Search

NEWS
ECONOMY | Staff Reporter, Singapore
Published: 29 Aug 12
3665 views


Why income inequality is worse in Singapore than in US

Singapore is home to world’s wealthy but income of the poorest stagnated in the last 10 years.

According to the International Monetary Fund, as in many countries, income inequality in Singapore has risen.

At more than US$50,000 in 2011, IMF notes that while average per capita income is high, income dispersion is wide.

“According to Boston Consulting Group, Singapore has the highest proportion of households (15½ percent in 2010) with US$1 million or more in liquid assets. On the other hand, incomes of the lowest decile of households stagnated during the previous decade. As a result, the Gini coefficient rose rapidly in the early part of the 2000s,” it said.

“While it has moderated recently and is somewhat lower once net government benefits
and employers’ CPF contributions are included, it remains among the highest in Asia. Singapore’s high degree of openness to trade and labor flows in the context of skill-biased technological change may have contributed to rising income inequality through a skill premium.

Growing inequality, and rising living costs and house prices were prominent issues during the May 2011 general election campaign, which saw the governing People’s Action Party securing its lowest-ever share of the popular vote (60 percent).


 



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Singapore income inequality, Singapore GDP, Singapore economy, income inequality, Singapore median income

CO-WRITTEN ARTICLES & SPONSOR CONTENT ››

Here's why Concorde Hotel Singapore and Putrajaya International Convention Centre lead the way in technology and building efficiency.
328 views

LATEST ECONOMY JOBS »
  • No jobs posted on this category.
PRINT ISSUE »

Subscribe Now
What factors are keeping expats rooted in Singapore?

26 views

Can Asian private equity outgrow the west?

3 views

15 smart ideas to outwit the wiliest investment wolves this Year of the Sheep

11 views

MOST READ EXCLUSIVES

Singapore's 12 most influential business professors under 40

Singapore\'s 12 most influential business professors under 40

The youngest is aged 34.

by KRISANA GALLEZO
23 Oct 2014 | 70927 views
 

11 craziest credit card purchases in Singapore

11 craziest credit card purchases in Singapore

Find out if each is worth the outlay.

by KRISANA GALLEZO
22 Sep 2014 | 50295 views

Singapore’s 7 hot new restaurants in September

Singapore’s 7 hot new restaurants in September

Have you checked out a very secretive cafe at 48 ¾ Niven Road?

by KRISANA GALLEZO
6 Oct 2014 | 26471 views
 

Singapore’s top 5 work from home jobs

Singapore’s top 5 work from home jobs

Here are jobs that you can do while sitting on your couch or in your favorite coffee shop.

by KRISANA GALLEZO
11 Dec 2014 | 14292 views

Check out General Motors’ new HQ in Singapore

Check out General Motors’ new HQ in Singapore

A ‘hot desks’ rule is implemented in the new office.

by KRISANA GALLEZO
3 Oct 2014 | 12282 views
 

Singapore’s 10 favorite meals on wheels

Singapore’s 10 favorite meals on wheels

You better cut the pizza: An Italian dish bagged the number 1 spot.

by KRISANA GALLEZO
17 Oct 2014 | 11953 views

Don’t settle for less: Legendary Hong Kong brings authentic and traditional HK dishes to Singapore

Don’t settle for less: Legendary Hong Kong brings authentic and traditional HK dishes to Singapore

The restaurant’s construction cost over a million dollars.

by KRISANA GALLEZO
3 Nov 2014 | 7322 views
 

Get ready to work and play at Spotify’s regional office

Get ready to work and play at Spotify’s regional office

All the furniture except the bean bags were imported from Sweden.

by KRISANA GALLEZO
23 Sep 2014 | 5315 views

Opera Estate welcomes a little bar simply called ‘Slake’

Opera Estate welcomes a little bar simply called ‘Slake’

It wants to be your living/dining room outside of home.

by KRISANA GALLEZO
25 Sep 2014 | 4762 views
 

The new Acronis HQ will make you feel like ‘walking into blue space’

The new Acronis HQ will make you feel like ‘walking into blue space’

Also, check out photos of its 7-eleven-like pantry amenities.

by KRISANA GALLEZO
28 Oct 2014 | 4440 views

Sofitel in Sentosa launches world's largest So SPA

Sofitel in Sentosa launches world\'s largest So SPA

Future plans are finally revealed.

by KRISANA GALLEZO
22 Oct 2014 | 4004 views
 

Will you take up the challenge to live on $5 a day and share the experience?

Will you take up the challenge to live on $5 a day and share the experience?

This campaign already generated over 8,000 followers on Facebook.

by KRISANA GALLEZO
23 Sep 2014 | 3160 views

Want to know a ‘smart’ way to have your clothes washed?

Want to know a ‘smart’ way to have your clothes washed?

My Laundry Box introduces a smart laundry locker platform that works with an app.

by KRISANA GALLEZO
17 Oct 2014 | 3124 views
 

Could this be the most intelligent phonebook app yet?

Could this be the most intelligent phonebook app yet?

It’s self-updating and removes duplicates for worry-free contacts storage.

by KRISANA GALLEZO
29 Sep 2014 | 3033 views

Arete Culture opens first store in Lam Soon Building

Arete Culture opens first store in Lam Soon Building

It's a one-stop shop for your quirky interior decors.

by KRISANA GALLEZO
24 Sep 2014 | 2978 views
 

Do you want to build your own bike?

Do you want to build your own bike?

This store allows owners to creatively piece bike parts on their own.

by KRISANA GALLEZO
28 Oct 2014 | 2337 views

Hippy Tyrwhitt Road welcomes a resto-bar offering an all-day happy hour

Hippy Tyrwhitt Road welcomes a resto-bar offering an all-day happy hour

See how a radio DJ pursued his love for food.

by KRISANA GALLEZO
20 Oct 2014 | 1957 views
 

Singapore’s first news aggregation app attracts 1 million users in two years

Singapore’s first news aggregation app attracts 1 million users in two years

Stay in the loop with news and lifestyle content from SBR and 600 other publishers.

by KRISANA GALLEZO
10 Dec 2014 | 1243 views

This device is making a statement that hand-waving gestures are not usable

This device is making a statement that hand-waving gestures are not usable

It's a creation by 3 young computer wizards from Singapore.

by KRISANA GALLEZO
25 Sep 2014 | 1170 views
 

World Cup 2014 might have ended but this anti-gambling campaign is far from over

World Cup 2014 might have ended but this anti-gambling campaign is far from over

Many suggested to put it down amidst criticism, but Goodfellas cannot be stunned.

by KRISANA GALLEZO
15 Oct 2014 | 1137 views

Jack Wills opens its first store in Singapore

Jack Wills opens its first store in Singapore

A 'fun' brand that values the Brit vibe. Put your game face on!

by KRISANA GALLEZO
10 Dec 2014 | 1101 views
 

What Singaporean investors can expect from Okinawa’s development

What Singaporean investors can expect from Okinawa’s development

A 40% tax cut in setting up business is expected to lure investors.

by KRISANA GALLEZO
12 Dec 2014 | 935 views

Now, hear this: You won't believe what your ears are seeing

Now, hear this: You won\'t believe what your ears are seeing

Ubersnap lets you upload photos with background music.

by KRISANA GALLEZO
2 Oct 2014 | 878 views
 

Kungfumath wants to revamp boring e-learning portals

Kungfumath wants to revamp boring e-learning portals

“Play with numbers” in its literal sense.

by KRISANA GALLEZO
5 Dec 2014 | 691 views

The future of innovation: What’s next after Facebook and Twitter?

The future of innovation: What’s next after Facebook and Twitter?

A video version of Twitter might be under way.

by KRISANA GALLEZO
11 Dec 2014 | 628 views
 

SFIC Institute's new training hub overhauls carpenters' career image

SFIC Institute\'s new training hub overhauls carpenters\' career image

It’s the first carpentry training center in Singapore’s furniture industry.

by KRISANA GALLEZO
10 Dec 2014 | 598 views

Inverted Edge gives spotlight to all independent contemporary fashion designers

Inverted Edge gives spotlight to all independent contemporary fashion designers

The homegrown startup has raised US$1.6M total funding in two years.

by KRISANA GALLEZO
3 Nov 2014 | 593 views
 
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter