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Singapore households are richer by 15.5% versus five years ago

Singapore Business Review logo Singapore Business Review 8/2/2018 Staff Reporter
Singapore households are richer by 15.5% versus five years ago © Provided by Singapore Business Review Singapore households are richer by 15.5% versus five years ago

On average, they earned around $9,023 in 2017.

Singapore's median monthly household income gained by 15.5% within 2012 to 2017, translating to a rate of 2.9% per year, the Department of Statistics (SingStat) revealed.

According to its income trends report, median monthly household income in employed households rose by 2% from $8,846 in 2016 to $9,023 in 2017.

Median monthly household income per member grew 4.5% YoY from $2,584 in 2016 to $2,699 in 2017. From 2012 to 2017, real growth was 22.9% or 4.2% per year.

Meanwhile, the income of the lowest 50% households grew by 2.1-3.6%, whilst those within the upper income groups grew 3.7-4.5%. Income of the top 10% households rose 2.6%.

Resident households, including households with no working person, received $4,433 per household member on average from various Government schemes in 2017.

Resident households in HDB 1- & 2-room flats received $10,245 per household member on average, more than double the transfers received by resident households staying in other dwelling types.

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