Are condo and car ownership getting harder for Singapore’s upper middle class?
Rise in private-home prices and car COE premiums outpaces income growth of 80th percentile of households
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[SINGAPORE] A household with a monthly employment income of S$21,488, which amounts to an annual income of S$257,856, would have been at the 80th percentile of resident employed households in Singapore in 2024, or among the top 20 per cent of resident employed households by income.
Despite the Covid pandemic, an upper-middle-class household in the Republic has generally enjoyed decent income growth in recent years. Between 2015 and 2024, monthly household income among resident employed households, including employer Central Provident Fund (CPF) contributions, for the 80th percentile rose more than 31 per cent from S$16,385 to S$21,488, or at a compound annual growth rate (CAGR) of about 3.1 per cent.
A household earning S$21,488 a month earned 90 per cent more than the S$11,297 median monthly employment income, including CPF contributions, among resident employed households in 2024.
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