SINGAPORE — Singapore’s median monthly household income rose above $10,000 for the second consecutive year in 2023, reaching $10,869, a 7.6% increase
SINGAPORE — Singapore’s median monthly household income rose above $10,000 for the second consecutive year in 2023, reaching $10,869, a 7.6% increase from 2022. After adjusting for inflation, this growth equates to a 2.8% rise in real terms, according to data from the Singapore Department of Statistics (SingStat) released on Feb. 7.
The average income increase from work per household member grew by 6.5% nominally, from $3,287 in 2022 to $3,500 in 2023, though the pace slowed compared to 2022. Income disparities were also evident, as the lowest-income decile saw slower growth, with an average increase of only 2.5% per household member. Meanwhile, the highest decile experienced a nominal income growth of 3.1% but saw the largest decline in real terms, dropping 1.9% compared to 2022.
The government introduced more support measures in 2023 to help households manage rising living costs, including a Goods and Services Tax (GST) increase to 9%. As a result, average government transfers rose to $6,371 per household member, with lower-income households receiving the most support, helping to narrow income inequality. Singapore’s Gini coefficient, a measure of income inequality, fell to 0.371 after government transfers, continuing a three-year trend of decline.
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