Singapore's median monthly household income growing for second consecutive year.

Singapore's median monthly household income from work surpassed S$10,000 for the second consecutive year in 2023, growing by 7.6% in nominal terms, but rose 2.8% in real terms after adjusting for inflation. The government continued to roll out support measures in 2023, with average annual government transfers per household member increasing across all dwelling types. The pace of income growth slowed from the previous year, but income inequality continued to narrow, with the Gini coefficient dipping to 0.433 from 0.437 in 2022.

February 07, 2024
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