Singapore’s median household income rises in 2024, with income inequality hitting a record low

The median monthly household employment income increased by 3.9% in nominal terms, from S$10,869 in 2023 to S$11,297 in 2024.

Median household employment income in Singapore grew in 2024, according to the latest figures from the Singapore Department of Statistics (DOS). The Key Household Income Trends, 2024 report, released on 13 February 2025, showed that the median monthly household employment income increased by 3.9% in nominal terms, from S$10,869 in 2023 to S$11,297 in 2024.

After considering inflation, the real increase was 1.4% in 2024.

Resident employed households, those with at least one working member, saw incomes rise steadily over the past five years. Between 2019 and 2024, the median monthly household employment income increased by 3.6% overall, or 0.7% per year in real terms.

Taking household size into account, the median income per household member grew from S$3,500 in 2023 to S$3,615 in 2024, showing a 3.3% nominal increase or 0.8% in real terms.

In 2024, household employment income per member increased across all income deciles, with nominal growth ranging from 3.0% to 5.9%, and real growth between 0.6% and 3.2%. Looking at the period from 2019 to 2024, the average real household income per member grew by 0.3% to 1.9% annually for households in the first nine deciles. However, for households in the top decile, income declined by 0.7% per year.

Government support helped households with costs

Government financial aid played a key role in helping households manage living expenses. In 2024, the average government transfer per resident household member was S$7,825. This is higher than the S$6,418 received in 2023. The increase came from additional support measures addressing cost-of-living challenges, retirement needs, and healthcare expenses.

Lower-income households benefited the most. Those in one- and two-room HDB flats received an average of S$16,805 per household member—more than double the amount received by all resident households.

Income inequality at its lowest since 2000

Although income inequality slightly increased as reflected by a small rise in the Gini coefficient from 0.433 in 2023 to 0.435 in 2024, government aid helped reduce the gap.

After considering government transfers and taxes, the adjusted Gini coefficient fell to 0.364, the lowest recorded since 2000.