Upper Middle Class Income Singapore

Let s take it one step deeper and look at various household sizes.

Upper middle class income singapore. This means that if you add up the monthly income of all income earners in your household and it exceeds 9 293 you are better off than 50 of the households out there. Upper middle class singaporeans enjoying life yuppies often eat every night because they can afford to and have a house full of the latest electronics. According to the department of statistics the median resident household income in 2017 in singapore was 6 913 excluding employer s cpf contribution. However others are given to all singapore households regardless of income.

Curious to see how things are like since a few days ago there was a post on the high rollers in singapore. That means a fresh college graduate is making enough money to be considered middle class. They manage to save some money for retirement. The think tank defines the middle class as households that are earning two thirds to double the national median.

Any individual or individual from a family whose income level or access to disposable income does not enable them to purchase the assets as stated in the upper class segment like private property continental cars or luxury watches but are still able to afford the following items. 1 key household income trends 2018 highlights median household income from work grew in 2018 1 among resident employed households1 median monthly household income from work2 grew by 3 0 per cent in nominal terms from 9 023 in 2017 to 9 293 in 2018 or 2 6 per cent in real3 terms. According to the newspapers an income from the range of 2001 to 5000 per month is considered as middle class in singapore. For someone who has a taxable income of 50 000 after relief and deductions the income tax payable will be reduced from 1 250 to 1 050.

Working adults get 50 personal income tax rebate capped at 200 this is a small win for middle income singaporeans because we actually qualify for this. From 2013 to 2018 median monthly household income from. A family of 4 which can rent a. Hence lower middle class status starts at approx 6 lacs annual income before taxes and savings.

Before we start let s first establish what constitutes a middle income household in singapore. Singapore households now have 12 1 of household with no income 0 per month and 87 9 of households with income from work. It does not make a great income to be considered as middle class income in singapore. The median income of the middle class as of 2016 was 78 442.

Only savings are 80c ie 1 5 lacs for tax exemptions. The median income of the middle class by by household size. Upper middle class so people who are mostly in the low to medium 7 digits net worth i believe are considered upper middle class.