Income Distribution Among Singaporeans and Permanent Residents Earning over SGD 100,000

Understanding the income distribution of high earners in Singapore, particularly among Singaporean citizens and permanent residents, is crucial for both personal financial planning and economic policies. This article provides insights based on recent data from the Department of Statistics Singapore and the Ministry of Manpower. Please download this ">pdf for more detailed information.

Introduction

Singapore has continuously positioned itself as a leading financial hub, attracting a significant number of high-income individuals. This article aims to explore the demographics and earnings of individuals earning over SGD 100,000 annually, focusing on the distinctions between Singaporean citizens and permanent residents.

High-Income Earnings in Singapore

According to the latest data from the Department of Statistics Singapore, a notable portion of the working population earns over SGD 100,000 annually. The Ministry of Manpower highlights that high-income earners make a significant contribution to the country's economic growth and personal financial wellbeing.

Income Distribution Among Singaporean Citizens

Among Singaporean citizens, the share of those earning over SGD 100,000 is relatively high. The Department of Statistics Singapore reports that in 2022, approximately 20% of the workforce earns above this threshold. This highlights the significant income disparity among the citizenry, with certain sectors such as finance, technology, and healthcare seeing the highest number of high earners.

Additionally, a survey by the Ministry of Manpower found that in 2022, the top earning sector among citizens was technology and finance, at 24.5% and 18.4% respectively. Education, healthcare, and professional services also contributed significantly to this group, but at a lower percentage.

Income Distribution Among Permanent Residents

Permanent Residents (PRs) also exhibit a substantial presence in the high-income bracket. The Department of Statistics Singapore states that 25% of PRs earn over SGD 100,000 annually. PRs are often attracted to Singapore due to its stable economic environment and business-friendly policies. The Ministry of Manpower's data shows that PRs predominantly work in the same sectors as citizens, with technology and finance leading the way at 27.8% and 21.3% respectively.

Notably, the survey found that PRs are more evenly distributed across various sectors compared to citizens. For instance, a higher percentage of PRs were found in the real estate and hospitality sectors (15.6% and 10.4% respectively), indicating a broader income base.

Trends and Challenges

While the income statistics paint a positive picture for high earners, several challenges remain. The Department of Statistics Singapore notes that the cost of living in Singapore, driven by high property prices and living expenses, poses significant financial pressures. Additionally, there is increasing demand for productivity and innovation, necessitating continuous skill development and adaptation.

The Ministry of Manpower emphasizes the need for a balanced income distribution and equitable policies to support all segments of the population. Efforts are being made to provide support through skills upgrading programs and financial aid to ensure sustainable growth and financial health for all residents.

Conclusion

Overall, the income distribution among Singaporean citizens and permanent residents earning over SGD 100,000 reflects the economic strength and diversity of Singapore's workforce. However, addressing the challenges of balancing income disparity and ensuring economic inclusivity remains a key priority for policymakers.

Please ">download this pdf for detailed breakdowns and additional insights.