Income inequality falls to lowest in nearly two decades

Singapore

HOUSEHOLDS in the top 10 per cent income group had an average 0.4 per cent rise in real terms in their monthly household income from work per member last year, against a 3.5 to 5.6 per cent jump for those in the other household income groups. This reduced the income gap in Singapore to its narrowest in two decades.

Over the past five years, the monthly household income from work of those in the top 10 per cent grew at an annual 2.5 per cent per family member, after accounting for inflation, according to the Key Household Income Trends 2019 report released on Thursday by the Department of Statistics (DOS). This was not only the lowest among households, the increase was also slower than in the previous five years when the household income per member in the top 10 per cent went up 2.8 per cent on average.