Singapore’s richest 1% has taxable income of $700k

According to the Finance Ministry report, our top 1% earners declared an average annual income of $700,000. In Year of Assessment (YA) 2009,  the number of individuals in this elite group were numbered at 29,524. Four years later, in YA 2012, the number has grown to 32,285.

These figures were revealed for the first time in response to a query from Non-Constituency MP Gerald Giam in Parliament recently. In the report, it also reveal the  wealth distribution in Singapore to allay rising concerns of perceived increasing income gap. Our finance minister mentioned that incomes over the past four years would be better gauge for the comparison as some income had been exempted over the years, which would makes the income base different where most exemptions from tax were introduced before the 2009 Year of Assessment and individual tax payers are only required to declare income that is taxable.

Income disparity in Singapore has deem to a concern as the high earning population in the top 10% of Singapore households have witness their income outpace those in the bottom 10%. The Gini co-efficient, a measure of income inequality, has been reported to have risen from 0.45 to 0.47 over the last decade.

13 Nov 2012