Income Inequality in Singapore: Trends & Statistics (2024)

income inequality in singapore

Despite being a small country, Singapore is fortunate to have achieved great economic progress throughout the years. In general, most Singaporeans have higher incomes and greater wealth now than ever before.

But, does that mean that everyone has benefitted from the country’s success?

In most developed countries, including Singapore, the gap between the rich and the poor is prevalent. 

Are the rich getting richer? The poor getting poorer?

In today’s article, we’ll look at some statistics that show the degree of income (and wealth) inequality in Singapore.

So, read on! 

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5 Reasons Why Singapore Is So Rich (& How Rich Is It?)

why is singapore so rich

You may have heard that Singapore is run like a corporation, and a successful one at that. 

The country has seen significant growth in GDP since its independence back in 1965, and now its GDP per capita is amongst the highest in the world. 

The coffers of Singapore’s government and its population have grown in size too. 

How rich is the country and its people? And how did Singapore get so rich in the first place? 

Today, we explore the answers to these questions. 

So, read on!

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7 Consumer Spending Statistics, Habits, & Patterns in Singapore (2021)

consumer spending statistics singapore

Have you been spending more or less during the COVID-19 pandemic?

Some Singaporeans mentioned they’ve been saving more, while some say they have been spending more.

We were curious to find out how the pandemic changed the landscape of consumer spending in Singapore.

In this article, we present the most updated findings, including interesting consumer spending statistics, habits, and patterns in Singapore.

Read on to find out more! 

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How Much National Reserves Does Singapore Have? (2024)

how much money (national reserves) does Singapore have

Because of the COVID-19 pandemic, Singapore had to draw down on its past reserves several times since 2020. 

Does it still have enough left in the tank for future use and other emergencies?

Rumour has it that Singapore’s reserves amount to at least S$1 trillion. 

Is it true? How much money does Singapore really have in 2024? 

Let’s find out now.

(Conversion rate used: US$1 to S$1.35)

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Wise (TransferWise) Singapore Review: My Experiences [2022]

transferwise singapore review

Contemplating using TransferWise (now known as Wise) for online/international money transfers to send and receive money? 

Well, you’ve come to the right place. 

With TransferWise, your money denominated in your local currency can be automatically converted and sent to foreign bank accounts, and vice versa. 

I’ve personally sent and received funds using their services.

Here’s my review of TransferWise, from the perspective of a person who’s located in Singapore (though it doesn’t really matter which country you’re from). 

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The Average Net Worth (Wealth) in Singapore: Data & Statistics [2024]

average net worth in singapore 2024

Do you know what your net worth is?

Knowing your net worth is important. It indicates the true health of your finances.

If you do know your net worth, how does yours compare with others’ in Singapore? 

We set out to take a deeper look into Singaporeans’ net worths and found interesting facts and statistics such as the average (mean and median) net worth, average debt, wealth distribution, number of high- (and ultra-high-) net-worth individuals in Singapore, and how our wealth compares with other countries. If you want to check out statistics on average (mean and median) income instead, click here.

So, read on! 

(Conversion rate used: US$1 to S$1.35)

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Are You Really Eligible for the Life Insurance Tax Relief?

life insurance tax relief singapore

While filing your taxes, you may have come across the life insurance tax relief. 

It sounds straightforward – you’ve paid for your own life insurance so you can claim that relief to reduce your taxes.  

However, do you know that it’s difficult to qualify for it? A large portion of Singaporeans don’t qualify.

Today, we take a deeper look at the life insurance tax relief, and at the end, you’ll know whether you’re eligible or not.

So, read on! 

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How to Hit the Maximum Cap of $80,000 in Income Tax Reliefs

how to hit the maximum cap of 80000 in tax reliefs singapore

Did you know that income tax reliefs have been capped at $80,000 since 2018?

If you noticed this, did you also wonder about these two things:

  1. How much income do you need to earn to be affected by this regulation, and
  2. How can you maximise and ensure you get the full tax relief?

Let’s find out the answers to these questions now!

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15 Ways to Reduce Income Tax in Singapore (With Tax Reliefs)

how to reduce tax with tax reliefs singapore

One of the most certain things in life is this: You cannot run away from paying income tax.

Every April, all working Singaporeans will be busy filing their taxes – and some really feel the pinch especially if they have made substantial earnings that year. 

The income tax is not fixed – it progressively increases as you earn more annually.

According to IRAS’s tax calculator, you need not pay taxes on the first $20,000 you earn. The next $10,000 of income will incur 2% tax. And the tax rate increases the more you earn. The highest personal income tax rate is pegged at 22%, and this is for those who earn more than $320,000 per annum. 

However, there are 15 ways you can reduce the total income tax legally. Before we dive into these 15 methods, you will need to understand what tax reliefs and tax rebates are. 

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What Is an Emergency Fund (& How Much Is Enough)?

what is an emergency fund singapore

A 2020 survey by HSBC showed that unexpected expenses and reduction of income are 2 of the top 3 financial concerns of all respondents across all financial fitness levels.

Ironically, a separate survey showed that only 1 in 3 Singaporeans have enough put away to last them 6 months.

Most of us are worried about these unexpected expenses but only a third of us are prepared to face it; only a third have what most financial advisors would consider as a good sized emergency fund.

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