Dear readers, recently, a report on Key Household Income trends was released.
A key finding was that the median monthly household income from work grew by 6.1 per cent in nominal terms, from $9,520 in 2021 to $10,099 in 2022. You can find out more about details of the report on SingStats website under “Key Household Income Trends, 2022” here.
Based on the excel spreadsheet accompanying the report, the following are the data of the Resident Households (defined as households where the household reference person is a Singapore citizen or permanent resident) by Monthly Household Income from Work:
$20,000 & Over: 16.9% households
$17,500 & Over: 21.3% households
$15,000 & Over: 27.4% households
$14,000 & Over: 30.1% households
$13,000 & Over: 33.2% households
$12,000 & Over: 36.5% households
$11,000 & Over: 40.2% households
$10,000 & Over: 44.3% households
$9,000 & Over: 48.3% households
$8,000 & Over: 52.9% households
$7,000 & Over: 57.5% households
$6,000 & Over: 62.1% households
$5,000 & Over: 67.1% households
$4,000 & Over: 72.1% households
$3,000 & Over: 77.3% households
$2,000 & Over: 81.7% households
$1,000 & Over: 86.1% households
(approximately 12.5% households with no employed person and 1.3% households with monthly household income from work below $1,000)
The above figures can be used to benchmark your household income if you are curious on how your household income stand in Singapore.
For example, if your total monthly household income is $20,000, your household is among the top 16.9% households in Singapore.
If your total monthly household income is $10,000, your household is among the top 44.3% households in Singapore.
Based on the same worksheet, in 2012, 9.2% of households here has a total monthly household income of $20,000 and more, fast forward to 10 years now to 2022, this percentage is 16.2%.
It is rather apparent that Singapore households are having higher income (if we do not count effects of inflation) across the last 10 years.
I don’t really like to compare my salary or household income with my peers as life is not just about money. In the same vein, achievement in life is not just about income and material possession.
But as a person who like numbers, I find it natural to deep dive to learn more details about this Key Household Income trends report and I hope you find this sharing of mine insightful but please don’t use it as comparison on an apple-to-apple basis: What matters most is not how much a person earns, it is how much a person save and how much the person can grow the savings.