maruti 800 car as his assets.
However, a number of the Prime Minister's Cabinet colleagues are much richer than him, according to the updated list of assets declared by them.
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Among the richer cabinet ministers are Praful Patel with assets of approximately Rs 52 crore, Sharad Pawar with property worth around Rs 22 crore and M K Azagiri with Rs 9.50 crore.
Defence Minister A K Antony has assets worth Rs 55 lakh, the lowest in the list of the cabinet Ministers.