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Singapore's Income Trends 2023
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Overview
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Median monthly household income in Singapore rose to S$10,869 in 2023, with an increase of 2.8% in real terms. Households in the first, ninth, and 10th deciles experienced declines in their median monthly income, while resident households received an average of S$6,371 per household member from government schemes.
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How might the increase in median monthly household income impact overall consumer spending and economic growth in Singapore?
What factors could have contributed to the declines in median monthly income for certain household deciles?
What measures can the Singapore government take to further address income inequality and ensure fair distribution of resources?
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