374,000 Singaporeans earn S$10,000 per month or more. Here’s who they are and what they do.

Disclaimer: Unless otherwise stated, any opinions expressed below belong solely to the author. All data comes from the Singapore Ministry of Manpower.

We all know the median income figures for the Singaporean population, but, like every average figure, it’s a bit meaningless for most, because it includes a broad range of people, including the elderly, the young, and those just entering the workforce or those leaving it.

Hence, let’s focus on figures that most Singaporeans would consider aspirational—a professional target in life that’s not obscenely high, but high enough that most could realistically dream of achieving them.

Like a nice, round S$10,000 per month (excluding employer’s CPF).

Nearly one in four Singaporeans makes six figures per year

Around 24% of full-time employed residents take home around S$100,000 per year. And close to one in five (18%) make S$120,000—or S$10,000 per month.

This amounts to 373,700 people, to be exact, out of the 2.067 million residents working at least 35 hours per week.

Who are they? Where do they work? How educated are they? Does entrepreneurship pay more than employment?

Let’s take a look, starting with the basics: occupation. Which industry pays the best?

Breakdown by industry

Unsurprisingly, financial services top the table, making up 23% of those earning over S$10,000 per month—but what’s even more impressive is that nearly 40% of all workers in finance make that much.

It’s nearly a 10 percentage point lead over the second most generous industry, which is IT & Communications. While relatively fewer people work in it, nearly 30% take home S$120,000+ per year.

It’s followed by Professional Services, when that ratio drops to one in four.

Public administration’s performance is notable too, with nearly one in five employees in this high-income bracket. The government pays its people well.

Breakdown by age

What about the age of these relatively high earners? Well, as expected, they reach their financial peak in their 40s, with earnings gradually going down as they approach retirement.

What’s interesting, however, is that there are over 6,000 fresh graduates in their late 20s, who have started their careers with a good six-figure pay.

Breakdown by education

As I reported last month, education pays in Singapore, with the median salary for degree holders hitting S$8,650 in 2024. And you can see this among the highest-paid full-time workers as well.

Nearly 325,000, or 87%, hold a degree, and 9% have a diploma or other professional qualifications. But there’s hope for everyone, as there are thousands of high earners without advanced education as well.

After all, you don’t need a degree if you own your own company, right?

Does entrepreneurship pay?

Yes, it does, but perhaps not quite as well as you may have thought. While a quarter of people employing others earn S$10,000 or more each month, compared to 18.5% for regular employees, the difference is just a bit over six percentage points.

The contrast becomes even more stark when you consider that there are 1.84 million employees but just 79,000 employers, meaning only less than 20,000 of them fall into this category.

So, yes, building your own business may be rewarding, but the odds that you will be better off than in a traditional career are not that much more attractive.

Meanwhile, own-account workers, like freelancers, face about two times lower chances of making good money than regular employees.

That said, those who are self-employed might not be in it for big sums but rather some extra cash for the household. Nevertheless, one in every eleven earns almost twice the national median working on their own.

I hope this breakdown helps you better understand your specific situation based on your profession, educational background and preferred career.

While national averages dominate the headlines, they aren’t as informative as industry-specific data and a more detailed performance summary of groups that share your characteristics, age and life choices.

Now you know where you stand.

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