Median household income up 7.6% in nominal terms in 2023

It also rose 2.8% in real terms.

The median monthly household income in Singapore grew 7.6% in nominal terms from $10,099 in 2022 to $10,869 in 2023, the Singapore Department of Statistics reported.

In real terms, the median monthly household income from work rose 2.8% after adjusting to inflation.

From 2018 to 2023, the median monthly household income from work of resident-employed households increased by 3.1% cumulatively or 0.6% per annum in real terms. 

On average, household income from work per household members amongst resident-employed households increased between 2.5% and 6.8% across the income deciles in nominal terms.

In real terms, those in the 1st, 9th, and 10th deciles recorded declines of 1.7%, 0.2%, and 1.9%, respectively. 

In addition, resident households received $6,371 per household member on average from government schemes in 2023, higher than the $5,859 received in 2022, whilst HDB 1- & 2-room flats residents received an average of $13,623 per household member.