Average (Median) Household Income in Singapore [2023] (2024)

We have previously written about the average income/salary in Singapore, breaking it down by age, sex, education, occupation, and industry.

In light of inflation and a rising cost of living putting pressure on both single and dual-income households in recent months, we shall likewise explore what household income is, its significance, as well as theaverage and median household income in Singapore.

Moreover, with income arguably the most vital element in financial planning, permitting you to spend and save for the future, we investigate income trends over the years and the income distribution in Singapore.

So, if you wish to compare your household income with others, you should read on!

(All figures are quoted in Singapore dollars unless otherwise stated; an exchange rate of US$1 to S$1.35 was used for any conversions.)

Summary of Key Findings

• The average median household income (inclusive of employer CPF contributions) was $10,099 per month. This is equivalent to US$7,480/month (or US$89,760/year)
• The average mean household monthly income (inclusive of employer CPF contributions) was $13,124
• The average median household income (excluding employer CPF contributions) was $8,904 per month
• The percentage of households earning $8,000 and above increased from 48.9% to 52.9% over the past 2 years
• The bottom 10% of households earned $2,314 monthly, while the top 10% earned $31,430 monthly
• The median monthly household income per household member has increased by 54.5% over the past 10 years

Read on for more details.

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The Source of Our Data

What is household income? Household income can be defined as the sum of the gross income of all the members of a household obtained from employment or business dealings.

As for data on household income, we only looked at the most reliable data available, and that comes from the Singapore Department of Statistics. The department publishes comprehensive data on household income yearly. As of 13 Apr 2023, the latest published data was on 9 Feb 2023.

The data looks into both resident households and resident employed households, where the household reference person is either a Singapore citizen or a permanent resident. The main difference is that resident employed households have a minimum of one employed person. We will indicate whether the datasets consist of all resident households or just resident employed households.

The Difference Between Mean and Median Household Income

Simply put, the mean household income is the average income per household. This value addresses the question: “If income would be equally distributed to all households, how much would each household earn?”

However, the mean value does not showcase the underlying income inequality in a given set of household incomes.

Median household income refers to the income level at the midpoint of all households ranked according to their income. The median value refers to the income amount that divides the population of a given data set into two groups, with one group having an income above that amount and the other having an income less than that stated amount.

Thus, compared to the mean household income figure, the median household income value is a more useful way to accurately reflect the income distribution of a given population.

5 Household Income Statistics in Singapore [2023]

Here are some noteworthy facts and statistics that we have found.

1) The average median household income was $10,099 per month

Among resident employed households in Singapore, the median monthly household income from work rose by 6.1% in nominal terms, from $9,520 in 2021 to $10,099 in 2022.

After taking inflation into account, Singapore’s median monthly household income from work increased by 0.2% in real terms in 2022.

In contrast, the median monthly household income in Singapore a decade ago (2012) saw a figure of $7,566, which has since increased by 33.5%.

Additionally, the average mean household monthly income in Singapore was $13,124 in 2022 (taking into account CPF contributions from employers).

Nonetheless, excluding employer CPF contributions, the figures are as follows.

2022 witnessed an average median household monthly income figure of $8,904, compared with $8,421 in 2021 as well as $6,712 in 2012.

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2) Households earning $8,000 and above increased from 48.9% to 52.9% over the past 2 years

Over the past 2 years (2020 to 2022), among all resident households, we saw an increase in the percentage of households earning $8,000 and above, from 48.9% to 52.9%.

There was a noticeable rise in households earning $20,000 and above, from 13.9% to 16.9%.

Remarkably, the percentage of households with no employed persons has declined over the past 2 years.

Also, the percentage of households earning from below $1,000 to $7,999 has fallen.

3) The bottom 10% of households earned $2,314 monthly, while the top 10% earned $31,430 monthly

In 2022, the average monthly household income from work (with employer CPF contributions) was $2,314 for the bottom 10% of households in Singapore, whereas the top 10% of households earned $31,430 monthly.

4) The median monthly household income per household member has increased by 54.5% over the past 10 years

Reflecting only figures from resident employed households, the median monthly household income per household member has risen by 54.5% over the past decade.

In 2022, the median monthly household income per household member was$3,287, as compared to $3,027 in 2021 and $2,127 in 2012.

When studying these figures, one should consider factors like household size and larger households typically require more financial resources. What is more, with dropping fertility rates over the years, one may speculate if the increase in income per household member is attributable to fewer household members or an increase in individual incomes.

5) Household members in smaller homes received $12,189 in government transfers in 2022

Household members in smaller homes (residents living in HDB 1- and 2-room flats) received $12,189 in government transfers in 2022. This figure was the highest amongst the amounts received by residents in all dwellings combined.

Moreover, 2022’s figure was an increase of 5.71% from 2021. That being said, government transfers in 2020 were still the highest in the past decade due to the debilitating economic effects of the COVID-19-induced global economic standstill.

Evidently, as with other countries, income/wealth inequality may still exist in Singapore. Fortunately, more efforts have been dedicated to addressing the needs of residents staying in smaller homes and/or coming from lower-income families amid soaring prices and other economic challenges.

What’s Next?

Income plays a significant role in each individual’s financial planning journey. Your financial problems could be alleviated if you increase your income. Nonetheless, apart from striving to increase your income, having proper expense management, setting aside sufficient emergency funds, and making use of investments can also indirectly boost your usable income.

Last, but not least, it is also imperative for you to have proper insurance coverage to safeguard your income and wealth. If you still do not have a proper insurance plan in place, or if you are looking to expand your insurance coverage, consult us here for a comprehensive financial planning consultation to protect your income and provide for your loved ones.

Disclaimer: The statements or opinions expressed on this site are of my own. The information is meant purely for informational purposes and should not be relied upon as financial advice.