What Is the Average Income in Singapore?

Singapore’s dynamic economy presents unique income dynamics. Understanding income levels requires analyzing various statistical measures and the diverse factors that shape earnings across the population. This overview provides insights into average income levels for a clear picture of the economic landscape.

Understanding Key Income Metrics

When discussing income, two primary statistical measures provide distinct perspectives: mean income and median income. Mean income, often referred to as the average, is calculated by summing all incomes and dividing by the total number of individuals. This measure can be influenced significantly by exceptionally high earners, potentially skewing the overall picture. In contrast, median income represents the midpoint, where half the population earns more and half earns less, offering a more representative view of a typical worker’s earnings, particularly in contexts with uneven income distribution.

For full-time employed residents in Singapore, the median gross monthly income from work was S$5,500 in mid-2024. This figure represents an increase from S$5,197 in 2023. The mean gross monthly income for the same period ranged between S$6,100 and S$6,200. These statistics are published by official sources such as the Ministry of Manpower (MOM) and the Department of Statistics Singapore (SingStat).

Gross monthly income from work encompasses a range of components. For employees, this includes basic wages, overtime pay, commissions, tips, other allowances, and a prorated portion of annual bonuses (one-twelfth of the annual amount). These figures are considered before deductions for employee Central Provident Fund (CPF) contributions and personal income tax. For self-employed individuals, gross monthly income refers to the average monthly profits derived from their business, trade, or profession, calculated after deducting business expenses but before income tax.

Factors Influencing Income Levels

Income levels in Singapore are shaped by a variety of demographic, educational, and occupational factors, leading to variations across the workforce. One factor is age, as income generally progresses with experience and career advancement. Median income tends to be lower for younger workers, such as those aged 15-19 with a median of S$1,170. It typically peaks for individuals in their mid-career, reaching approximately S$7,498 for those aged 45-49 in 2024. Earnings may gradually decline after this peak, particularly for those 60 and over, where the median falls to S$3,052.

Educational attainment also plays a substantial role in determining earning potential. Individuals with higher qualifications generally command higher incomes. For instance, degree holders recorded a median income of S$8,656, significantly more than the median income of diploma holders (S$5,000).

The industry sector and specific occupation also contribute significantly to income disparities. Sectors like Financial & Insurance Services (S$8,736) and Information & Communications (S$7,605) offer higher remuneration. Conversely, Accommodation & Food Services (S$2,974) and Administrative & Support Services (S$3,296) report lower median wages.

Specific job roles also define earning potential; managers and administrators earn S$10,820, while cleaners and laborers earn S$2,070. Professionals, managers, executives, and technicians (PMETs) earn more than double their non-PMET counterparts (S$7,308 vs. S$3,000).

Income Distribution Across the Population

Beyond average figures, understanding income distribution provides a clearer picture of how wealth is spread across Singapore’s resident households. Income deciles illustrate the spread of wealth by dividing the population into ten equal groups. In 2024, average monthly household employment income per household member increased across all income deciles. For instance, the bottom 10% of households had an average monthly income of S$2,434, while the top 10% earned S$34,489 monthly.

The Gini coefficient measures income inequality, where zero indicates perfect equality and one represents complete inequality. Singapore’s Gini coefficient in 2024 was 0.435 before government transfers and taxes. After accounting for these, the coefficient decreased to 0.364, highlighting the redistributive impact of government support.