Income & Wealth Inequality in Singapore: 2026 Statistics

Despite being a small country, Singapore is fortunate to have achieved great economic progress over the years. In general, most Singaporeans have higher incomes and greater wealth now than ever before, partly thanks to the availability of personal finance products that help them save and invest more effectively.

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? Are 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.

Summary of Key Findings

• The median monthly household income in Singapore was $12,446 in 2025, a 40.8% increase from $8,839 in 2015.
• The gap in average monthly household income per member between the top 10% and bottom 10% of households stands at $17,452 in 2025.
• Households in HDB one- and two-room flats received the highest average government transfers, at $16,519 per member in 2025.
• After accounting for government transfers and taxes, Singapore’s Gini coefficient fell to 0.379 in 2025, the lowest figure in a decade.
• Singapore’s wealth Gini coefficient is 0.55, lower than comparable advanced economies such as the UK, Japan, and Germany.
• The average net wealth of a resident household in Singapore is $1,755,000, heavily driven by property values and CPF savings.
• The top 20% of households hold $5,264,000 in average net wealth, compared to $293,000 for the bottom 20%.
• Over 70% of the average Singaporean household’s net worth is tied up in property and CPF, leaving relatively little in liquid, investable assets.

Understanding the Gap: Income Inequality vs. Wealth Inequality

Before diving into the statistics, it helps to be clear on what we are actually measuring. Income and wealth are related, but they are not the same thing, and the distinction matters a great deal when reading the data below.

What is income inequality?

Income inequality refers to how unevenly income is distributed across a population. The wider the gap between the highest and lowest earners, the higher the level of income inequality.

In Singapore, income is most commonly measured through employment earnings and household income data. The Gini coefficient is the standard tool used to express this gap as a single number, where 0 represents perfect equality and 1 represents total inequality.

What is wealth inequality?

Wealth inequality refers to how unevenly net worth is distributed across a population. Net worth, also called wealth, is simply total assets minus total liabilities. This includes your property equity, CPF balances, savings, investments, and any debts you owe.

Because wealth accumulates over a lifetime whereas income is measured annually, wealth inequality tends to be more persistent and harder to close than income inequality.

Why high income does not automatically mean high wealth

You might assume that a high salary puts you firmly on the path to wealth. It does not, necessarily.

Income is what you earn. Wealth is what you keep, grow, and protect. The two only converge when good financial habits are in place.

A high earner who finances a car, maxes out their mortgage, and spends freely on lifestyle may end up with far less accumulated wealth than a moderate earner who saves and invests consistently. This is lifestyle inflation at work, and it is more common than most people realise.

That is why this article looks at both income inequality and wealth inequality. Understanding one without the other gives you only half the picture.

4 Statistics on Income Inequality in Singapore

Let’s look at some income inequality statistics.

1) Median household monthly income increased by 40.8% from 2015 to 2025

The median monthly household income was $12,446 in 2025. This means that half of the households were earning below that amount, and the other half were earning above it.

Compared to 2024’s figure, and after adjusting for inflation, this represents a 6.8% growth in real terms.

Year	Median Monthly Household Market Income
2025	$12,446
2024	$11,558
2023	$11,130
2022	$10,305
2021	$9,731
2020	$9,099
2019	$9,232
2018	$9,207
2017	$9,027
2016	$8,934
2015	$8,839

Median household income has increased by 40.8% from 2015’s figure of $8,839.

While it’s good to know that the median income has increased, it only reflects those in the “middle” of the population. 

We’ll need to take a look at the bottom and the top income earners. 

2) The difference in average monthly household income per member between the top 10% and bottom 10% is $17,452

The Singapore Department of Statistics produces annual data on household income. 

Here is the data on the average monthly household income per member of the bottom 10% and top 10%: 

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Bottom 10% ($)	506	446	426	390	368	267	246	256	234	249	277
Top 10% ($)	17,958	17,232	16,278	15,647	14,892	14,055	14,423	14,451	13,860	13,534	14,221
Difference ($)	17,452	16,786	15,852	15,257	14,524	13,788	14,177	14,195	13,626	13,285	13,944

The difference in average income per household member between the top 10% and bottom 10% was $13,944 in 2015, but was $17,452 in 2025, which is currently the highest figure during this period. This could reflect a widening income gap.

However, it must be noted that these figures don’t include government transfers, which are primarily meant to help lower-income families. We’ll touch more on that later. 

It is also worth noting that the bottom 10% figure appears low because this data covers all resident households, including those with little or no employment income, such as retirees and the unemployed. When a household earns nothing from work, it brings the group average down considerably.

Next, we should also look at the rate of increase of household income per member. 

From the previous table, the average household income per member of the bottom 10% increased by 82.7% from $277 in 2015 to $506 in 2025. During the same period, household income per member of the top 10% grew by 26.3% from $14,221 to $17,958. This could signify that low-income households are increasing their income at a faster rate than those at the top. 

3) Lower-income families received the highest government transfers of $16,519 in 2025

To address the widening wage gap, Singapore utilises government transfers, which redistribute wealth towards the lower-income groups.

Examples of government transfers include CPF and MediSave top-ups, GST vouchers, and the many schemes available to provide financial aid.

These government transfers are funded by government revenue, of which the bulk comes from corporate and personal income tax and goods and services tax (GST). 

A greater percentage of such taxes (including others) tends to come from richer people as they earn a higher income, own cars, have multiple properties, etc. 

Here are the average annual government transfers (per household member) given over the years: 

Year	Total	HDB 1- & 2- Room Flats	HDB 3-Room Flats	HDB 4-Room Flats	HDB 5-Room & Executive Flats	Condominiums & Other Apartments	Landed Properties
2025	7,300	16,519	8,383	7,179	6,814	4,173	4,348
2024	7,725	17,075	9,000	7,666	7,299	4,230	4,633
2023	6,269	13,856	7,062	6,216	5,968	3,595	3,877
2022	5,752	12,346	6,477	5,645	5,518	3,536	3,719
2021	5,181	11,490	5,546	5,077	4,962	3,303	3,524
2020	6,240	13,752	7,199	6,183	5,907	3,587	3,664
2019	4,528	10,577	4,737	4,397	4,447	2,834	3,032
2018	4,458	10,453	4,615	4,324	4,382	2,826	3,073
2017	4,337	10,342	4,396	4,252	4,242	2,782	3,118
2016	4,173	9,993	4,202	4,053	4,141	2,632	2,819
2015	3,866	9,415	3,708	3,719	3,975	2,469	2,765

In 2020, each member living in HDB one- and two-room flats received an average of $13,752 in government transfers, an abnormally high amount compared to previous years due to COVID-19. Transfers for this group peaked in 2024 at $17,075, before easing slightly to $16,519 in 2025 as cost-of-living pressures stabilised.

You can also see that government transfers are considerably lower for other types of dwelling.

With all this aid, income inequality has been reduced, as seen from the Gini coefficient.

4) The Gini coefficient was 0.379 in 2025, the lowest in a decade 

Another way to measure income equality is the Gini coefficient. While there are many ways to compute this figure, Singapore mainly uses household income.

A coefficient of 0 means that there’s total income equality, whereas a coefficient of 1 reflects total income inequality.

Here is the Gini coefficient data in Singapore over the past decade: 

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Household Market Income	0.452	0.46	0.458	0.462	0.466	0.479	0.483	0.489	0.487	0.485	0.494
Household Market Income (After Government Transfers and Taxes)	0.379	0.381	0.389	0.397	0.403	0.397	0.423	0.428	0.424	0.423	0.437

Even before accounting for government transfers, the Gini coefficient based on household market income has been declining steadily, from 0.494 in 2015 to 0.452 in 2025. This suggests that market incomes are becoming more evenly distributed over time.

But government transfers make a meaningful difference.

In 2020, the after-transfers Gini dropped notably to 0.397 from 0.423 in 2019, reflecting the increased level of support provided during COVID-19. Since then, the trend has continued to improve. By 2025, the figure reached 0.379, the lowest in the decade, suggesting that government redistribution is having a growing effect on reducing inequality.

4 Statistics on Wealth Inequality in Singapore

We’ve seen how income is distributed, but what about wealth?

Remember, earning a high income doesn’t automatically make you wealthy. A high earner might spend everything on an expensive car and a massive mortgage, leaving them with very few liquid assets.

Note: To get the most accurate picture of financial health in Singapore, the data below looks at resident households rather than individuals. Because most Singaporeans build wealth jointly through shared HDB properties and combined CPF usage, looking at the family unit provides a much truer reflection of our actual standard of living.

Let’s look at some statistics on the wealth gap.

1) The wealth Gini coefficient is 0.55

In February 2026, the Ministry of Finance (MOF) released Singapore’s first-ever comprehensive data on household wealth.

With this data, they estimated Singapore’s wealth Gini coefficient to be 0.55.

It is completely normal for a country’s wealth Gini to be higher than its income Gini. Wealth compounds over a lifetime, whereas income only measures a single year of work.

However, compared to other advanced economies like the UK, Japan, and Germany (which typically sit between 0.60 and 0.70), Singapore’s wealth inequality is actually lower.

2) The average household wealth is $1,755,000

How much wealth does the average family have?

According to the MOF data, the average net wealth of a resident household in Singapore is $1,755,000.

	Value
Property Asset Value	$1,121,000
Net CPF Balances	$387,000
Other Financial Assets	$401,000
Total Assets (A)	$1,909,000
Mortgages	$146,000
Other Liabilities	$8,000
Total Liabilities (B)	$153,000
Total Wealth (A-B)	$1,755,000

This might seem like an incredibly high figure at first glance. However, remember that “net wealth” includes all financial assets plus non-financial assets (housing) minus debts. In Singapore, this number is heavily driven by property values and mandatory retirement savings.

Is the general population really that rich? We need to look at the top and bottom groups to see the true distribution.

3) The top 20% hold $5,264,000, while the bottom 20% hold $293,000

When we split the population into quintiles (groups of 20%), the wealth gap becomes clearer.

	Bottom 20%	21st-40th	Middle 20%	61st-80th	Top 20%
Property Asset Value	$221,000	$500,000	$634,000	$861,000	$3,388,000
Net CPF Balances	$114,000	$199,000	$328,000	$520,000	$771,000
Other Financial Assets	$29,000	$68,000	$142,000	$330,000	$1,435,000
Total Assets (A)	$365,000	$768,000	$1,105,000	$1,711,000	$5,595,000
Mortgages	$64,000	$97,000	$105,000	$146,000	$317,000
Other Liabilities	$8,000	$5,000	$6,000	$7,000	$13,000
Total Liabilities (B)	$71,000	$101,000	$111,000	$153,000	$331,000
Total Wealth (A-B)	$293,000	$666,000	$994,000	$1,558,000	$5,264,000

• The top 20% of households hold an average net wealth of $5,264,000.
• The middle 20% of households hold an average net wealth of $994,000.
• The bottom 20% of households hold an average net wealth of $293,000.

While there is a clear divide between the top and the bottom, the MOF highlighted a very important “Singapore Exception.” In many developed countries, households in the bottom 20% often have zero or even negative net worth due to massive debts.

In Singapore, even the bottom 20% of households maintain a positive average net wealth of almost $300,000.

4) Property makes up over 50% of household wealth

What exactly makes up this wealth?

The data revealed exactly where Singaporeans keep their money, and it is highly concentrated:

• Property Equity: Over 50% of average household wealth across all income brackets is tied up in home equity (the value of the home minus the mortgage).
• CPF Balances: Mandatory CPF savings account for roughly 22% of total household wealth.

This means that for the vast majority of Singaporeans, over 70% of their net worth is locked away in their house and their CPF.

This brings us to a crucial point about financial assets (cash, stocks, bonds). Overall, these liquid assets make up about 22% of total wealth. However, for the top 20% of households, financial assets make up 27% of their wealth. For the bottom 20%, it is only 7%.

Why Does Wealth Inequality Widen?

If income inequality is being reduced by government transfers, why does the wealth gap still exist?

1) The “HENRY” (High Earner, Not Rich Yet) phenomenon

Many Singaporeans fall into the “HENRY” category. They sit in the top 20% of income earners, but they are in the bottom 50% of wealth.

Why? Because of lifestyle inflation.

High incomes are often quickly eaten up by car loans, massive condo mortgages, and expensive habits. If you don’t actively convert your income into investments, your wealth will never grow, regardless of how high your salary is.

2) The impact of inflation on cash vs. assets

Inflation naturally widens the wealth gap. If lower-income households keep their limited savings entirely in cash, inflation slowly destroys their purchasing power.

Conversely, wealthier households hold appreciating assets like property and equities. As inflation drives up the price of goods, it also drives up the value of those assets, making the wealthy richer even if their salaries never increase.

How to Protect Your Net Worth

While the government actively manages national inequality, you need to take control of your own personal wealth gap.

Here are three pillars to focus on:

1. Optimise your mandatory savings 
Your CPF is a massive portion of your net worth. Make sure it is working for you. This could mean voluntarily topping up your Special Account (SA) to leverage the compound interest, or utilising the CPF Investment Scheme (CPFIS) if you have a longer time horizon.

2. Avoid the leverage trap 
Because over 50% of Singaporean wealth is tied up in property, many people over-leverage to buy the most expensive home possible. Being “asset rich but cash poor” restricts your ability to invest elsewhere and leaves you vulnerable to interest rate hikes. Buy a home you can comfortably afford, not just what the bank allows you to borrow.

3. Build the “other assets” pillar 
The data clearly shows that the wealthiest 20% hold significantly more liquid financial assets than everyone else. Relying solely on your HDB and CPF is not enough. You should consider building a diversified portfolio of stocks, bonds, or other assets to outpace inflation and build accessible wealth.

Wrapping Up

High levels of inequality can create social unrest. Thus, the government has made reducing inequality its priority. 

One way to do this is to provide government transfers to redirect wealth to lower-income families. 

Furthermore, the data has shown that income inequality has been reduced in recent years.

In my opinion, while it’s good that government aid is provided, one should always try to control and improve one’s own finances.

Building a career and having good financial literacy can improve your personal finances in the long run.