What is the Average Salary in Malaysia for 2023? (2024)

FAQs

What is the Average Salary in Malaysia for 2023? ›

In Malaysia, salaries can vary significantly depending on the job and industry. The projected average salary in 2023 is MYR 78,480 per year, which includes benefits like housing and transport. However, monthly salaries usually range from MYR 2,119 on the lower end to MYR 8,558 on the higher end, including bonuses.

In the long-term, the Malaysia Wages is projected to trend around 3670.00 MYR/Month in 2023 and 3920.00 MYR/Month in 2024, according to our econometric models.

The national average salary for a Fresh Graduate is RM 2,500 in Malaysia.

If a worker works 52 weeks a year, this equates to a national annual salary of $51,168, up 5.1 per cent from the previous year. Any sum beyond that should be regarded as a good salary; however, this is not always the case.

The average person in Malaysia earns approximately 6,590 MYR per month (that's equivalent to a little over 1500 USD). The lowest average salary in the country is 1,670 MYR per month, and the highest average salary is 29,400 MYR per month.

However, it still ranks extremely low compared to the cost of living in other Asian capitals, and most of the Western world. In fact, only two of Malaysia's cities even appear in Mercer's 2022 Cost of Living Ranking – Kuala Lumpur coming 181st out of 227 countries, and Johor Bahru appearing at 211.

Malaysians who earn roughly RM25,000 a month are in the country's top 1 per cent of wage earners, said Dr Muhammed Abdul Khalid, chief economist at consultants DM Analytics. That roughly translates into 146,000 individuals.

What is middle class income 2023? ›

Middle class households here earn between $84,673 and $252,754.

Median weekly earnings of the nation's 119.2 million full-time wage and salary workers were $1,100 in the first quarter of 2023 (not seasonally adjusted), the U.S. Bureau of Labor Statistics reported today.

The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.21 Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.7 This is a ...

From the point of view as Malaysian, RM8,000 is a very good salary. Since your company also provide food, accommodation and transportation, most likely you can save your whole salary into bank, after deduct entertainment fees and other expenses.

RM2,500 to RM4,000 will get you further, and anything above RM5,000 will afford you a pretty comfortable life in KL. Read all about Living & Working in Malaysia.

In general, the cost of living in Malaysia is 51.56% lower than living in the U.S. Of course the cost of living varies depending on where you decide to live, but even in the most expensive city you will save a lot on living expenses compared to the U.S.

Malaysia's median gross household income is RM5,873 according to the latest official statistics in 2019, while the median home price is RM300,000 as of 2021.

Houses today are 'seriously unaffordable'

This has been the case in Malaysia for thirty years². In 2020, the median house price was RM295,000 while the median annual household income was RM62,508.

Malaysia is a huge country, so it's a bit tricky to state the definite cost of living there because it varies greatly depending on the part of Malaysia you want to stay in, plus it depends on whether you're single or with a family. You can get by and have a reasonably comfortable life here for 600$ a month.

Can a foreigner live in Malaysia? ›

Expats wishing to work and live in Malaysia permanently can apply for residency in Malaysia if they fit into certain categories, such as being a high-net-worth investor, possessing exceptional skills, being married to a Malaysian, or qualifying under a points-based system.

What is the Minimum Salary to Pay Income Tax in Malaysia for Individual? Individuals who earn a minimum of RM34,000 (approximately RM2,833 per month or RM3,000 net income after EPF deductions) from all sources of income, including but not limited to salary, must register for a tax file.

Average RM 2,939 per month.

Average RM 1,910 per month.

However, according to PayScale, the average salary for an expat with a professional career in Kuala Lumpur is around RM 120,000 to RM 150,000 per year (approximately USD 28,000 to USD 35,000).

A couple could live comfortably on $2,500 a month and a single person could easily get by on $1,000 per month. For those earning foreign currency, life in Malaysia is affordable and not stressful at all. To put this further into perspective, the cost of living in Malaysia is approximately 51% lower than in the US.

Both the educated and local or colloquial forms of English are used in Malaysia depending on the context and the person being spoken to. Malaysians also speak English in a variety of accents.

The cons of living in Malaysia are that the air quality can be poor in some areas, and the country is prone to natural disasters such as floods and earthquakes. Additionally, the crime rate is higher than in some other countries, and the political system is not as stable as in some other countries.

Median wealth of adult population in Malaysia 2014-2019

In 2019, the median wealth per adult in Malaysia was at around 8.9 thousand U.S. dollars. In that year, 53.4 percent of the adult population had wealth valued at under ten thousand U.S. dollars.

KUALA LUMPUR, Dec 9 — Malaysia's largest city Kuala Lumpur has the highest number of millionaires (denominated in US dollars) surpassing all other cities of the world, according to a report by international wealth research group WealthInsight.

Which is the best place to live in Malaysia? ›

Is $40,000 a year considered middle class? According to Pew Research, a middle-class family of three makes between $56,000 and $156,000. Families of that size who bring in $40,000 a year would not be considered middle class. However, an individual making $40,000 a year would likely qualify as middle class.

Definition Of A Middle Class Income

Standard Definition: $25,000-$100,000 a year is what most would consider as a middle class income.

What is the average salary in Dubai? According to Salary Explorer, the average salary in Dubai is 258,000 AED per year (70,256 USD as per exchange rates in 2023). This figure can help you get an overview of Dubai's economy and its standard of living.

According to the US Bureau of Labor Statistics (BLS), the median annual wage across all occupations in 2021 was $58,260 [1]. For a person living in Phoenix, Arizona, where the median wage is $56,610, earning above the national average may be considered very good.

In 2021, the last full year for which Beijing's National Bureau of Statistics offers data, the average Chinese worker earned 105,000 yuan a year, the equivalent of $16,153. The average American worker earned some $58,120 a year, 3.5 times his or her Chinese counterpart — still wide but not what it was.

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

Pew defines “middle class” as those earning between two-thirds and twice the median American household income, which in 2021 was $70,784, according to the United States Census Bureau. That means American households earning as little as $47,189 and up to $141,568 are technically in the middle class.

What is the most common job in Malaysia? ›

Number of employed persons in Malaysia 2021, by occupation

In 2021, there were approximately 3.6 million people employed as service and sales workers in Malaysia, making it the largest occupational group there.

You have to be more specific. Definitely RM20,000 is not enough unless your children are schooling in local school and living in more remote area or smaller town but not KL. RM20000 is good for your holiday in Malaysia.

Not particularly but it depends on where you are, what you do and what your qualifications and experience are. Minimum wage is RM1500 now but employers have SOSCO, EPF etc on top.

“At the same time, the monthly income of Malaysian PhD and Master graduates in 2020 remained in the range of RM5,001-RM10,000, while diploma graduates were the majority in the range of RM1,001-RM1,500,” he said.

Yes, it is. Many Malaysians earn far less than that, and they can still live well and have a family.

all in all, 7000 is more than enough! I'd say it depends on your lifestyle and requirements, but in general I'd say you'd be able to live a fairly decent life and still be able to set aside some for savings / investments. RM7k is more than enough for a single woman to live comfortably in KL.

The average salary in Singapore in 2023 is around S$70,000. Full-time workers in Singapore on average make S$5,783 a month, equating to S$69,396 a year. 02 How to use the salary calculator? Simply type in the job title you wish to search and select the most relevant options from each dropdown.

Meanwhile, the median of monthly household gross income also registered a decline of negative 11.3 per cent as compared to 2019. The value of median of monthly household gross income in 2020 was RM5,209 (2019: RM5,873).

In 2021, the average mean monthly salary in Malaysia was around 3 thousand Malaysian ringgit. The average monthly salary in Malaysia in that year varies greatly, depending on the education level, the employment sector, and especially between urban and rural areas.

What will be the household income in Malaysia in 2025? ›

Another target set out under the 12MP is for Malaysia to become a high-income nation by 2025, with an average household income of at least RM10,000 a month. The average monthly household income was RM7,089 as of August, according to latest figures from the Department of Statistics Malaysia.

The top three countries on this list are Switzerland, Luxembourg, and Singapore, where citizens earn more than Rs. 4 lakh per month on average. Specifically, the average monthly salary in Switzerland is Rs. 4,98,567, in Luxembourg it is Rs.

KUALA LUMPUR: While economists agree that Malaysia is on track to become a high-income nation by 2026 if economic growth stays above 4% over the next three years, there remain critical challenges such income inequality, attracting more private investments and ensuring that inflation and currency issues are dealt with.

Malaysia is classified as an upper-middle income economy by the World Bank, with GDP per capita estimated at about US$13,000 in 2022.

Employers with less than five workers have until 1 July 2023 to comply with the Order. Employers having five or more workers will have to continue paying the minimum wage of RM1,500 per month.

Malaysia Economy

Is Malaysia a wealthy country? Malaysia, an upper middle-income country, has transformed itself since the 1970s from a producer of raw materials into a multi-sector economy.

According to 2022 data, the cost of living in Malaysia is on average 43.47% lower than in the United Kingdom, and 51.74% lower than in the United states. It's no wonder that four in five (78%) of expats living in the capital, Kuala Lumpur, are satisfied with the cost of living in Malaysia – compared with 43% globally.

The Malaysian economy expanded by 5.6% in the first quarter of 2023 (Q1 2023), comparing favourably with regional growth such as Indonesia (5%), China (4.5%) and Vietnam (3.3%). The Q1 2023 growth performance contributed strongly towards the achievement of the 2023 whole year forecast of 4.0% to 5.0%.

What is the average salary in the US 2023? ›

As of May 20, 2023, the average annual pay for an American in the United States is $58,563 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.16 an hour.

The worldwide highest income is earned in Monaco. The smallest budget per capita exists in Afghanistan. In our comparison over 69 countries, the USA comes 7th with an average income of 70,930 USD. The average income is calculated by gross national income and population.

In addition to Luxembourg, there are four other countries where specialists were paid more than €150,000 in 2020. They are Ireland (€172,882), the Netherlands (€160,869), Denmark (€156,061), and Iceland (€155,276). Germany (€146,200) and the UK (€136,375) followed closely.