Million-dollar club grows, 4,220 taxpayers with assessable income of more than $1m
More people made it to the millionaires club last year, with 4,220 taxpayers having assessable income of more than $1 million each.
Their combined income came to $8.06 billion, according to the annual report of the Inland Revenue Authority of Singapore (Iras) released yesterday. They forked out $1.49 billion in income tax.
In 2011, in comparison, there were 3,870 people in this group and they earned $7.45 billion. These could be Singaporeans, permanent residents or foreigners.
A further 12,921 people earned between $500,000 and $1 million each last year, up from 11,092 people in 2011.