Singapore’s median household income rises in 2024, income inequality drops to lowest since 2000

Singapore households saw their median monthly income rise in 2024, while income inequality among them fell to the lowest in 25 years. Despite the income growth, analysts say many may still be feeling the pinch of higher prices, even as inflation starts to ease. Income inequality has fallen to its lowest level in 25 years, reflecting the Government’s increasing support for lower- and middle-income households. Sumit Agarwal, Professor of Finance, Real Estate and Economics at the NUS Business School, discusses the factors that helped to boost Singapore’s median household income last year. He talks about how Singapore’s income trends stack up against other developed economies in Asia and around the world and if they put us in good steed to weather global uncertainties.