The Singapore Department of Statistics released their latest report, on household income levels in Singapore. Here are the highlights:
- Among resident employed households, median monthly household income increased from $7,040 in 2011 to $7,570 in 2012. This is a 7.5% growth in nominal terms and 2.7% growth after adjusting for inflation (real terms).
- Taking into consideration changes in household size, median monthly household income per household member increased by 6.7% in nominal terms, or 1.9% in real terms in 2012.
- Over the last 5 years from 2007 to 2012, the median monthly household income per household member rose by 13% in real terms.
- Growth by different income groups has tended to vary from year to year. However, taking the last 5 years as a whole, there has been a significant increase in incomes across income deciles. Resident employed households in all income groups experienced nominal and real growth, in average household income per household member from 2007 to 2012.
- The Gini coefficient is a summary measure of income inequality. It is equal to zero in the case of total income equality and to one in the case of total inequality. The Gini coefficient increased slightly from 0.473 in 2011 to 0.478 in 2012. After adjusting for Government transfers and taxes, the Gini coefficient in 2012 was lower at 0.459, reflecting the redistributive effect of government transfers.
- On average, resident households received $1,340 of transfers per member from various government schemes in 2012. Those in HDB 1- & 2-room flats received the most, at an annual average of $6,140 per household member, followed by those in HDB 3-room flats at $1,530 per household member on average.
